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The market's long-term returns are dominated by a small number of huge winners. I wonder how much of the difficulty of beating the market is due to this effect?
This begs the question: have markets become more winner-take-all? It's hard for me to imagine that in the 1800s and 1900s single companies were able to lord over our economies like the software giants of today.
Communications technology and the world of atoms over bits made this much too difficult and thus there were more winners, albeit with each winner being less pronounced over the average.
If you're right, this could make index investing even more attractive vs long-only stockpicking, and shortsellers could get more potential targets. But markets may price in winner-take-all dynamics to compensate.
Rockefeller and the other businessmen of his time are great to read about.
The prize by Yergin
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