According to @KobeissiLetter, 100% of net wealth in the US stock market since 1926 has been generated by just 3.44% of companies, meaning roughly 97% of stocks contributed minimally to long-term shareholder wealth (source: The Kobeissi Letter, X/Twitter, Oct 28, 2025). The top 1.88% of companies account for 90% of total gains, and a mere 0.26% of firms created half of all wealth, underscoring extreme return concentration in a small set of winners (source: The Kobeissi Letter, X/Twitter, Oct 28, 2025). For trading, this highlights that equity performance historically hinges on a narrow leadership cohort, making concentration risk and index composition key variables, while the post cites no direct crypto impact (source: The Kobeissi Letter, X/Twitter, Oct 28, 2025).