Fact of the Day

First in an irregular series….

Professor Bessembinder estimates that between 1926 and 2015 US shares created $31.8 trillion of wealth for shareholders in dividends and capital gains. However, just two stocks – Apple and Exxon – accounted for more than 5 per cent of this; 86 stocks account for half of it; and 983 account for all of it. In other words, all of the wealth that has been created by the US stock market since 1926 is due to less than 4 per cent of all the shares that have existed since then

h/t Investors Chronicle’s Chis Dillow, also of the ever-excellent Stumbling and Mumbling blog.

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