Talk Your Book: Sectors & The Business Cycle

Today’s Talk Your Book is brought to you by State Street:

We spoke with State Street’s Matt Bartolini about the various sectors in the stock market.

We discuss:

  • This run-up in tech stocks is unprecedented
  • How the different sectors have held up during recessions historically
  • Why there is a wider dispersion in sectors than factors
  • The need to recalibrate historical sector relationships
  • Are sectors acting like this is a new bull market?
  • Can sectors tell us where we are in the business cycle?
  • More stocks underperform than outperform their sector
  • Concentration risk in sectors
  • The ability to invest thematically is a win for individual investors
  • The 4 different ways to think about investing in sectors
  • How thematic ETFs are doing
  • Why fund flows are hard to understand
  • What’s next for thematic ETFs?

Listen here:



Contact us at with any questions, comments, feedback or recommendations.

Follow us on FacebookInstagram and YouTube.

Find transcripts of every show on Shuffle.

Check out our t-shirts, coffee mugs, stickers and other assorted swag here.

Subscribe here:

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.