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  "site": {
    "name": "History of Market",
    "alternate_names": [
      "美股编年史",
      "美股編年史",
      "美股編年誌",
      "The Chronicle of the U.S. Stock Market"
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    "url": "https://historyofmarket.com",
    "tagline": "A century-scale chronicle of the U.S. stock market.",
    "description": "History of Market is a single-page editorial chronicle of US equities from 1928 to today, organised in six tabs: S&P 500, Nasdaq, Semiconductors (PHLX SOX since 1994), Information Technology (XLK since 1998), Financials (XLF since 1998), and Magnificent 7. Each tab is structured as four or five short chapters that answer one question — the shape of returns, the anchors of valuation (including Shiller CAPE, trailing and Bloomberg forward PE, and year-by-year valuation × EPS driver decomposition), the rhythm of crisis, the anatomy of the index, sector-specific structure, and valuation overlays against the 1999 dotcom peak. Every chart's underlying data is published as a CORS-open static JSON.",
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  "best_for": [
    "How has the S&P 500 performed each year since 1928?",
    "What was the worst drawdown in S&P 500 history and how long did it take to recover?",
    "What's the current Shiller CAPE percentile vs. the past 150 years?",
    "What's the S&P 500's forward PE today versus history?",
    "In a given year, was the S&P 500's return driven by multiple expansion or by earnings growth?",
    "How often has a 5-year hold of the S&P 500 lost money?",
    "How big is the average intrayear S&P 500 drop, and does the year still finish positive?",
    "What's the long-run realized volatility of the S&P 500?",
    "What VIX level historically marks crisis pricing?",
    "How much of S&P 500 total return now comes from buybacks vs. dividends?",
    "What's the GICS sector composition of the S&P 500?",
    "Which companies are the Magnificent 7 and how have they performed as a basket?",
    "How much of the S&P 500 market cap do the Magnificent 7 represent today?",
    "Is today's AI semiconductor valuation a Cisco-1999 repeat?",
    "How do NVDA and MSFT TTM PE compare to Cisco 1999 dotcom-peak forward PE?",
    "How has the Nasdaq Composite grown since 1971?",
    "How deep was the dot-com drawdown for the Nasdaq 100?",
    "How much more volatile is the Nasdaq 100 than the S&P 500?",
    "How concentrated is the Nasdaq 100 at the top?",
    "What's the Nasdaq 100 forward PE today and at the 2001 peak?",
    "What's the AIAE indicator and why does it predict 10-year returns better than CAPE?",
    "What are the eligibility rules for inclusion in the S&P 500?",
    "Which companies were recently added to or removed from the S&P 500?",
    "What's the average annual return of QQQ and the worst single year?",
    "How has the Philadelphia Semiconductor Index (SOX) traded since 1994?",
    "Why is there only one US-listed pure memory play in SOX?",
    "How concentrated is the Information Technology sector ETF (XLK) at the top?",
    "Which big US financial institutions vanished in 2008?",
    "How does the 2y-10y yield curve drive the Financials sector?",
    "Which companies were moved between GICS sectors in 2018 and 2023?",
    "How does the Magnificent 7 compare to previous 'unbeatable' baskets like the Nifty Fifty?"
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    "manifest": "https://historyofmarket.com/api/_manifest.json",
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    "cadence": {
      "daily": "Each U.S. trading day, after close — price, VIX/VXN, volatility, Magnificent 7, SOX/XLK/XLF, intrayear DD, forward PE, driver decompositions, valuation overlays.",
      "weekly": "Weekly — Shiller CAPE, EPS, ROE, sectors, constituents, changes, methodology, Nasdaq 100 derived panels.",
      "quarterly": "Quarterly cadence for Bloomberg forward-PE series and the M7 concentration print."
