Welcome To The Most-Concentrated Stock Market In History (And What Happens Next)

As we detailed previously, stock market concentration has increased dramatically and has taken three broad forms:

1. the rise in the share of the US equity market in the world,

2. the rise in the share of the technology sector,

3. and the rise in the dominance of the biggest companies in most regions.

In fact, as Goldman Sachs highlighted in a recent note, concentration within the US equity market has surged to a multi-decade high.