46 firms accounted for half the wealth generated by the stock market over the past 100 years, researchers say

An ASU finance expert shares insights with CNBC Make It on the long-term concentration of stock market wealth creation and what it means for investors trying to identify tomorrow's market leaders.

In this article published May 8, 2026, on CNBC Make It:

In the short term, the stock market is very volatile. Anything can happen. The stock market could drop 50% in less than a year. In the long run, the stock market's been a tremendous wealth-building machine for investors. There's a big distinction between identifying these stocks looking back and identifying them going forward. The crucial question for investors is, 'Do I think I have the skill?

— Hendrik Bessembinder, Francis J. and Mary B. Labriola Chair in Competitive Business