| Chart of the Day |
| OCTOBER 22, 2026 |
MONEY & MARKETS • CONCENTRATION |
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| Ten Stocks Now Make Up 40% of the S&P 500. The Last Record Was 27%. |
| If you own an index fund, you’re more concentrated than you think, and nobody asked you first. |
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| Combined weight of the top 10 companies in the S&P 500 as a share of total index market cap. The March 2000 record was led by Cisco, Microsoft and GE. Today it is Nvidia, Apple and Microsoft. |
| Source: S&P Dow Jones Indices and Morgan Stanley Research, 2026 |
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| Ten stocks. That’s it. Ten companies, out of roughly 500, now carry 40 cents of every dollar in the S&P 500. The last time concentration got anywhere close to this was 1900. Not 2000. 1900. |
| Most folks think they’re diversified because they own an S&P 500 index fund. “I own 500 companies,” they tell me at the coffee shop. Technically true. Practically... not really. The bottom 50 companies in the index account for less than 1% of its weight, combined. All fifty of them. Meanwhile, Nvidia alone sits at 8.4%. |
| Now, this isn’t the first time it has happened. In March 2000, right before the dot-com bust, concentration hit 27%. Cisco, Microsoft, GE and Intel ran the board. Over the 30 months that followed, the S&P 500 fell 49%. The top 10 stocks fell 70%. Today we’re at 40%. That is not a little higher than 2000. That is half again higher. |
| And here’s the part that really gets me. If you’re 60 and plan to live off that index fund in retirement, you are not holding what the brochure says you’re holding. You are holding a bet on seven AI companies and three of their suppliers. That bet may keep paying. Or it may not. Either way, you should know which bet you’re actually making. |
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| THE TAKEAWAY |
| “Ten stocks now carry 40 cents of every dollar in the S&P 500. The last record was 27% in March 2000, right before the index fell in half.” |
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| If you own an S&P 500 fund, pull up your statement this weekend. Look at the top 10 holdings. Add them up. Then ask yourself a plain question: if someone pitched you those ten stocks today, in those proportions, as a fresh idea, would you buy it? If the answer is no, that is worth a call to your advisor. This week. Not next month. |
| More tomorrow. Stay sharp. |
| — Ray Calloway |
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