A Remarkable Few Lead With Strength from the Reliable Many
July 6, 2026
By Michael List, CFA, CFP®
Investment Management Officer
Last weekend we celebrated the 250th anniversary of independence. It was a wonderful time to celebrate, reflect and express gratitude for those before us who laid the foundation and those who sacrificed for that independence. Since then, many continued to build upon and sacrifice for liberty here and around the world. The anniversary also made me think about an interesting parallel in today's financial markets.
“Never in the field of human conflict was so much owed by so many to so few” Winston Churchill.
While the circumstances related to Churchill’s quote were far more somber, it provides a fitting analogy to recent market performance. During the second quarter, markets propelled to new all-time highs led by just a few tech stocks (and not the Magnificent 7). Three semiconductor companies—representing just 1% of the S&P 500 by number of stocks—generated roughly 20% of the index's return during the quarter. SanDisk, Micron, and Intel stocks each more than tripled in value in just a few months.
The Strength Behind the Three
While these stocks accounted for the lion's share of the short-term returns and dominated recent headlines, broad diversification was a silent source of strength in portfolios. Nine of the eleven sectors posted positive returns during the quarter, as did most major asset classes.
As we reflect on those whose sacrifices secured our freedoms, it's worth remembering that enduring achievements—whether a nation or a portfolio—depend not only on the remarkable few, but also on the many quiet contributors whose steady efforts make long-term success possible. If you have any questions, please reach out to an advisor if you have any questions. Your financial success matters to us.