The math behind long-term stock picking is brutal. 71% of individual stocks fail to match the market return over rolling 10-year periods, and per Hendrik Bessembinder’s research at Arizona State University, only 4% of companies from 1926 to 2018 actually created net wealth relative to T-bills. Everything else, in aggregate, was a wash or worse. ... 71% of Stocks Fail to Beat the Market. Here’s How to Find the 4% That Create Real Wealth