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Apr 9, 2026 8:00 AM

Is A Market Turn Coming? Kobeissi Letter Spots Ominous Drop In Billionaire-Favored Stocks

Market commentator The Kobeissi Letter has flagged a divergence in equity markets, noting that stocks heavily favored by U.S. billionaires are underperforming the broader S&P 500, a trend it says has historically preceded stronger market performance.

Billionaire-Favored Stocks Lag Broader Market

In a post on X on Wednesday, The Kobeissi Letter cited the ratio of the Bloomberg U.S. Billionaires Investment Index to the S&P 500, which has fallen to 0.41, the lowest since April 2025. The index tracks the top 50 U.S.-listed stocks held by American billionaires.

The stock portfolios of America's richest are underperforming:The ratio of the Bloomberg US Billionaires Investment Index to the S&P 500 is down to 0.41, the lowest since April 2025.This index tracks the top 50 US-listed stocks held by US billionaires.The ratio has fallen… pic.twitter.com/6JGkxMfCN8

— The Kobeissi Letter (@KobeissiLetter) April 8, 2026

The commentator noted the ratio has declined ...