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Below are some of the most interesting articles, quotes and charts I came across this week. Click here to subscribe to our free weekly newsletter and get this post delivered to your inbox each Saturday morning.

As noted here last week, very rarely have we seen the stock market leadership narrow to such a degree as it has recently. And the precedents didn’t end well.

Driving these episodes is typically some sort of “big market delusion,” as Rob Arnott phrases it.

And that delusion has created quite a significant disconnect between the prices of big tech stocks and their earnings.

But there is reason to believe that reality may soon set in.

If so, stock market volatility could come back with a vengeance.

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