12 Jan 2026

Portfolio Insights

We are pleased to provide a digital copy of Portfolio Insights, our quarterly newsletter. Table of Contents: Stock Market Summary Bond Market Review Decomposing Stock Market Returns Inside the Economy: CAPEX Your Legacy: A Culture of Giving The Big Picture Click here to read the issue: Q4 2025 Portfolio Insights

By
5 Jan 2026

The History of Market Concentration

We have all noticed that the S&P 500 has become unusually concentrated. What is less obvious is how today compares to earlier eras, simply because the data are harder to find. Bloomberg published a helpful chart over the weekend using the UBS Global Investment Returns 2025 Yearbook (Dimson, Marsh, and Staunton of London Business School), extending back to 1900. Because the series is incomplete before 1925, I anchored the analysis… Read More

By Tags: , , , ,