September 01, 2000

During the past couple years it has become fashionable to calculate the minimum number of stocks that could replicate the performance of the S&P500 assuming that the remaining stocks produce a zero average return. We, too, have played the game. Our calculations show that last year 31 stocks, with a market cap equal to 29.47% of the index, replicated the performance of the S&P500. Looking at those stocks, 23 of them (with a weight of 21.64% of the S&P500) are classified as growth stocks while only 8 (with a weight of 7.83%) are classified as value stocks.

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