The Myth of Market Permanence
Why Disciplined Investors Diversify—and Stay Diversified.
Performance Chasing Is Not a Strategy
Every year, a small handful of companies drive most of the S&P 500’s returns. But as this chart makes clear, those companies don’t stay the same for long.
From 2009 to 2023, the top 10 performers in the S&P 500 have rotated constantly—with few repeat appearances and even fewer long-term streaks. The visual below shows how hard it is for any one stock to remain at the top, let alone an entire group.
This is more than trivia. It’s a warning against overconcentration.
Tech giants dominate headlines—and sometimes entire indices. But dominance is not destiny. Today’s winners often become tomorrow’s laggards.
In fact:
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Over 25 companies have appeared in the top 10 since 2009.
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Only one company—Apple—has stayed in the top 10 every year.
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Even iconic brands like Amazon, Microsoft, and Google fell out of the top ranks for multiple years.
Yet investors often forget just how fast leadership can change.
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63.4%
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28.5%
25.2%
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12.4%
9.2%
-6.1%
| Ticker | Name | Highest Rank | Streak | Best ROR | Index Weight | Market Cap | Sector |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 1 | 18 | 146.9% | 4.38% | 1,324,898,024,092 | Information Technology |
| AIG | American International Group | 4 | 6 | 36.7% | 1.77% | 184,604,368,746 | Financials |
| AMZN | Amazon.com, Inc. | 1 | 11 | 117.8% | 2.98% | 1,222,105,759,043 | Consumer Discretionary |
| AVGO | Broadcom Inc. | 1 | 2 | 110.4% | 2.37% | 1,234,063,039,480 | Information Technology |
| BAC | Bank Of America | 3 | 4 | 21.5% | 1.72% | 199,672,231,668 | Financials |
| BRK/B | Berkshire Hathaway Inc. Class B | 3 | 12 | 29.6% | 1.59% | 324,852,214,821 | Financials |
| C | Citigroup | 3 | 7 | 43.1% | 2.31% | 239,929,487,376 | Financials |
| CSCO | Cisco Systems | 1 | 4 | 85.0% | 1.70% | 193,276,642,325 | Information Technology |
| CVX | Chevron Corporation | 2 | 8 | 31.5% | 1.61% | 195,439,007,349 | Energy |
| FB | Meta Platforms, Inc. Class A | 2 | 7 | 56.6% | 1.68% | 463,934,828,340 | Communication Services |
| GE | General Electric Company | 2 | 13 | 37.9% | 2.35% | 283,865,428,330 | Industrials |
| GOOG | Alphabet Inc. Class C | 1 | 10 | 65.3% | 1.66% | 650,675,942,313 | Communication Services |
| GOOGL | Alphabet Inc. Class A | 2 | 9 | 65.3% | 1.80% | 666,929,184,139 | Communication Services |
| IBM | International Business Machines Corporation | 2 | 9 | 58.6% | 1.68% | 175,015,077,333 | Information Technology |
| INTC | Intel | 1 | 4 | 107.3% | 1.84% | 193,305,627,525 | Information Technology |
| JNJ | Johnson & Johnson | 2 | 20 | 34.6% | 1.63% | 255,418,309,875 | Health Care |
| JPM | JPMorgan Chase & Co. | 1 | 14 | 47.3% | 1.42% | 286,679,339,794 | Financials |
| META | Meta Platforms, Inc. Class A | 2 | 3 | 194.3% | 2.55% | 1,246,542,251,421 | Communication Services |
| MO | Altria Group Inc | 1 | 2 | 27.7% | 1.46% | 167,637,206,550 | Consumer Staples |
| MRK | MERCK & CO. INC. | 1 | 2 | 39.6% | 1.77% | 171,516,407,952 | Health Care |
| MSFT | Microsoft Corporation | 1 | 25 | 60.5% | 3.45% | 935,997,696,516 | Information Technology |
| NVDA | NVIDIA Corporation | 1 | 4 | 239.3% | 4.87% | 2,396,814,625,000 | Information Technology |
| ORCL | ORACLE CORPORATION | 6 | 1 | 5.7% | 1.48% | 162,675,832,500 | Information Technology |
| PFE | Pfizer Inc. | 1 | 11 | 41.2% | 1.89% | 199,322,091,864 | Health Care |
| PG | The Procter & Gamble Company | 4 | 10 | 23.7% | 1.70% | 195,087,163,825 | Consumer Staples |
| SBC | SBC COMMUNICATIONS INC | 1 | 1 | nan% | 1.47% | 161,632,365,250 | Communication Services |
| T | AT&T Inc. | 2 | 7 | 28.6% | 1.70% | 198,356,617,639 | Communication Services |
| TSLA | Tesla, Inc. | 1 | 5 | 743.4% | 1.88% | 962,605,406,442 | Consumer Discretionary |
| UNH | UnitedHealth Group Incorporated | 2 | 2 | 45.2% | 1.35% | 484,157,188,304 | Health Care |
| V | Visa Inc. Class A | 5 | 1 | 43.3% | 1.20% | 321,654,403,417 | Information Technology |
| WFC | Wells Fargo & Company | 4 | 3 | 36.7% | 1.38% | 267,065,085,653 | Financials |
| WMT | Wal Mart Stores | 1 | 6 | 20.0% | 2.22% | 232,019,347,456 | Consumer Staples |
| XOM | Exxon Mobil Corporation | 1 | 19 | 88.6% | 2.86% | 366,533,600,940 | Energy |
What This Tells Us About Long-Term Investing
Markets are cyclical. Momentum fades. Valuations mean-revert. No company—regardless of its market cap, AI hype, or media coverage—is immune.
This is why disciplined portfolio construction matters.
At Crewcial Partners, we don’t try to predict who’ll be at the top next. We design portfolios that:
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Avoid overexposure to any one stock or sector
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Systematically rebalance to lock in gains and manage risk
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Emphasize durability over drama, compounding over time instead of chasing heat
The Case Against the “Mag-7” Mentality
Today, portfolios overloaded with the Magnificent 7—Apple, Microsoft, Alphabet, Amazon, Meta, Tesla, NVIDIA—feel smart. They’ve outperformed recently.
But take a look at this chart. Even the strongest companies fall out of favor. When they do, concentrated portfolios have nowhere to hide.
We believe in a better approach:
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Diversification across time, regimes, and return drivers
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Downside management through thoughtful risk controls
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Fiduciary alignment focused on long-term mission—not short-term fads
Want to learn how we design resilient portfolios that stay strong through market shifts?
We’ll show you how disciplined investing compounds over time—even when the headlines change.
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