Thanksgiving is a time to be thankful for the rich bounty that stocks have given us, but it is also a time to consider the “turkey problem” as it relates to investing.

The supportive inflation readings boosted stocks. A broader market is favorable, but the risk is that any possibility of further Fed rate hikes has been removed.

Berkshire’s $313 billion very concentrated investment portfolio was trimmed to 45 companies, with tech, consumer staples, and financial stocks as the most significant exposures. Seven holdings were eliminated, and six decreased.

While the S&P 500 rose, trouble lurks below the surface. The broader lift to stocks outside the Magnificent 7 faded last week as yields increased. Notably, much of the market remains hostage to interest rate expectations.