Look this bull market in the mouth, and it seems like four out of five doctors will tell you its got a classic, open-and-shut case of bad breadth.
Stocks have rallied for the past nine months despite aggressive rate hikes and widespread recession fears. But the boom isnt sufficiently broad, the naysayers insist. Instead, it looks narrow, hollow and fragile.
Accordingly, these would-be physicians of finance would like to see the gains demonstrate more breadth that is, markedly more stocks doing well versus badly. Sounds reasonable, right?
In fact, this diagnosis reeks of quackery. And Id like to explain why this is important for your financial health.
Stepping back, its only logical that the boom weve got now is slow-breadth. In a slow-growth economy with widespread recession fears, investors seek highest-quality, all-weather growth and should pay up for it. Safety rises, on average, with size. Few huge, high-quality growth firms exist. So breadth shrinks, but markets rise.
Some swear were in the throes of AI froth. Im skeptical that artificial intelligence can be as big and grow as fast as many hope. Still, few of these leading stocks have any real and significant revenue or cost savings coming from AI in the next five years and dont claim to.
No, this rise is all about the highest quality, most assured growth, not the fastest maybe growth. And means the biggest of the big, selling at high valuations and getting higher. Thats mostly tech, but also Europes luxury goods leaders.
So yes, theres no denying it the recent breadth has indeed been bad. The thing is, bad breadth is actually bullish.
Weve already seen the market drop quickly and dramatically. On top of that, were still awash in bearish sentiment. As previously discussed in this column, this widespread doom and gloom whether its the Fed, the Ukraine invasion, or the latest banking crisis is actually bullish for stocks.
This is what we call fear of a false factor. False fear is always hurting prices in a given moment, setting the stage for spring-loaded gains. Bad breadth is the latest such false fear and it screams that this mega-cap-led surge has legs maybe not this week or this month, but fully through 2023.
Breadth has been invoked by bearish analysts since the early 1900s, when advance/decline lines were popular trend tellers. They believed top-heavy markets with few stellar stars topple when those few leaders lose luster.
The legend lives like some horrible halitosis but again, falsely.
At Januarys end, more than 60% of S&P 500 stocks outperformed the index over the prior year. By May 31, however, just 34.3% were outperforming the fastest plunge on record since reliable breadth data started in 1965. Likewise, the percent of S&P 500 constituents closing above their 200-day moving average fell below 15% last June and September only the eighth and ninth such occurrences since 1990.
Scary, right?
On the contrary: Throughout the middling and longer periods that matter to most investors, imploding breadth is historically ultra-bullish. Of three other breadth swoons approaching 2023s record size, one in 1969 came mid-bear-market and soon before a 32-month bull market erupted, delivering 74% gains. The others came during early bull cycle corrections: in 1984, three years before stocks peaked, and in 2003, just months into a five-year bull market.
Similarly, extreme low percentages of stocks eclipsing their 200-day moving averages precede booms, not busts. Take the seven deep troughs before 2022s. Three months later, stocks were higher 86% of the time. Ditto for returns 6 and 12 months out. Median S&P 500 returns three months later were 10.6%. After 6 months, 18.1%. A year? 25.4%.
Breadth can stink for years in rising markets. In late 1996 as a Forbes columnist, I urged buying the biggest 50 stocks. By April 1997, I narrowed that to 35 as stocks climbed. In early 1999, I narrowed to the 25 largest.
Another year of great gains remained — four big, bull-market, bad-breadth years.
How long will this bad breadth linger? Until optimism overcomes skepticism. It is just more of the pessimism of disbelief that Ive harped upon in this column for most of the past year. Check to see you might suffer from this doom-and-gloom affliction yourself, and if so, get rid of it.
Yes, this is partly about confidence. Those who stick with the market are going to do great. So please: Dont worry about bad breadth.
Ken Fisher is the founder and executive chairman of Fisher Investments, a four-time New York Times bestselling author, and regular columnist in 17 countries globally.
A joint investigation by Sky News and The Sunday Times found the trust may have downplayed previous concerns, with a report identifying issues with Ms Stohr back in 2016.
A senior source at the hospital said children were “severely permanently harmed”, and “some of the cases are horrendous”. They said the damage could have been avoided and told Sky News there was “the impression of a cover up”.
Image: Kuldeep Stohr was suspended in January this year
In one case, a child injured in a car accident was left with a broken arm for 11 days after Ms Stohr failed to spot it.
Concerns were first raised in 2015, with the CUH commissioning an external expert to examine several of Ms Stohr’s patients and their treatment.
A letter shared between staff at the time – and seen by Sky News – says the trust was satisfied the report did not raise any concerns.
But a copy of the report, obtained by Sky News and The Sunday Times, shows it did identify “technical issues” with the surgeries of multiple patients.
Now questions are being asked about why the hospital didn’t act sooner.
