One of the unremarked aspects of the period from 2000-2006 for the financials was how the sector’s share of the S&P 500 had grown well beyond historical norms. That trend is finally reversing itself, as the following chart from the always useful Bespoke shows.
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Not sure how anyone can define a ‘sectoral norm’ for financials since it’s been on an ever increasing trajectory for god knows how long. The term is meaningless.