高盛2024美国股市高集中度的异常性及其对投资者的影响研究报告英文版26页

MARKET CONCENTRATION: HOW BIG A WORRY? ISSUE 133 | November 25, 2024 | 5:00 PM EST&&&&&&U&&&&&&&&&&&&&Global Macro ResearchInvestors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html.The Goldman Sachs Group, Inc.The top 10 stocks in the S&P 500 account for an outsized share of the index’s market cap and of its stellar 2024 performance. So, just how anomalous is today’s equity market concentration, and how worrying is it? GS’ David Kostin argues that the unusually high concentration warrants investor concern because history suggests that high concentration is associated with lower long-run returns. But Acadian’s Owen Lamont thinks worries about concentration are overblown, arguing that concentrated markets aren’t inherently riskier and don’t portend future poor performance, though high valuation often does. At the heart