That's why hedge funds hedge out the non stock specific factors by going long/short a stock vs. being long/short some index.
It is amusing to watch people that think they are geniuses in this bull market when they are unable to separate the company specific factors vs. the other factors like interest rate policy and so on...
The Nasdaq 100 (QQQ) is up 32% year to date. The QQQ has half the volatility of MSFT.
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