The last century was great for US stocks, but the next decade might be challenging, says investing chief

W. P. Carey research shows that just 46 stocks drove nearly half of all market returns over the past 100 years — a powerful case for diversification.

In this article published May 18, 2026, on CNBC Make It:

From 1926 through 2025, the weighted return on all common stocks averaged 10.1% per year. That's well ahead of the 3.3% investors could have earned in Treasurys — bonds backed by the U.S. government that are considered virtually risk-free — as well as the roughly 3% annual rate of inflation over that period.

— Hendrik Bessembinder, Francis J. and Mary B. Labriola Chair in Competitive Business