This year, 60% of the rise in the S&P 500 index actually comes from just 10 stocks. At first glance, it does seem quite crazy.

But on closer inspection, this matter is actually not that outrageous. First of all, these leading companies are no longer just "one company" — they have become commercial empires similar to small countries through hundreds of mergers and acquisitions. Secondly, looking at the long timeline, most of the market index's returns are actually generated by a few high-quality companies. This is a market rule.

So I am quite calm about this phenomenon of concentration. Instead of worrying about "too much concentration", it is better to focus on whether these leaders can continue to create value. After all, the companies that can truly survive through cycles have always been in the minority.

The market structure is changing, but the logic of survival of the fittest remains the same.