No. of Recommendations: 2
Yes but why?

First the S&P is capweighted rather than equal weighted. Secondly Bernstein points out that many of the stocks in 1999 weren't in the S/P at the beginning.

And some of these (DELL) had outsized returns.

Bernstein data supports my assertation that the best way to diversify is to own the whole market ala an index fund rather than stock picking.

Some times people just get lucky like with DELL but there are dozens of failed computer companies.

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