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  "panels": [
    {
      "id": "annual",
      "chapter": "S&P 500 · I. Shape of a Century",
      "title": "S&P 500 annual returns since 1928",
      "question": "How has the S&P 500 performed each year since 1928?",
      "panel": "https://historyofmarket.com/#panel-annual",
      "dataset": "https://historyofmarket.com/api/sp500/annual-returns.json",
      "highlight": "73 positive years vs 26 negative years; arithmetic mean ≈ 11.8%.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/annual/"
    },
    {
      "id": "annual-dist",
      "chapter": "S&P 500 · I. Shape of a Century",
      "title": "S&P 500 annual return distribution",
      "question": "How often does the S&P 500 actually return its average?",
      "panel": "https://historyofmarket.com/#panel-annual-dist",
      "dataset": "https://historyofmarket.com/api/sp500/annual-returns.json",
      "highlight": "Only 7 years of the last century landed within ±2% of the long-run mean.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/annual-dist/"
    },
    {
      "id": "annualized-matrix",
      "chapter": "S&P 500 · I. Shape of a Century",
      "title": "Buy-year / sell-year annualized return matrix",
      "question": "If I had bought the S&P 500 in year X and sold in year Y, what's the annualized return?",
      "panel": "https://historyofmarket.com/#panel-annualized-matrix",
      "dataset": "https://historyofmarket.com/api/sp500/annual-tr.json",
      "highlight": "Hold-period heatmap of every entry/exit combination since 1928.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/annualized-matrix/"
    },
    {
      "id": "rolling",
      "chapter": "S&P 500 · I. Shape of a Century",
      "title": "Five-year rolling annualized return",
      "question": "How often has a five-year hold of the S&P 500 lost money?",
      "panel": "https://historyofmarket.com/#panel-rolling",
      "dataset": "https://historyofmarket.com/api/sp500/annual-tr.json",
      "highlight": "Fewer than 10% of rolling 5-year windows since 1928 finished negative.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/rolling/"
    },
    {
      "id": "sp500-logyoy",
      "chapter": "S&P 500 · I. Shape of a Century",
      "title": "S&P 500 log year-over-year (bull / bear boundary)",
      "question": "How many bull-bear transitions has the S&P 500 had since 1928?",
      "panel": "https://historyofmarket.com/#panel-sp500-logyoy",
      "dataset": "https://historyofmarket.com/api/sp500/century.json",
      "highlight": "14 zero-line crossings since 1928.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/sp500-logyoy/"
    },
    {
      "id": "drawdown",
      "chapter": "S&P 500 · III. Rhythm of Crisis",
      "title": "S&P 500 historical drawdowns",
      "question": "What were the worst S&P 500 drawdowns and how long did recovery take?",
      "panel": "https://historyofmarket.com/#panel-drawdown",
      "dataset": "https://historyofmarket.com/api/sp500/drawdowns.json",
      "highlight": "Every major decline since 1929 with category, cause, and trading-day recovery count.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/drawdown/",
      "related_external": [
        {
          "url": "https://dollarliquidity.com",
          "kind": "sister_publication",
          "context": "drawdown",
          "label": "Macro fingerprint for each bear market — sister publication"
        }
      ]
    },
    {
      "id": "intrayear-dd",
      "chapter": "S&P 500 · III. Rhythm of Crisis",
      "title": "Intrayear drawdown vs year-end return",
      "question": "How big is the average intrayear drop, and does the S&P 500 still finish positive?",
      "panel": "https://historyofmarket.com/#panel-intrayear-dd",
      "dataset": "https://historyofmarket.com/api/sp500/intrayear-dd.json",
      "highlight": "Average intrayear drawdown ≈ -14%; year-end return is still positive on average.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/intrayear-dd/"
    },
    {
      "id": "volatility",
      "chapter": "S&P 500 · III. Rhythm of Crisis",
      "title": "S&P 500 realized volatility (20d / 60d)",
      "question": "What is the long-term realized volatility of the S&P 500?",
      "panel": "https://historyofmarket.com/#panel-volatility",
      "dataset": "https://historyofmarket.com/api/sp500/volatility.json",
      "highlight": "Long-term median annualized realized vol ~15%.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/volatility/"
    },
    {
      "id": "vix",
      "chapter": "S&P 500 · III. Rhythm of Crisis",
      "title": "VIX vs S&P 500",
      "question": "What VIX level historically marks crisis pricing?",
      "panel": "https://historyofmarket.com/#panel-vix",
      "dataset": "https://historyofmarket.com/api/sp500/vix.json",
