The change in industry mix from 1900 to 2026
Of the US firms listed in 1900, some 80% of their value was in industries that are small or extinct today, including railroads, textiles, iron, coal and steel. Meanwhile, 70% of today's companies in the US come from industries that were small or non-existent in 1900. Technology and healthcare were almost totally absent from stock markets in 1900.
Investors often associate new technologies with "bubbles" and periods of subsequent under-performance. However, Figure 9 shows that railroads, despite being a declining industry over the period of the study (falling from 63% of the US market in 1900 to less than 1% today), actually outperformed both the US stock market and their newer technology competitors since 1900.
References
Disclaimer: Orignal content owned by or sourced from third parties. It does not represent the views of 'Nuggets' platform or it's team. AI is used extensively across this platform including for summaries. Accuracy is not guaranteed, there can be mistakes. Any info or content on this platform is not a financial, legal, or investment advice. Do your own research. Refer for complete disclosures:- Terms of Use · Full Disclaimer
Related nuggets
Jun 2, 2026
AI Is Escaping the Screen | 01 Jun 2026 | Coatue
Coatue : AI is entering a new phase: moving beyond digital tools and into fully autonomous systems operating in the physical world. From advanced manufacturing and surgical robotics to robots in the home, the next wave of innovation will b…
Jun 2, 2026
Kalshi Monthly Volume - Politics ($M) | Chart of the Day | Coatue
Coatue: Kalshi's political volume has scaled dramatically, and the American Power Index KPOW is what that scale enables: a single number gauge of the current balance of political power and where markets expect it to move, which Kalshi bill…
Jun 2, 2026
The BlackBerry Problem |18 May 2026 | The Mistakes Series | Malcolm Gladwell's Revisionist History
"My mistake and naivity was to think that people are were with me so you're flying around the world you're trying to get people on side and you think they're on side but they're not mhm mhm and you get blindsight" Jim Balsillie 00:01:34 ht…
Jun 2, 2026