In this episode of the One of a Kind Financial Show Daily, host Mike Milligan delivers a market recap highlighting Nvidia’s earnings surge, a rise in major indices, and recent inflation data. He then shifts focus to the concept of concentration risk, explaining how the "Magnificent 7" (Apple, Microsoft, Nvidia, Alphabet/Google, Amazon, Meta, Tesla) now comprise roughly one‑third of the S&P 500, with the top ten stocks accounting for about 43%—the highest concentration in history. Milligan argues that investors should understand the composition of index funds and consider diversifying across asset classes, geographies, and risk structures, rather than hastily selling. The second half profiles YouTube as the dominant platform for financial influencers (finfluencers). He outlines YouTube’s origins, its role as a free, visual, and personal learning source, and cites FINRA’s April 2026 research showing that finfluencer followers are far more likely to experience fraud (69% vs. 29%). To help listeners discern trustworthy creators, Milligan presents a seven‑question checklist covering credentials, source citation, educational vs. sales focus, secondary product promotion, correction of errors, comment‑section health, and diversification of information sources. Throughout, he interweaves personal birthday wishes to his mother, his mission to educate and coach, and standard regulatory disclosures emphasizing that the content is educational only and not personalized advice.
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It's the One of a Kind Financial Show Daily, and today we're going to profile you, YouTube, where finfluencers live, where people come for advice, and we're going to talk about what people should look for before taking that advice. It's 31 days until I turn 50 years old. My mission is to educate, coach, plan, and never miss a moment. But before we get to the markets, happy birthday, Mama. Today you turn—
50.
I'm not going to say it out loud. Every good thing I have— this mic, the plans, the mission, the way I show up for clients— it starts with you. You loved me first. You taught me to, to reach for the stars, and I did. Thank you for teaching me to work, to listen, and to never miss a moment. You helped me celebrate growing up as a kid, encouraged me as an adult. You've become an amazing nanny to Zach, Grayson, Paige, and a grand nanny to Daniel. You love Liana and I love you. Thank you, Mama. Today we recap a huge Thursday session for the tape. We talk about a big idea called concentration risk and what it means for anyone who owns an S&P 500 fund. And then we close the week. We profile the biggest financial influencer on earth, which is not a person, it's a platform. YouTube. Do you hate me? I'm just wondering. Maybe YouTube, you can comment in the comments today. Let's go, guys.
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Nvidia beat on Wednesday night. Thursday, the tape agreed. The S&P closed up, the Dow up, NASDAQ up. The growth trade led. QQQ closed up 1.37% to $721.11. Rates held steady. The 10-year Treasury yield was 4.67%. GLD, the gold index, was up 0.3%, a small bounce after Wednesday's sell-off. And Bitcoin traded up through the session and settled around $79,936, just shy of $80,000. The star of the show though on Thursday was Nvidia. It closed at $227.98, up 8.74%. That single move added roughly a quarter of a trillion dollars to Nvidia's market cap in one day. Congratulations, Nvidia. Per CNBC, Nvidia broke the pattern of the last 4 quarters where the stock had actually dropped the day after each earnings beat. This time, the guide which they guided to $108 billion of revenue in Q3, was too big for the market to ignore. This is for educational context only, not a recommendation. It's one company, folks, one earnings report, roughly 1.5% added to the entire NASDAQ though. That is a story worth pausing on, and we just want to say nice work, Nvidia. Also this week, the Fed's preferred inflation gauge, PCE, came out Wednesday morning. The headline— because we were so focused on Nvidia, we forgot to report this— headline rose 0.2% month over month, 3.7% year over year, a tenth of a point above expectations. Core PCE, food and energy stripped out, rose 0.2% month over month and 3.3% year over year. That was in line with forecasts. The translation: inflation is not falling as fast as the Fed wants, but core is holding steady. The September rate decision stays alive.
