Brian Dress, CFADirector of Research, Investment Advisor, Left Brain Wealth Management, LLC · Wealth Strategy for Corporate Executives & High-Net-Worth Investors | Concentrated Stock & Equity Compensation Planning | Director of Research | CFA | Left Brain Wealth Management

Still Investing Like It's 2023?

11 Aug 2026 · 2 min

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1:46

In this Investment Committee‑style excerpt, Speaker A asks Nolan what market dynamics have shifted since 2023 and why investors should reassess their holdings. Nolan explains that 2022 saw a rare dual decline in stocks and bonds, after which 2023 featured the rise of the "Magnificent Seven" (high‑growth, low‑debt tech stocks) and a strong software/AI narrative. By 2024‑2025 those themes have largely reversed: the Magnificent Seven and software‑centric growth stocks are under pressure, delivering rough performance for investors who still hold 2023‑era positions. The conversation emphasizes that portfolio reviews are not about market prediction alone but about ensuring current holdings are positioned for future opportunities, urging listeners to evaluate whether their portfolios have evolved over the past three years.

One thing that's become clear to us over the last couple of years is that markets evolve much faster than portfolios do. Leadership has changed beneath the surface, but many portfolios haven't changed with it. Nolan, what has changed the most over the last couple of years that investors should probably take another look at?
Everything has changed since 2023. In 2022, we were coming off a horrible market. Both the stock and bond markets were down a lot. And that's the first time that that had happened in many, many years. Leadership changed in 2023. The Mag Seven, the Magnificent Seven, was all the rage. Remember, not a lot of debt, so inflation and interest rates weren't a big worry. A lot of free cash flow. People flocked to the Mag Seven for that quality growth. Also, software was an area that really had the market's eye in 2023. And software was synonymous with growth and high margins. All that's completely changed. If you have your 2023 portfolio where you're still nursing these Mag Seven, good on you because you're having a really rough year this year. And the same thing with software, that AI narrative, that AI is eating software is still with us. And so software is having a really rough year. So again, if you have a 2023 portfolio and it hasn't been reviewed, you certainly want to do that right away.
And that's because reviewing a portfolio is not always about just predicting markets. It's about making sure that today's portfolio is positioned for tomorrow's opportunities. Has your portfolio evolved over the last 3 years? Tell us what's changed in the comments and watch the full Investment Committee discussion for a complete conversation.