      "highlight": "VIX above 30 has reliably accompanied every major crisis since 1990.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/vix/"
    },
    {
      "id": "monthly",
      "chapter": "S&P 500 · III. Rhythm of Crisis",
      "title": "S&P 500 monthly return heatmap with win probabilities",
      "question": "Which months are historically friendliest for the S&P 500?",
      "panel": "https://historyofmarket.com/#panel-monthly",
      "dataset": "https://historyofmarket.com/api/sp500/monthly.json",
      "highlight": "November and April friendliest; September the hardest single month.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/monthly/"
    },
    {
      "id": "pe",
      "chapter": "S&P 500 · II. Anchors of Valuation",
      "title": "Shiller CAPE (PE10) since 1871",
      "question": "What is the current Shiller CAPE percentile vs. history?",
      "panel": "https://historyofmarket.com/#panel-pe",
      "dataset": "https://historyofmarket.com/api/sp500/pe.json",
      "highlight": "10-year inflation-adjusted PE; historical mean ≈ 17×.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/pe/",
      "related_external": [
        {
          "url": "https://dollarliquidity.com",
          "kind": "sister_publication",
          "context": "valuation",
          "label": "Rates and liquidity regime — sister publication"
        }
      ]
    },
    {
      "id": "aiae",
      "chapter": "S&P 500 · II. Anchors of Valuation",
      "title": "AIAE — Aggregate Investor Allocation to Equities",
      "question": "What's the best long-horizon predictor of S&P 500 returns?",
      "panel": "https://historyofmarket.com/#panel-aiae",
      "dataset": "https://historyofmarket.com/api/aiae.json",
      "highlight": "Equity / (equity + bonds + cash). Stronger 10-year return predictor than CAPE.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/aiae/",
      "related_external": [
        {
          "url": "https://dollarliquidity.com",
          "kind": "sister_publication",
          "context": "valuation",
          "label": "10y yield + liquidity regime — sister publication"
        }
      ]
    },
    {
      "id": "eps",
      "chapter": "S&P 500 · II. Anchors of Valuation",
      "title": "S&P 500 trailing twelve-month EPS",
      "question": "How have S&P 500 earnings grown over the long run?",
      "panel": "https://historyofmarket.com/#panel-eps",
      "dataset": "https://historyofmarket.com/api/sp500/eps.json",
      "highlight": "1871 → present GAAP TTM earnings.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/eps/"
    },
    {
      "id": "roe",
      "chapter": "S&P 500 · II. Anchors of Valuation",
      "title": "S&P 500 return on equity",
      "question": "How profitable is the S&P 500 on book equity?",
      "panel": "https://historyofmarket.com/#panel-roe",
      "dataset": "https://historyofmarket.com/api/sp500/roe.json",
      "highlight": "Steady around 15% for the last two decades.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/roe/"
    },
    {
      "id": "forward-pe",
      "chapter": "S&P 500 · II. Anchors of Valuation",
      "title": "S&P 500 trailing PE and forward PE",
      "question": "How does the S&P 500 look on trailing earnings vs. forward consensus today?",
      "panel": "https://historyofmarket.com/#panel-forward-pe",
      "dataset": "https://historyofmarket.com/api/sp500/forward-pe.json",
      "highlight": "Two lines on one axis: trailing PE (cap-weighted Σ(w·P)/Σ(w·trailingEps), daily, with multpl monthly seed) and forward PE (Bloomberg BEst P/E Ratio, 12-month consensus, quarter-end points back to 1990 + latest reading).",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/forward-pe/",
      "related_external": [
        {
          "url": "https://dollarliquidity.com",
          "kind": "sister_publication",
          "context": "valuation",
          "label": "Forward earnings vs liquidity regime — sister publication"
        }
      ]
    },
    {
      "id": "return-details",
      "chapter": "S&P 500 · II. Anchors of Valuation",
      "title": "Total return decomposition: price + dividend + buyback",
      "question": "How much of S&P 500 total return now comes from buybacks vs dividends?",
      "panel": "https://historyofmarket.com/#panel-return-details",
      "dataset": "https://historyofmarket.com/api/sp500/return-details.json",
      "highlight": "Buyback contribution now exceeds dividend contribution.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/return-details/"
    },
    {
      "id": "sp500-driver-decomp",
      "chapter": "S&P 500 · II. Anchors of Valuation",
      "title": "S&P 500 annual valuation × EPS driver decomposition",
      "question": "In a given year, was the S&P 500's return driven by multiple expansion or by earnings growth?",
