Such a broadening in the winners’ list has been sought for years by market skeptics lamenting an equity melt-up whose momentum has been generated by a tiny cohort of asset-light firms. But it’s a less obvious blessing in the short term for passively managed investors. They’ve stashed one in every four ETF dollars in just five funds — products that are now perilously exposed to the fate of the Magnificent 7.
Nilesh Shah says China’s $1 trillion trade surplus is built on an undervalued Yuan, not just on innovation and competitiveness
Kotak MF’s Nilesh Shah says China’s trade surplus topping $1 trillion in 11 months is not just due to innovation and competitiveness, but also a
December 9, 2025