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Historical Concentration of Top 10 Stocks in the US Market
The US market has been consistently concentrated at the top since the 1930s, with the top 10 stocks holding a significant percentage of the index. Despite the current market's concentration, historical data shows that similar levels of top-heavy concentration have been observed in previous decades, with the top 10 stocks accounting for 26.7% in 1950, 31% in 1960, and 33% in 1940. Remarkably, AT&T held the top spot for four consecutive decades as the largest stock in the index.