Brew Markets The Founder Effect & Bank Earnings Aren't Boring!
Jan 15, 2026
Discover how a mere 86 stocks have driven half of the U.S. market gains since 1926, revealing insights about market concentration and the power of founder-led companies. Dive into the earnings of the six largest U.S. banks, exploring their unique strengths and challenges. The conversation also touches on the potential financial impact of GLP-1 medication adoption on airlines. Finally, enjoy a quirky airline story and updates on significant M&A deals involving Netflix and Sony.
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Few Stocks Drove A Century Of Gains
- A tiny number of stocks drove most century-long market gains, concentrating returns heavily among winners.
- 96% of U.S. public stocks returned roughly a one-month T-bill equivalent over 1926–2023.
Founder Control Tied To Big Outperformance
- Founder control correlates with outsized long-run returns, especially in tech and some financials.
- But timing matters: founder-led stocks can still suffer significant short-term declines.
Treat Founder-Led Stocks With Nuance
- Consider founder-led firms as part of research, but avoid allocating solely on founder status.
- Weigh governance, timing, and sector concentration before investing behind founders.