One of the easiest ways to spot someone who works in finance but hasn’t read much is they’ll often repeat the phrase “history doesn’t repeat itself, but it often rhymes” when discussing the market’s price action.

Yet, like “all you need is love”, just because the phrase is a cliché doesn’t make it wrong. After all, most clichés are just overused truisms.

Speaking of which, here’s a chart worth mulling over from friend of FT Alphaville Ross Yarrow, who is also managing director of US Equities at Baird:

That’s right, the number of companies in the S&P 500 outperforming the wider index is the lowest since . . . 1999.

Speaking of cliché market phrases, here’s another one to think about: “This time is different.”

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