      "panel": "https://historyofmarket.com/#panel-sp500-driver-decomp",
      "dataset": "https://historyofmarket.com/api/sp500/driver-decomp.json",
      "highlight": "Every year since 1928 decomposed via (1+r_price) = (1+r_PE)·(1+r_EPS); each year classified pe / eps / both / opposite_pe / opposite_eps using a 1.5× dominant-driver threshold over a 2% noise floor. Trailing TTM basis (Shiller monthly PE × quarterly TTM EPS).",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/sp500-driver-decomp/"
    },
    {
      "id": "m7",
      "chapter": "S&P 500 · IV. Anatomy of the Index",
      "title": "Magnificent 7 equal-weighted index",
      "question": "How have the Magnificent 7 performed as a basket?",
      "panel": "https://historyofmarket.com/#panel-m7",
      "dataset": "https://historyofmarket.com/api/m7/index.json",
      "highlight": "AAPL, MSFT, NVDA, GOOGL, AMZN, META, TSLA equal-weighted, base 2022-01-03 = 100.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/m7/"
    },
    {
      "id": "sectors",
      "chapter": "S&P 500 · IV. Anatomy of the Index",
      "title": "S&P 500 GICS sector weights",
      "question": "What is the GICS sector composition of the S&P 500 right now?",
      "panel": "https://historyofmarket.com/#panel-sectors",
      "dataset": "https://historyofmarket.com/api/sp500/sectors.json",
      "highlight": "Technology dominant; energy and materials at multi-decade lows in weight.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/sectors/"
    },
    {
      "id": "scatter",
      "chapter": "S&P 500 · IV. Anatomy of the Index",
      "title": "S&P 500 constituents scatter — market cap × 1y return × index weight",
      "question": "Which S&P 500 names contributed the most to last year's index return?",
      "panel": "https://historyofmarket.com/#panel-scatter",
      "dataset": "https://historyofmarket.com/api/sp500/constituents.json",
      "highlight": "Bubble plot of all 500 members on cap, 1-year return, and index weight.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/scatter/"
    },
    {
      "id": "changes",
      "chapter": "S&P 500 · IV. Anatomy of the Index",
      "title": "S&P 500 constituent change log",
      "question": "Which companies were recently added to or removed from the S&P 500?",
      "panel": "https://historyofmarket.com/#panel-changes",
      "dataset": "https://historyofmarket.com/api/sp500/changes.json",
      "highlight": "Chronological log of additions and removals.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/changes/"
    },
    {
      "id": "rules",
      "chapter": "S&P 500 · IV. Anatomy of the Index",
      "title": "S&P 500 methodology",
      "question": "What are the eligibility rules for inclusion in the S&P 500?",
      "panel": "https://historyofmarket.com/#panel-rules",
      "dataset": "https://historyofmarket.com/api/sp500/rules.json",
      "highlight": "Market cap ≥ $22.7B (2025-07-01), FALR ≥ 0.75, four-quarter positive GAAP earnings.",
      "category": "sp500",
      "static_url": "https://historyofmarket.com/sp500/rules/"
    },
    {
      "id": "nasdaq-composite",
      "chapter": "Nasdaq · I. The Long Lens",
      "title": "Nasdaq Composite since 1971",
      "question": "How has the Nasdaq Composite grown since its inception?",
      "panel": "https://historyofmarket.com/#panel-nasdaq-composite",
      "dataset": "https://historyofmarket.com/api/nasdaq/composite.json",
      "highlight": "100 at inception on 1971-02-05; now above 16,000.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/nasdaq-composite/"
    },
    {
      "id": "nasdaq-logyoy",
      "chapter": "Nasdaq · I. The Long Lens",
      "title": "Nasdaq Composite log year-over-year",
      "question": "How frequently does the Nasdaq cross between bull and bear regimes?",
      "panel": "https://historyofmarket.com/#panel-nasdaq-logyoy",
      "dataset": "https://historyofmarket.com/api/nasdaq/composite.json",
      "highlight": "Log-scale YoY makes regime transitions legible.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/nasdaq-logyoy/"
    },
    {
      "id": "nasdaq100-annual",
      "chapter": "Nasdaq · I. The Long Lens",
      "title": "QQQ (Nasdaq 100) annual returns since 1999",
      "question": "What's the annual return distribution of QQQ?",
      "panel": "https://historyofmarket.com/#panel-nasdaq100-annual",
      "dataset": "https://historyofmarket.com/api/ndx/annual-tr.json",
      "highlight": "~15% average annual return; -42% in 2008.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/nasdaq100-annual/"
    },
    {
      "id": "ndx-annual-dist",
      "chapter": "Nasdaq · I. The Long Lens",
      "title": "Nasdaq 100 annual return distribution",
      "question": "How wide is the spread of Nasdaq 100 annual returns?",
      "panel": "https://historyofmarket.com/#panel-ndx-annual-dist",
