Stock markets continue to perform strongly despite the mounting risks. Neither the war in the Middle East, nor the resurgence of inflationary pressures, nor fears of an economic slowdown have managed to slow down the equity market. However, beneath this apparent strength there lies an increasingly evident fragility: the growing concentration of the market. The bulk of the gains rests on an increasingly limited number of stocks, and the trend is particularly evident in the U.S. According to Goldman Sachs, 85% of the S&P 500’s gains so far in 2026 (10%) come from technology. Excluding the sector, the advance drops to 3%.

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In 2021, Miriam González, a 35-year-old from Murcia, Spain, went to the doctor because she was bleeding from her breast. She was told to relax: everything was normal. But in 2024, she was diagnosed with breast cancer. And, shortly afterward, she discovered it was metastatic, at stage four.

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