A feature of late-stage bull markets is the dominance of large cap companies. Coming out of recessions, small companies are seen to be more nimble, able to take faster advantage of the conditions present after the excesses of the economy have been painfully cleared. Before too long mid-sized companies start to come into their own, and then finally large companies start to swing around, like oil tankers making a big turn. The advantage being nimble has eventually gives way in a maturing economy to sheer scale – big companies tend to dominate later stages of the economic cycle, with the…
Read More
