I read these two emails together and will forward them together. Doug Kass notes the very odd nature of the latest run of the bull market, focused on a few stocks, and narrows the blame down to ETFs, as do I. Then Peter Boockvar gives us a couple paragraphs on the difficulties facing value investors, who are badly lagging the market right now, at least in the US. This can go on for a long time. Or it can stop at any minute. You are going to have to be active if you don’t want to be a party to a large drawdown at some point.