MCN - Madison Investments 2024 Mid-Year U.S. Equity Letter
2024-07-17 09:50:00 ET
Summary
- In many respects, this narrowing of the market is occurring only at the top.
- Another angle to view the narrowness of the market is that the stocks of companies benefiting from the artificial intelligence (“AI”) boom are doing extremely well while almost everything else is doing so-so.
- We’re not skeptical that AI could be a transformational technology - we think it’s very possible, if not likely, that it will indelibly alter the way we live, think, and behave as a society.
- We believe that the lessons of overbuilding, overspending, and market dynamism still apply, and we’re keeping that in mind as we go about our craft.
To our investors and partners,
One of these is not like the others:
| YTD Performance |
| +15.29% |
| Dow Jones Industrial Average ( DJIA ) |
| +4.79% |
| S&P 500 Equal Weight |
| +5.08% |
| Russell Midcap |
| +4.96% |