Morgan Stanley IM: Birth, Death, and Wealth Creation
We examine the demographics of public companies and their patterns of wealth creation. We focus on the last half century in the U.S. and review the “births” and “deaths” of public companies.26.07.2023 | 06:25 Uhr
Why Investors Need to Understand Corporate Demographics
- Investors seeking to generate excess returns can benefit from understanding the demographics of public companies and their patterns of wealth creation.
- We focus on the last half century of results in the U.S. and review the “births” and “deaths” of public companies and discuss how they have changed the composition of the market over that time.
- Professor Hendrik Bessembinder, studying results from 1926-2022, documented that nearly 60 percent of the stocks of U.S. public companies failed to earn returns in excess of Treasury bills and that only 2 percent created more than 90 percent of the aggregate wealth.
- The skewness in wealth creation suggests two approaches for investors: seek broad diversification or build a portfolio that tries to avoid the wealth destroyers while owning the wealth creators.
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