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Rising U.S. equity concentration is real, but a global view shows it is not unique - and international diversification does not automatically reduce concentration risk.

In the last 6 weeks, there have been 3 days where the U.S. market dropped more than 1% in a day. Historically, a 1% drop happens every 8 trading days on average, but the typical gap (median) is just 4 days. This article looks at why both a single 1% drop and a cluster of them are normal market events.

Market timing is hard. Since 1993, 70% of the S&P 500's ten best trading days occurred within 20 days of one of its ten worst trading days, making it difficult to capture one without being exposed to the other.