On the Flying Bridge January 20, 2026
Over the past 100 years there have been 29,078 publicly listed U.S. stocks, of which 4% of them accounted for nearly all the economic wealth created this past century. Less than 100 companies were responsible for half of those gains. Approximately 52% of those companies had negative cumulative returns according to research from Arizona State University.
Those same researchers then studied the 63,785 global stocks between 1990 and 2020 and showed that 55% of U.S. and 57% of non-U.S. stocks generated returns below that of a one-month Treasury bill. In that same period just five companies accounted for a shade over 10% of the $75.7 trillion of the net equity value created. Half of that wealth creation was by 0.25%...
Today's Sponsors
Today's Sponsor