The Julia La Roche Show · Thursday, July 16, 2026
Ted Oakley of Oxbow Advisors describes the current market as "not a normal market" due to the dominance of semiconductors, which now represent 20% of the S&P 500. He notes that a small number of companies are driving a significant portion of market gains, leading to a lack of true diversification for many investors.
“Well, you know, Julia, since, really in the last couple of months, you know, the thing that really ran the market was the semiconductors. I mean, they took over the market. They're 20% of the S&P. Uh, and they were very small numbers at one time, three years ago. And so what's happened is you have about, you know, 10 or 12 companies that are half the market. And I don't think people realize that they're really not, they're not diversified by just buying S&P 500.”
“And then that, in addition to speculation is going on higher and higher and higher. So everyone's speculating. Uh, and that sort of where the markets are today. So it's not a, it's not a normal market for sure.”