Image: Ms Stohr allegedly told Oliver’s family to leave his care “in the hands of God”
One patient, whose son was treated by the surgeon in 2018, says she is “angry” she was not listened to at the time after she raised concerns about Ms Stohr’s conduct.
Ms Stohr said: “I always strive to provide the highest standards of care to all my patients. I am cooperating fully with the trust investigation and it would not be appropriate to comment further at this time.”
Dr Susan Broster, chief medical officer at Cambridge University Hospitals said the trust “apologise unreservedly to all the patients and families we have let down”.
She added that patients who were considered in the 2016 report also form part of the latest clinical review: “We have spoken to those patients and families and offered to meet them in person.”
It is not clear if those patients were contacted at the time of the first report.
‘Some of the cases are horrendous’
A source at the hospital said the damage was “all avoidable” while “the lives of children and families have been ruined”.
“Stohr destroyed people’s lives by performing very poor surgery. She destroyed some hip joints,” they said.
Image: The confidential report was written in 2016
But they said staff felt they were “bullied and intimidated when they tried to raise concerns”, and were told the initial 2016 report showed no issues with Ms Stohr.
“I consider that these cases have been properly investigated and am reassured that there is no concern about Kuldeep’s practice,” said a letter sent to staff from the trust in 2016.
“I have the impression there has been a cover up,” the source told Sky News.
Dr Broster, from the CUH, said the trust had commissioned Verita, a specialist investigations company, to carry out an independent investigation to see if issues could have been addressed sooner – but added that it would be inappropriate to comment further while the review was ongoing.
She said the trust would publish the findings of the Verita report and said it was “committed to implementing the findings and recommendations in full”, with the initial findings expected by the autumn.
‘Technical errors’: What the 2016 report said
The doctor who authored the 2016 report wrote he had “some anxieties about the technical aspects” of one patient’s operation.
He highlighted “technical error[s]” on several other operations.
Image: The report author wrote he had “some anxieties” about one surgery
Some patients were “difficult cases” where “decision making was broadly correct”, and issues were not found with each one.
On one patient, the report said an issue that arose was a “known complication and does not indicate poor care. These were difficult hips”.
The report also cited a “divided apartment of paediatric orthopaedics” in which “discussion of difficult cases and mutual support does not exist”.
But the report did say Ms Stohr did not always order CT scans after operations took place.
It said all cases of DDH (Developmental Dysplasia of the Hip) surgery should have an MRI or CT scan after the operation had been completed.
Image: The report found “issues” with some of the surgeries
Two reports, nine years apart
Ms Stohr was suspended this year with a 2025 report highlighting similar concerns, including around post-op imaging.
The 2025 findings said one procedure – a pelvic osteotomy, where the pelvic bone is cut and reshaped to improve the alignment of the hip joint – was one “Ms Stohr appears to find difficult”.
It also raised concerns that Ms Stohr “frequently operates on her own”, or with more junior members of staff.
“There have clearly been cases when technical issues arose during surgery where the presence of a consultant colleague may have been helpful,” the latest report said.
It also said the lack of imaging at the end of procedures “is inexplicable and not the standard of care”.
Catherine Slattery, senior associate at Irwin Mitchell who is representing some of the affected families, said both reports showed “similar themes”.
“Clearly things have got much worse in 2025. So, the question is, what could have been done in 2016 to have prevented this from happening?” she said.
Image: Catherine Slattery is representing a number of families affected
Issues, such as Ms Stohr not ordering bone scans, were “very strange”, she added.
“But if we take the individual out, why has nobody else noticed that every other surgeon in the team has been ordering scans, but one person hasn’t?”
But she said the trust has “been playing catch up”: “[It] only seems to be taking steps when they are being prompted to do so by people like me, or journalists, or other people asking difficult questions – or even the local MP having to ask difficult questions.”
‘Leave it in the hands of God’
Seven-year-old Oliver Muhlhausen has constant foot pain – and it’s getting worse.
He was born with a severe deformity which Ms Stohr said didn’t need to be operated on.
Image: Oliver has been left in constant agony after Ms Stohr refused to operate on him
Oliver was seen by the specialist surgeon in 2018, but his mother, Nicola, claims she was told: “There is no operation within my remits or that I can or am willing to perform, go away and leave it in the hands of God.”
The family eventually sought a second opinion, moving to be treated at a different hospital, but said Oliver has been left in “constant agony”.
“I’ve been told that if she had done something sooner or even attempted to do something sooner then he probably would have stood a bit better chance than what he’s currently going through.”
Nicola said she “upset and angry” at not being listened to, especially considering concerns were raised internally two years before her son became a patient of Ms Stohr.
“I cannot understand why something was not done sooner, because clearly there were issues,” she said, adding that hospital staff “need to be held accountable”.
Image: Oliver and his mother, Nicola
She filed a formal complaint in 2019 but said this was “brushed under the carpet”.
