Just a few stocks drive market returns

This issue looks at the remarkable - but not unusual - dispersion of returns across the US stock market year-to-date 2023. We link this to Bessembinder's research that suggests that only a very small percentage (4%) of firms deliver all of the market's long-term return.

The risks of missing out by actively picking the wrong stocks is high and investors should simply seek the market return. Jack Bogle would have agreed!

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