US stock returns over the long term

According to Bessembinder, few US stocks have had positive cumulative returns over the long term. More than 50% of stocks in the Center for Research in Security Prices database (December 1925 to December 2023) had negative cumulative returns. High returns were concentrated among a small number of stocks, with Nvidia providing the highest annualized compound return for any stock with at least 20 years of performance data at approximately 33%.

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