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  "documentTitle": "JPM Corp Fin Advisory Corporate Compass Jan 2024",
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      "text": "While tempting to suggest this value concentration is driven solely by extraordinary expectations for unsubstantiated future profitability, these seven firms have also become the investment engine of the U.S. economy",
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      "text": "S&P 500 multiples appear divorced from higher interest rates but the exclusion of the largest seven companies in the index indicate the rest of the market is directionally aligned with the typical rate/value trends",
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      "text": "TOP 7 S&P 500 FIRMS MARKET CAP AS A % OF INDEX TOTAL",
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      "text": "S&P 500 P/E multiple: 29%",
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      "text": "Source: FactSet as of 12/31/23; 1 Monthly NTM P/E and 10y UST observations since 2005; 2 As of 12/31 of each year; 3 YTD 2023 (data up to Q3 2023)",
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      "text": "Equity markets flirt with all-time highs, but driven by a record concentration amongst a select few ultra-mega-cap firms",
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