Market Composition Changes

The market has seen significant shifts over the last quarter-century, particularly in its composition and the type of investors participating. The historical dominance of sectors like energy, financials, and materials has diminished, leading to a market more heavily weighted towards a few large technology companies. This concentration complicates investment strategies, as these giants account for over a third of market capitalization today. Additionally, there is a growing trend of investors focusing on short-term gains rather than maintaining a long-term perspective, which further alters the investment landscape.