And only a handful of stocks have accounted for the bulk of wealth creation in the stock market in the last 30 years. The good news: U.S. companies are far and away the biggest drivers of stock wealth creation in the last 30 years. Stock market wealth is highly concentrated How can this be? Just five stocks accounted for 10% of global net stock market wealth creation over 31 years. The reason, as this paper demonstrates, is that stock returns are not normally distributed over time.

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Persons: Hendrik Bessembinder, Johnson, Roche, Kwiechow, Tencent, Tesla, Nicholas Colas, Larry Swedroe, Swedroe, Colas Organizations: Global, CFA, Treasury, Microsoft, Apple, Walmart, Facebook, Samsung, Johnson, Taiwan Semiconductor, Nestle, U.S, DataTrek Research, Strategic, New York Stock Exchange Locations: United States, U.S, China