The late Jack Bogle is famously known for his advice: “Don’t search for the needle in the haystack. Just invest in the haystack.” When you consider the market as a vast array of individual companies, it becomes evident that over time, many will fail while a select few will emerge as the big winners, or the “needles.”
Additionally, it’s important to remember that “the haystack is constantly evolving.” Take a look at the table above showcasing the largest US companies across different decades, as of December 31, 2025, compiled by JP Morgan Asset Management (this is a valuable resource updated quarterly).
It’s noteworthy that all the companies listed in the Top 10 of 1985 are highlighted in green. With each passing decade, the number of these companies dwindles, and by 2025, none remain. By the time we reach 2045 or 2065—when you might be considering retirement—it’s likely that the Top 10 will feature companies that don’t even exist today.
Investing in a broad market-cap index fund often faces criticism as being “naive” or “overexposed to certain sectors.” However, I believe that weighting by company value is a perfectly valid strategy for patient, long-term investors. Ultimately, the market self-corrects over time. By investing in the whole US stock market—or even the global stock market—you can be confident that you will own the eventual winners.
I appreciate the freedom that comes with long-term investing. If I choose to engage in active trading, I can; yet, I can also go weeks without monitoring any stock prices if I prefer not to.
