index

Given that indexes are at record highs, investors do have lofty expectations, which has slightly muted any overly exuberant reactions—hence the S&P’s flat performance on the day.

She recommended that clients shift their money out of funds aiming to track the performance of the index and into single-stock names.

But gold has outshone them all; it is outperforming every major stock index from Shanghai to New York.

That makes sense given their relatively limited influence on major indexes when compared with their megacap tech peers.

And if you are invested in the S&P 500 through an index fund, success has been rewarded because the index is weighted by companies’ market capitalization.