'Concentration' is again a topic de jour in financial media; which is hilarious; as that's been the basis of our assessment of focusing on small-cap techs all year basically.

All of that caused so many money managers to miss buying AI dips. We didn't miss; mostly doubled holdings on dips; plus a persistent focus on 'application software' & Quantum; not pricey mega-caps. (Added drones to the mix very selectively with ONDS, and largely based on fundamental growth outlooks.)

It is probably essential to be less-excited about markets right now; but specific tickers are very much in-play; with 2 waiting in the wings to possibly fly more ... and yes that's ONDS, but first up on Monday will be BBAI.. patiently waiting.

Today technicians are falling over themselves to note the high multiples in the mega-caps; and talking of broadening-out only as an afterthought. They tend to look at 'concentration' as a warning for the S&P and NDX, as it certainly is. But that's not news; and it's part of the 'worry wall' being climbed for months.

What they miss is that the bulk of better results are from the 'non-mega' stock areas, and that's why we 'concentrate' in a handful of the hottest least-known stocks as it sometimes appears. Yes we still own several big-caps bought way back years ago (like Apple, AMD and Chevron); but only portions or in IRA's, and having been playing with 'house money' for a long time.

So we worry mostly about the action in the 'casino' this year; not in trying to eke out more from already lofty stocks; although some may surely advance a bit more. And frankly, that Wall Street still fears 'concentration' in mega-caps; that's the same worry wall. Doesn't mean we don't get 'seasonal slippage' ahead that we'll try to finesse if/as occurs; but specialty plays might stay very lively.

Market X-ray: Friday was satisfactory; and most in-play new era stocks behaved well. You all know where everything stands and we'll try to get a bit of rest before the new week, and Trump & Putin Meet on August 15th. 

Bottom-line: comparisons with prior eras are less important; so long as S&P doesn't entirely tank. We are focused on 'real' growth in key segments as are now a focus on Federal and commercial spending: AI, Quantum and drones.. with a major focus on 'data analytics.'

Peace in Europe would be a plus; same with the Middle East; but barring any expansion of conflict(s), they are ancillary to our key market focus for now. 

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