2023 - SPX should be up next year

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What the makeup of the S&P 500 may look like in the future. We know tech stocks are in a downtrend. We know energy stocks are in an uptrend.

In fact, about a decade ago, energy made up about 16% of the S&P 500. In the 1980s, it was around 30%. This means there’s a lot more room to run, not just in the energy sector, but in others like industrials, mining, and consumer staples.

The point is, we believe we’re at an overall shift out of growth and into safety and value in the months ahead. It may not be the same as in the 1970s or 2003, but it will probably look similar.

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