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The Market NZZ

What Keeps Me Awake at Night

In the stillness of a winter’s night, a frightening question arises: what happens after the peak of market concentration? Historical patterns reveal incalculable risks and the possibility of a lost decade in the investment landscape. For you and your pension fund alike.


The title. I love it asked as a question.

It cannot be beaten for simplicity, and it enters deep into your mind.

Whether privately or professionally. Every now and then, your well-earned night’s sleep is disturbed by thoughts that you must deal with. Especially when I invest professionally and analyze companies, this is an important question in terms of risk management. After all, if you are aware of your risks and manage them accordingly, the upside will take care of itself.

This raises the question of what is keeping me awake at night at this time in this winter wonderland.

It is a big thought with long-term implications that will affect us all: What happens after the peak of market concentration?

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Chart 1: S&P 500: Weighting of Top 10 Holdings (1980 – 2023)

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