mark lehman, president of jmp securities, and todd rosenbluth from cfra, join us to talk about what this winner takes all market will mean for you. welcome, gentlemen, nice to have you here. >> thanks, sue. >> mark, let me start with you. how dangerous is this for the individual investor or concerning is it for the individual investor? >> i think for the individual investor, the fewer choices that you have, obviously, is an alarming thing to think about. also for the individual investor, over time, it's been tough to own individual stocks. a broad portfolio and mutual funds and other ways to participate in the market as opposed to a narrow list of stocks is always a good idea, and the narrowness is inflated by the number of equities to be bought. i think a broader strategy is better than individual stocks for most investors. >> one of the other factors is, of that shrinking pool of stocks, an even smaller number of stocks control most of the revenue that is generated by those companies. so argue the individual stock portion of things compared to the broad exposure you could get n etf. >>

for further analysis, let's bring in mark lehman. he joins us from san francisco. t the time to panic, but a time to reflect. reflect on what precisely? goldman makes good points. mark: they are good points. my point is you want to reflect. we could have a these arguments six months ago, a virgo, or two years ago -- a year ago, or two years ago. there were times he wanted to reflect a desire, what are you only? what is the core fundamentals in those businesses? where i was companies going? are the markets large enough that you want to keep going into these stocks and take advantage of the lower prices? joe: you make an excellent point that this story we tell about valuation and moment of and how everyone is highly inflated loadings is sort of a story that has been around quite a while. what about fundamentals? is anything on the fundamentals, amazon, facebook, alphabet, you name it, that concerns you are always this is firing on all cylinders? mark: there is certainly some worrisome things you can point out. someust mentioned have had colossal successes and colossal