Do Stocks Outperform Treasury Bills?
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447 [papers.ssrn.com]
2017-10-10 23:21
When stated in terms of lifetime dollar wealth creation, the entire net gain in the U.S. stock market since 1926 is attributable to the best-performing four percent of listed stocks, as the other ninety six percent collectively matched one-month Treasury bills. These results highlight the important role of positive skewness in the cross-sectional distribution of stock returns.
Lots of little interesting facts about stocks over time.