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Hendrik Bessembinder's updated research, spanning 1926-2025, found less than half of 30,000 US stocks posted positive returns, and only 41.17% outperformed US Treasury bills.
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US / Chicago
Who
Hendrik Bessembinder, Alex Poukchanski, Morningstar, Lawrence Fisher, James Lorie
What
Hendrik Bessembinder's updated research, spanning 1926-2025, found less than half of 30,000 US stocks posted positive returns, and only 41.17% outperformed US Treasury bills.
When
Wed, 17 Jun 2026 00:00:00 GMT · 3h 26m ago
Where
US / Chicago ·
Why
Bessembinder's research suggests that a small number of 'superstar stocks' are responsible for the vast majority of overall market returns, challenging traditional investment axioms.
The Frontline Impact
How this affects you
This research implies that active stock picking aiming for outperformance remains challenging, as most individual stocks don't beat cash, potentially influencing investment strategies towards more diversified or passive approaches.
Story chain
2 events in this thread- Markets3h 26m agoHendrik Bessembinder's updated research, spanning 30,000 US stocks from 1926-2025, reveals that less than half posted positive returns and only 41.17% outperformed the US Treasury bill.Open article
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