The US equity market has changed dramatically over the past 200 years. In the early days of the founding of the equity market, financials particularly the banks were the only listed companies. Then in the early 19th century transportation stocks especially railroads were the dominant sector in the market. This was followed by energy and materials sector. Today the tech and communications sector is the largest sector accounting for about 30% of the market.
Click to enlarge
Source: The Ruffer Review 2019,Ruffer LLC, UK
