Will Megacaps Outperform Forever?
Over the past 10 years
Market Concentration at Record Level
The performance skew towards the largest companies
Buybacks, Not Dividends, Have Propelled Megacaps
Every company has its own story
Over these tumultuous 30 years
Dividend vs. Buyback Growth in Good Times and Bad
Global Financial Crisis Hit Dividend and Buyback Growth in 2009
Dividend Growth Tends To Be Steadier Than Buybacks
In contrast, same-company buybacks
The company is run for the benefit of shareholders
The outlook for the economy
Total returns for stocks
Tough Environment for Stockpickers
Anyone who began following the stock market
Smaller Cap Stocks Tend to Outperform
The recent run in large cap stocks
As Stein’s Law states
Disclosure
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