From January 1926 through December 2025, just 46 stocks—out of 29,754 common stocks listed on the public U.S. stock markets over that period—accounted for half of the $91 trillion in net wealth creation, according to a study published in March titled “One Hundred Years in the U.S. Stock Markets.” Worse, the median buy-and-hold return for all those stocks was minus 6.9%. Then again, if you look at Vanguard 500 from Dec. 31, 2009, until today, it gained 832% versus Yacktman’s 569%. Continue Reading
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