From Netflix To Domino’s Pizza, These Stocks Were The Top Performers Of The Decade - Forbes

^What a difference a decade makes. At the start of 2010, unemployment in the United States was above 8%, Eurozone economies from Greece to Italy were teetering on collapse, and global equity markets were suffering from a lost decade. Fear and uncertainty ruled the day. However, by the end of 2019, a handful of tech companies from Apple and Netflix to Google, Microsoft and Amazon had driven U.S. markets to one of the best ten-year stretches in history, and to record highs.

The S&P 500 Index has more than tripled in value in the last ten years, returning 13.5% annually, as corporate profits and investor animal spirits soared.  Long Treasury bonds rates have been cut in half from 4.65% to 2.35%, and the U.S. unemployment rate now stands at a rock bottom 3.6%. Over the last ten years, there have been occasional bubbles in everything from pot and crypto to fake meat stocks. There have also been Chinese stock frauds and a few bad actors like Valeant Pharmaceuticals. By and large, markets have remained sane. The S&P 500 price-to-earnings ratio began the decade 17.6-times then depressed corporate profits. Today that multiple has expanded modestly to 21 as corporate profits have risen nearly as briskly as stocks have.

Despite a preponderance of economic noise ranging from a debt crisis in Europe, to the flash crash and China tariffs, the biggest driver of the current prosperity has been the flood of easy capital spurred on by Federal Reserve and the European Central Bank. Interest rates in the U.S. have been near 0% for the better part of the decade and in countries like Switzerland and Japan they have actually turned negative.  With low rates and dividend yields under pressure, growth stocks have led the way on Wall Street – especially for companies with digital, rather than hard assets. Information technology, consumer discretionary and healthcare stocks have been stellar performers. Companies like graphics chip maker Nvidia, e-tail  and cloud services goliath Amazon and semiconductor maker Broadcom, for example, are up more than 1000 percent since 2010. Other sectors like energy were laggards. Thus, as the U.S. has gained energy independence, exploration company stocks like Houston’s Apache Corp. fell 74.5% over the decade. Devon Energy is down 63%.   

Forbes analyzed the total returns of the larger capitalization stocks in the Russell 1000 and S&P 500 for each calendar year to come up with our list of top performers. You can see the annual winners by clicking on the embedded slide show above. The final panel reveals the top performing stocks of the decade.

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From Netflix To Domino’s Pizza, These Stocks Were The Top Performers Of The Decade - Forbes
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