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.

Source: UBS | Global Investment Returns Yearbook 2026