Meow. That’s the sound of 2023’s bull market getting swallowed up by the fat cats that make up the vast majority of stock-market wealth. How vast? Try a record 93% of value owned by the wealthiest 10% of society, according to no less an authority than the Federal Reserve.
It puts a different spin on the intense bull run that equities went on dating back to spring 2020, with the S&P 500 more than doubling in value, rising from 2,304 in March 2020 to close at 4,769 on the last trading day of last year. That figure even factors in the market slipping into a bona fide bear market in 2022 amid surging inflation and the souring of pandemic darlings, for instance the “crypto winter” and the end of meme-stock mania.
