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NIThe next wealth gap won’t be rich vs. poor.
It’ll be index-only wealthy vs. selective wealthy.
The 2010s portfolio was simple: broad index + megacaps + “the U.S. will carry.”
That regime is fading.
The portfolio of the future is wider, scrappier, and requires more work:
1. Breadth matters more than the Mag 7
2. Hard assets aren’t optional anymore
3. The U.S. won’t be the sole driver of returns
4. A weaker dollar boosts nominal asset prices while eroding real purchasing power
In the dispersion regime emerging now (just look at small- and mid-cap carrying returns now), the gap between “index-only wealthy” and “selective wealthy” can be a double-digit annual spread.
Education. Not investment advice.
@nicholascrown










