Market Inequality
In this politically fraught time, it seems that advocates call out inequality in almost every social and economic endeavor, and now it is the stock market's turn. Many commentators have noted the increasing gap in profit margins favoring the largest U.S. companies over all the rest, a reversal of the outcome in the first decade of this century. Superior profitability has led to superior equity performance for many of the largest companies. The Equity and Income Fund has implicitly recognized this development: we now maintain a higher proportion of large capitalization stocks in