Ten companies appear in more than one of our models. The models never talked.

Core 20, Market Masters, Tepper Tactical and BioTech 10 run on four different rulebooks. They screen different universes, weight different things, and rebalance on the same calendar without consulting one another. Ten companies are held in more than one of them anyway, and Meta and Alphabet sit in three.

No rule says pick what the other models picked. The overlap happened because four honest processes, run on the same public facts, kept landing in the same place.

The whole market does this at a scale nobody can see until long after it forms. Independent managers with different mandates do their own work and converge on the same handful of stocks. The word for the result is crowding, and it forms while every person involved is being reasonable.

Three holdings are read that way below: two the models share, and one that most of the country owns and only one of our models holds.