According to Eric Balchunas, the top 3.6% of companies have generated 100% of lifetime investor wealth while the bottom 96.4% roughly 27,000 stocks created zero net wealth, underscoring extreme winner concentration in equity returns; Source: Eric Balchunas, X, Nov 13, 2025. According to Eric Balchunas, he calls this the ultimate advertisement for either passive indexing or skilled active selection depending on one’s viewpoint, highlighting the necessity of reliably capturing outlier winners; Source: Eric Balchunas, X, Nov 13, 2025. According to Eric Balchunas, traders evaluating ETFs can lean on market cap weighted index exposure to systematically hold compounding winners or require clear, demonstrable edge from active managers before deviating, given the power law distribution of stock returns; Source: Eric Balchunas, X, Nov 13, 2025. According to Eric Balchunas, the underlying chart is credited to Gloeschi, reinforcing the empirical concentration shown; Source: Eric Balchunas, X, Nov 13, 2025.