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Lux Q4 2025 Report

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The Dilution Delusion Markets are concentrated in fewer companies. Capital is concentrated in fewer managers. Power and wealth is concentrated in fewer people. Rage, fear, jealousy, envy—the primal forces of human psychology are themselves concentrated on the have-compute, the have-revenues, the have-portfolios, the have-networks and the have-influence. In chemistry, a solution with too high a concentration can be diluted—a delusion that’s spreading. New York and other states are proposing moratoriums on new data centers, writing themselves out of future innovation and economic growth. California is proposing a wealth tax on billionaires, forcing its most successful entrepreneurs to flee to freedom elsewhere. America is raising barriers against the smartest minds coming to the world’s greatest economy. Investors are advised to buy a balanced basket of ETFs even as the Mag 7 runs away with the market. Concentration is capitalism’s secret success. It goads asset allocators to place the h

The Dilution Delusion Markets are concentrated in fewer companies. Capital is concentrated in fewer managers. Power and wealth is concentrated in fewer people. Rage, fear, jealousy, envy—the primal forces of human psychology are themselves concentrated on the have-compute, the have-revenues, the have-portfolios, the have-networks and the have-influence. In chemistry, a solution with too high a concentration can be diluted—a delusion that’s spreading. New York and other states are proposing moratoriums on new data centers, writing themselves out of future innovation and economic growth.…

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