In response to her complaint at the time, the trust said Ms Stohr “would like to apologise unreservedly for her failures of clear communication”.
‘Life could be different now’
Ellise Kingsley is now 24 and cannot walk for long periods of time – she is left in daily pain and distress.
She is not one of the 800 cases currently being examined by the CUH but was operated on by Ms Stohr in 2012 and 2016.
She said, had the 2016 report been acted on, life could be very different for her now.
“It is upsetting to think that I could have had a completely different lifestyle as such in the last ten years,” she said.
Image: Ellise Kingsley was operated on by Ms Stohr twice
“I wouldn’t have had to even think about my foot now at 24.
“It stresses me out actually to think that there was a chance for change, but change didn’t happen.”
Pippa Heylings, MP for South Cambridgeshire, said it was an “anxious and distressing time for all involved”, and called on Addenbrooke’s Hospital to be “open and transparent” as well as independent.
She said: “The hospital cannot be seen to be marking its own homework. It is crucial for all to come forward with relevant information and evidence including whistleblowers with no fear of consequence or retaliation.”
The CUH said it has set up a dedicated Patient and Family Liaison Team, and encourages anyone concerned about their care to call the dedicated helpline on 0808 175 6331 or email CUH.helpline@nhs.net.
EDMONTON, Alberta — The Oilers switched goaltenders for Game 3 of their second-round playoff series against the Golden Knights, with Stuart Skinner replacing Calvin Pickard for Saturday night.
Pickard, who took over as Edmonton’s starter during a first-round series against the Los Angeles Kings, was day-to-day, Oilers coach Kris Knoblauch said.
Pickard was stellar in Edmonton’s 5-4 overtime win in Game 2 with 28 saves, but he appeared uncomfortable in the third period and was seen shaking out his left leg.
He replaced regular-season starter Skinner when the Oilers trailed the Kings 2-0 in the first round. Edmonton won six in a row with Pickard in net and took a 2-0 series lead home from Las Vegas to Rogers Place. Skinner is 19-17 in career playoff games with the Oilers.
Also on Saturday, Golden Knights coach Bruce Cassidy told reporters that defenseman Brayden McNabb and forward Brandon Saad are both out of the lineup and considered day-to-day.
McNabb exited Game 2 after receiving a check to the boards by Oilers forward Viktor Arvidsson in overtime. Saad is being held out with an undisclosed ailment.
The government is set to roll out sweeping reforms to the immigration system.
The skilled visa threshold will be raised to require a graduate qualification and a higher salary threshold, under plans outlined in an immigration white paper that will be presented in parliament on Monday.
For jobs below this level, access to the immigration system will be “time-limited” and only granted if there are shortages “critical to the industrial strategy”.
Strategies to increase domestic skills and recruitment would also need to be drawn up, with a labour market evidence group set to be established to identify sectors “overly reliant on overseas labour”.
Under the plans to reduce net migration to the UK, employers will be told that they must train workers in the UK rather than turn to immigration to solve labour shortages.
Net migration – the difference between the number of people immigrating and emigrating to a country – soared when the UK left the EU in January 2020.
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2:18
Has Labour tackled migration?
Home Secretary Yvette Cooper has blamed overseas recruitment for the rise in net migration over the last four years after Labour inherited a “failed” immigration system from the previous government.
“Migration must be properly controlled and managed so the system is fair,” Ms Cooper said.
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0:56
Lack of UK training ‘big driver of net migration’ says Ms Cooper
Ms Cooper added: “Overseas recruitment soared at the same time as big increases in the number of people not working or in education here in the UK.
“The last government lost control of the immigration system and there was no proper plan to tackle skills shortages here at home.
“Under our Plan for Change, we are taking decisive action to restore control and order to the immigration system, raise domestic training and skills, and bring down net migration while promoting economic growth.”
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Meanwhile, the Conservatives will try to force a vote in parliament on capping the number of non-visitor visas that can be issued.
The party is trying to amend the Border Security, Asylum and Immigration Bill, which if accepted would give the government the power to cap visas in line with the country’s needs, and allow them to be revoked if the limit is exceeded.
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4:05
Is UK net migration falling or rising?
The Tories are also behind a separate amendment to the same bill which would look to disapply the Human Rights Act in asylum and deportation cases.
Responding to the government’s white paper, shadow home secretary Chris Philp said “fixing Britain’s migration crisis requires a new radical approach. Labour had the opportunity to do this and have failed”.
He added: “If Labour were serious about immigration, they’d back our binding immigration cap and back our plan to repeal the entire Human Rights Act from immigration matters. But they have got no grip, no guts and no plan.”
Home Secretary Yvette Cooper, shadow home secretary Chris Philp and Reform UK deputy leader Richard Tice will be among the guests on Sky News’ Trevor Phillips on Sunday show from 8.30am today.