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Now, the idea for the weekend, something for you to think about. We're going to talk about concentration risk. The definition first, though. Concentration risk is the danger that too much of a portfolio's outcome depends on too few holdings. If 7 stocks decide the fate of your entire retirement account, you do not really own an index. You own a bet on 7 companies dressed up as a diversified fund. Here's the number: the Magnificent 7: Apple, Microsoft, Nvidia, Alphabet, Google, Amazon, Meta, Facebook, and Tesla now represent roughly 32 to 34% of the entire S&P 500 as of this summer. That's up from 13% in 2018. At its peak in early June, that number touched 35%. Think about that, folks. The S&P 500, 7 companies representing 35%, 493 companies representing 490 are 493 companies representing 65%. That's the highest concentration in stock history. Let's look wider. The top 10 stocks in the S&P 500 now account for roughly 43% of the index. 10 stocks, 43%. 490 stocks, 57%. That's a record, nearly double the historical average of 18 to 23% that held from 1990 to 2015. Nvidia alone crossed an 8% index weight in the first quarter of this year. So here's the plainest way I can say it. When you buy an S&P 500 index fund in 2026, roughly $1 of every $3 is going to 7 stocks. Roughly 43 cents of every dollar is going to the top 10. That's not the diversification your parents were sold in 1995. When I was raising my kids, Zach, Grayson, Paige, there was a famous wiggle song called Fruit Salad. First you take the berries, first you take the melons, then you put the grapes, then you put that, you mix it up. Fruit salad, yummy, yummy. Right now, guys, that fruit salad looks like a big old bowl of strawberries with just a little bit of other things mixed in. Does that mean go out and sell your index fund?
No.
No, that's not what I'm saying, because it's not advice. What I'm saying is you should know what's inside the wrapper. A One of a Kind Financial Plan asks, if my index fund is really concentrated, AI bet, among 7 to 10 companies, do I need to counterbalance that somewhere else with different asset classes, with different geographies, different risk structures? Or even a protected account. That is the conversation we have. Concentration risk is not the reason to sell and totally radically change your portfolio overnight. Concentration risk is not evil. Concentration is what created this wealth cycle, but concentration cuts both ways, and retirees living on withdrawals cannot afford to find out the hard way which way it cuts next. Be one of a kind with Mike's This week, we profiled Ray Dalio, Cathie Wood, Dolly Parton, and Jamie Dimon. Today, the guru is not a person. It's a platform where most of you have heard many of them before and go to get information. February 14th, 2005, Valentine's Day, 3 former PayPal employees registered the domain youtube.com. The original idea was a video dating site called Tune In, Hook Up. That did not work. So they opened it to any kind of video. The first uploaded video was, quote, Me at the Zoo, which went live April 23rd, 2005. It was uploaded by one of the founders. It now has more than 355 million views. In November 2005, Sequoia Capital invested $3.5 million. 18 months after funding in October of 2006, Google bought YouTube for $1.65 billion in stock. Today, 21 years later, YouTube is where most Americans go for how-to knowledge. How to fix a sink, how to swing a golf club. Shout out to Padraig Harrington, my partner from last year's Charles Schwab Pro-Am. He's got a great channel on that. Also, how to open a Roth IRA and more. And more to include how to build a retirement plan. Do I have enough insurance? To even this, the One of a Kind Financial Show Daily. Here's why people come to YouTube for knowledge. There's 3 main reasons. Number 1, it's free. Number 2, it's visual. Sometimes you can watch people doing a thing, not exactly how we operate on this show. This is audio only. Maybe one day we'll get there. And number 3, it feels personal. You can look at a human face, not reading a document. Now, here's how financial content grew on YouTube. It is now the number one channel where retail investors say they first hear investing ideas. That's according to FINRA Investor Education Foundation report cited via Wealth Management. And here's the punchline that matters for the show today. FINRA's April 2026 research Showed that retail investors who follow financial influencers on social media, the industry now calls those finfluencers, are significantly more likely to be victims of fraud. I said it. Almost amongst fraud targets, about 69% of social media and finfluencer followers lost money compared with about 29% of others. Panelists at FINRA's own conference noted that finfluencers followers tend to have worse financial literacy compared with, uh, paired with higher confidence. The most dangerous combination in personal finance. The SEC has issued formal, formal investor alerts and even a 2024 Investor Advisory Committee recommendation on this exact risk. So how do you tell the education-first channels from the marketing channels selling products? 