- Long run (1974-2020) chart of sector composition of the S&P 500 index.
- Energy is just 3% of the S&P down from 26% in 1980s.
- Financials have also shrunk from 22% to 11%.
- Interestingly IT is now 25% from 33% at the peak.
- However, we need to add Communication Services (10% today) – which puts it above peak.