1/ Told a ghost story before, but this is the era of giants. Over the past 15 years, all the value created in the U.S. stock market has come from just 6.5% of the stocks. The remaining 93.5% of companies? Some are losing money, some are treading water. After offsetting gains and losses, the net wealth creation is zero. In other words, you think you're investing in the 'U.S. stock market,' but you're really just betting on whether you can pick that 6.5% of super winners. 2/ This is the new normal of capitalism. Technology, platforms, and network effects have split the world in two. On one side, you have monopolistic giants like Apple, Microsoft, Nvidia, and Google, with pricing power, data, cash flow, and global users. On the other side, you have thousands of ordinary companies stuck in a red ocean market, endlessly competing, only to realize they're just working for landlords and employees. The winners keep getting bigger, and the losers are increasingly marginalized. The middle ground is disappearing. 3/ For ordinary people, this means one harsh reality: You can meticulously research stocks, read financial reports, and chase trends, but you might still be better off just buying an index fund. Because even if you get the direction right, you might not pick that 6.5%. Miss out on one Nvidia, and you might miss the entire alpha of your portfolio over the past decade. Stock picking is being crushed by index investing. 4/ Many people refuse to accept this, thinking they can find the next 10x stock. The reality is, the information, research capabilities, and capital advantages available to retail investors can't compete with institutions. And even institutions are finding it harder to beat the S&P 500. If even the pros are struggling, why do ordinary people think they can be part of that 6.5%? And even if you find it, can you hold onto it? 5/ So my conclusion is simple: In this era of giants, the smartest move isn’t to guess who the giants are, but to buy the entire giants' club. The Nasdaq 100 and S&P 500 are those clubs. Time will make the winners win bigger, and indexes will ensure you’re always on the side of the winners.