7 questions Write these down. Number 1, do they have credentials and disclose them? Like, hi, I'm Mike Milligan, Certified Financial Planning Professional. Number 2, do they cite sources on screen? We don't. We put them in the comments, but same thing. They're right there for you to watch. Number 3, do they teach concepts or do they sell trades? Oh my gosh. I tell you, don't use our information to do trades. I talk about how this is for educational content only, and I educate on profiles of people, what's happening in the market, and that the financial plan is the most important document that you can have in finances. Number 4, do they sell secondary products like courses, trading alerts, brokerage referral links, Telegram groups? Those are direct financial incentives to hype up, not automatically disqualifying, like This show is educational and I run a financial planning firm. But you must ask, is the education the product or is the education the bait? Number 5, do they update when they are wrong? Oh my gosh. I think in episode 83 or somewhere around there, I gave some bad information. 84, I fixed it. And then I tighten up my research, So that I don't make that mistake again. And then number 6, what does the comment section look like? This is where I think YouTube hates me. We put our sources there, we get a few comments, but it's up to you, these listeners, to write comments. Help me, help me help you by continuing to offer this educational content. And number 7, is any single channel your only source? If yes, that could be a problem. Diversify your inputs like you diversify your portfolio. One rule for me though, this will be just as direct as I can make it. If a YouTube channel promises returns guarantees or the one stock that will change your life, close the tab, delete it. Real planning is not a jackpot. It's not the lottery. Real planning is a written document that tells you what to do when the market is up 30 and when the market is down 30. This is why We are on YouTube at One.OakRadio, not to sell you a course, to teach you how to think.
Be one of a kind with Mike's Plan.
3 things next week, guys. The markets will be open normal hours on Monday. Labor Day is not until the following week. It's the first Monday in September, and next Monday falls on August 31st. August nonfarm payrolls come in next Friday, September 4th. The jobs number decides whether the Fed cuts in September, raises in September, or stays the same. In your own plan, if you do not have it written down, that's a weekend homework assignment. Start with this, a sheet of paper, a pen, and at the top of the paper, why is money important to you? Estoy aprendiendo. I am learning, and so are you for showing up today. Again, happy birthday, Mama. Everything I do is built on many of the things you taught me, the places you put me, the baseball practices you took me to, the beach vacations, the amazing times with Granny, our cousins, the family events. I love you. We're not chasing returns, guys. We're building the one-of-a-kind financial plan here. The One of a Kind Financial Show is in place to educate, coach, plan. That's my personal mission. Never missed a moment. If you want to connect, text the word IDEAS, I-D-E-A-S, IDEAS, to the number 600-700, or call the office directly at 757-909- I'm Mike Milligan, Certified Financial Planning Professional. Have a great weekend. I'll see you on Monday. This has been the One of a Kind Financial Show Daily. This show is for educational purposes only and does not constitute personalized investment, tax, legal, or accounting advice. Investing involves risk, including loss of principal. Past performance does not guarantee future results. References to Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta, Tesla, JPMorgan Chase, YouTube, Google, and any other person's company security are for illustration and education only and are not recommendations to buy, sell, or hold any security. Index concentration statistics, analyst estimates, and consensus numbers attributed to Wall Street trade press, RBC Wealth Management, Goldman Sachs, Deutsche Bank, FINRA, or the SEC are those source views and not those of Mike Milligan, the founder and chairman of One Oak Financial, or any affiliate. Consult your own licensed certified financial planning professional, certified public accountant, or attorney before acting. I am Mike Milligan, Certified Financial Planning Professional. And the last disclosure, I got the best mama. That's a fact.
Be one of a kind with Mike's Plan. In a face shot growth, take a stand. Visibility strategy, take the lead. Transformation's yours, fulfill the need. Mike's got the way to help. You rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind. Take the flight. Mike's the guide, you'll shine bright.
