Week of May 12, 2025
Of the five top-performing common stocks in the S&P 500 from 1990 to 1999 (that are still in business today)—Cisco Systems, Jack Henry & Associates, Qualcomm, Best Buy, and Microsoft— not one delivered extraordinary, sustained performance over the following decade. This prompts reflection on the fate of today’s top performers from the past ten years, such as Nvidia, Apple, Tesla, and Microsoft. As artificial intelligence reshapes the competitive landscape, the durability of their dominance remains an open question. For now, our thoughts remain focused on this evolving dynamic. Our Signals remain unchanged.
Bob Bilkie, CFA
