The largest stocks in the S&P 500 have underperformed over the past century — by about 0.8% per year.
However, there are periods when market giants take the lead. Over the last 100 years, this has happened: • For 5 years or more: 7 times • For 10 years or more: 3 times • For 15 years or more: only once (1946–1961)
The current stretch of outperformance has lasted over 10 years, making it the second longest in a century.
History doesn’t repeat, but it often rhymes — and mean reversion has never gone out of style.