"...he found that only 4% of the companies analyzed, or 1,092 firms, accounted for all of the net wealth that has been created over the full 90-year period of his study. The remaining 96% of companies collectively generated lifetime dollar gains matching those of one-month Treasury bills."
"Put differently, the outperformance of the stock market is mostly due to the relatively few companies that became "ten-bagger" stocks."
"The results presented reaffirm the importance of portfolio diversification. Poorly diversified portfolios will underperform because they omit the relatively few stocks that generate large positive returns."
From Seeking Alpha comes this dumbed-down discussion of that university paper.
https://seekingalpha.com/article/4313706-stocks-beat-t-bills
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