Apparently not, it's nothing new.
Professor Hendrick Bessembinder 2018 study of the 26,000 US listed companies only 90 companies account for half of all shareholder wealth. Top 4.3% of companies account for all shareholder wealth. 96% of all listed shares had a return equal to or below US government Treasury Bill rate. https://www.morningstar.com/personal-finance/hendrik-bessembinder-do-stocks-outperform-treasury-bills
JP Morgan's 2021 study "The Agony and the Ecstasy" states that 2/3 of all shares in the Russell 3000 under perform the index. 40% had absolute returns that were negative. https://www.scribd.com/document/621104589/The-Agony-The-Ecstasy-2021
The site won't let me edit my post, so:
The 26,000 US listed companies are from 1926-2016.
"96% of all listed shares had a return equal to or below US government Treasury Bill rate"
Eye-opening.
Now we only have to choose the 5% to provide the returns, ride them for a decade, and then put the results in Treasuries. Easy peasy ...
