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Mr. Market…Is That Really You?

DWS Research Institute

11/15/2025

"One must change one’s tactics every ten years if one wishes to maintain one’s superiority" - Napolean Bonaparte

Robert Bush

DWS Research Institute

Financial stock market numbers and city light reflections
Mr. Market…Is That Really You?

IN A NUTSHELL

  • The US stock market has changed very meaningfully over the last several decades, and today it has higher concentration, and greater sector and style tilts than before.
  • For investors who believe that, even if this is the reasonable outcome of a market driven economy, there is still cause for concern, then diversifying across asset classes, geographies, styles, and market caps may be easy to do.
  • On the last of these, we look at the relationship between market concentration, and subsequent mid and small cap performance versus large caps. We find a positively correlated relationship.

You’ve Changed…

Sometimes, it is hard to spot change. Particularly when it occurs incrementally, over several years, and in something you think you know intimately. But, in our view, the simple truth is this – the US stock market today is an entirely different beast to what it was just a decade or two ago. How so? Well, consider these four metrics – market concentration, sector exposure, valuation, and style tilt.

Mr. Market…Is That Really You?
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