evident

“The megacap strength was evident in rising market concentration, with the top 10 stocks surpassing 40% of S&P 500 market cap for the first time since at least 1972,” they wrote.

But what is especially striking is the contrast between the current economy and that of the 1990s—a contrast most evident in the divergent performance of gold, which soured back then and is soaring now.

But beginning in the late 1990s, it became evident that enterprise software could be cloud-based, hosted on the software vendor’s servers, managed by the vendor, and paid for by subscription.

Occasionally, too, the process of radicalization became evident.

But in the months that followed, it also became evident that the impact on the large businesses that comprise the S&P 500 may be mostly manageable.