Stock-market concentration limits long-term gains: Goldman Sachs

seekingalpha10-27

U.S. stock indexes this year have reached record highs but the gains have tended to be concentrated in a handful of companies whose market values give them the biggest sway. This concentration limits ...

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This concentration limits ...</p>\n\n<a href=\"https://seekingalpha.com/news/4211211-stock-market-concentration-limits-long-term-gains-goldman-sachs\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Stock-market concentration limits long-term gains: Goldman Sachs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStock-market concentration limits long-term gains: Goldman Sachs\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-27 22:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4211211-stock-market-concentration-limits-long-term-gains-goldman-sachs><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>U.S. stock indexes this year have reached record highs but the gains have tended to be concentrated in a handful of companies whose market values give them the biggest sway. This concentration limits ...</p>\n\n<a href=\"https://seekingalpha.com/news/4211211-stock-market-concentration-limits-long-term-gains-goldman-sachs\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":".SPX","symbol_name":"S&P 500 Index","start_time":0,"source_url":"https://seekingalpha.com/news/4211211-stock-market-concentration-limits-long-term-gains-goldman-sachs","article_id":"2478616939","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/668600179/image_668600179.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2478616939","pubTimestamp":1730040918,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"U.S. stock indexes this year have reached record highs but the gains have tended to be concentrated in a handful of companies whose market values give them the biggest sway. This concentration limits ","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".SPX":"S&P 500 Index","OEX":"标普100","BK4581":"高盛持仓","XMHQ":"Invesco S&P MidCap Quality ETF","BK4504":"桥水持仓","SPY":"标普500ETF","IWR":"罗素中盘股指数ETF-iShares","XMMO":"Invesco S&P MidCap Momentum ETF","BK4588":"碎股","SDS":"两倍做空标普500ETF","VOO":"Vanguard标普500ETF","MDY":"标普中型股400指数ETF-SPDR","BK4534":"瑞士信贷持仓","IJH":"标普中型股400指数ETF-iShares","IVOO":"Vanguard S&P Mid-Cap 400 ETF","BK4585":"ETF&股票定投概念","UPRO":"三倍做多标普500ETF","SH":"标普500反向ETF","BK4559":"巴菲特持仓","IVV":"标普500指数ETF","OEF":"标普100指数ETF-iShares","SSO":"两倍做多标普500ETF","SPMD":"SPDR Portfolio S&P 400 Mid Cap ETF","EWI":"意大利ETF-iShares MSCI","BK4550":"红杉资本持仓","SPXU":"三倍做空标普500ETF","RSP":"平均加权指数ETF-Rydex S&P"},"translate_title":"高盛：股市集中度限制长期收益","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MDY":0.9,"XMMO":0.9,"XMHQ":0.9,"VOO":0.9,"SPY":0.9,"SPMD":0.9,"RSP":0.9,"IWR":0.9,"IVV":0.9,"IVOO":0.9,"EWI":0.9,"IJH":0.9,"SH":0.6,"UPRO":0.6,"SSO":0.6,"SPXU":0.6,"SDS":0.6,"OEX":0.6,"OEF":0.6,".SPX":0.6,"ESmain":0.6},"content_text":"U.S. stock indexes this year have reached record highs but the gains have tended to be concentrated in a handful of companies whose market values give them the biggest sway. This concentration limits the likelihood of future long-term gains, according to strategists at financial-services firm Goldman Sachs. They recommend that investors look for other ways to improve the performance of their investments. “From a long-term relative performance perspective, investors should consider allocating to other indices that benefit from the strength of the U.S. economy, earnings growth and innovation but without the concentration risk,” David Kostin, strategist at Goldman, said in an October 25 report. Two indices to consider are the Standard & Poor’s 500 Equal Weight Index (NYSEARCA:EWI) and the Standard & Poor’s 400 Mid-Cap Index (SP400). Investors of all sizes can put money into exchange-traded funds that model these indices.  Source: Goldman Sachs Global Investment Research Goldman’s recommendation follows the bank’s updated forecast that the capitalization-weighted S&P 500 index will post a 3% annualized total return for the next decade. The bank said the annualized return would be 4 percentage points higher, or 7%, if the concentration variable were excluded. “Although high market concentration does not send as strong of a negative signal for forward returns as valuation, concentration should not be ignored,” Goldman’s report said. “Although elevated market concentration is not a sign of near-term downside risk, high concentration is associated with lower returns over longer horizons.”","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2478616939"}