The most shocking data today:

Excluding the worst 10 trading days, the S&P 500 has gained a total of 6400% since 1995.

If the best 10 days are excluded, the return during the same period would be +1200%, which is 5.3 times the latter.

In comparison, the total return of the index is +2,600%, less than half of the return generated after excluding the worst market days.

In 2008, this divergence intensified, with 5 of the worst 10 trading days since 1995 occurring that year.

In 2020, the gap widened further, with the S&P 500 experiencing 3 of the worst 10 trading days in history.

A few days of critical performance can determine decades of future performance.