      "dataset": "https://historyofmarket.com/api/ndx/annual-returns.json",
      "highlight": "Higher mean and higher dispersion than the S&P 500.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-annual-dist/"
    },
    {
      "id": "ndx-matrix",
      "chapter": "Nasdaq · I. The Long Lens",
      "title": "Nasdaq 100 buy-year / sell-year annualized matrix",
      "question": "If I had bought QQQ in year X and held until year Y, what's the annualized return?",
      "panel": "https://historyofmarket.com/#panel-ndx-matrix",
      "dataset": "https://historyofmarket.com/api/ndx/annual-tr.json",
      "highlight": "Hold-period heatmap from 1985 onward.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-matrix/"
    },
    {
      "id": "ndx-rolling",
      "chapter": "Nasdaq · I. The Long Lens",
      "title": "Nasdaq 100 five-year rolling annualized return",
      "question": "How often has a five-year hold of QQQ lost money?",
      "panel": "https://historyofmarket.com/#panel-ndx-rolling",
      "dataset": "https://historyofmarket.com/api/ndx/rolling5y.json",
      "highlight": "Wider tails than S&P 500 — both upside and downside.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-rolling/"
    },
    {
      "id": "ndx-forward-pe",
      "chapter": "Nasdaq · II. The Stretch of Valuation",
      "title": "Nasdaq 100 forward PE",
      "question": "How stretched is the Nasdaq 100 on forward earnings, and how does today compare to the dot-com peak?",
      "panel": "https://historyofmarket.com/#panel-ndx-forward-pe",
      "dataset": "https://historyofmarket.com/api/ndx/forward-pe.json",
      "highlight": "Bloomberg BEst P/E Ratio (12-month consensus), monthly back to January 2001 plus the latest reading. Captures the 2001-03 dot-com spike when NDX earnings collapsed (peak ~199×) and today's reading.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-forward-pe/"
    },
    {
      "id": "ndx-driver-decomp",
      "chapter": "Nasdaq · II. The Stretch of Valuation",
      "title": "Nasdaq 100 annual rerating × revision decomposition",
      "question": "In a given year, was the Nasdaq 100's return driven by forward-PE multiple change or by forward-EPS revision?",
      "panel": "https://historyofmarket.com/#panel-ndx-driver-decomp",
      "dataset": "https://historyofmarket.com/api/ndx/driver-decomp.json",
      "highlight": "Every calendar year since 2002 decomposed into forward-PE rerating × implied forward-EPS revision, using the Bloomberg forward PE series and price-implied EPS path. NDX is on a forward basis (vs SPX trailing) because per-name historical TTM EPS for 100 names is not cleanly recoverable from free sources.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-driver-decomp/"
    },
    {
      "id": "ndx-drawdown",
      "chapter": "Nasdaq · IV. Crisis Cadence",
      "title": "Nasdaq 100 historical drawdowns",
      "question": "How deep was the dot-com drawdown for the Nasdaq 100?",
      "panel": "https://historyofmarket.com/#panel-ndx-drawdown",
      "dataset": "https://historyofmarket.com/api/ndx/drawdowns.json",
      "highlight": "59 events tracked; 2000-2002 cumulative -83%.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-drawdown/"
    },
    {
      "id": "ndx-intrayear-dd",
      "chapter": "Nasdaq · IV. Crisis Cadence",
      "title": "Nasdaq 100 intrayear drawdown vs year-end return",
      "question": "How big does an intrayear Nasdaq drop usually get before the year ends positive?",
      "panel": "https://historyofmarket.com/#panel-ndx-intrayear-dd",
      "dataset": "https://historyofmarket.com/api/ndx/intrayear-dd.json",
      "highlight": "Intrayear drawdowns systematically larger than the S&P 500's.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-intrayear-dd/"
    },
    {
      "id": "ndx-volatility",
      "chapter": "Nasdaq · IV. Crisis Cadence",
      "title": "Nasdaq 100 realized volatility",
      "question": "How much more volatile is the Nasdaq 100 than the S&P 500?",
      "panel": "https://historyofmarket.com/#panel-ndx-volatility",
      "dataset": "https://historyofmarket.com/api/ndx/volatility.json",
      "highlight": "Median ~22% — systematically above S&P 500.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-volatility/"
    },
    {
      "id": "ndx-vxn",
      "chapter": "Nasdaq · IV. Crisis Cadence",
      "title": "VXN — CBOE Nasdaq 100 Volatility Index",
      "question": "What's the implied-volatility benchmark for the Nasdaq 100?",
      "panel": "https://historyofmarket.com/#panel-ndx-vxn",
      "dataset": "https://historyofmarket.com/api/ndx/vxn.json",
      "highlight": "VXN daily close 2001 → present.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-vxn/"
    },
    {
      "id": "ndx-monthly",
      "chapter": "Nasdaq · IV. Crisis Cadence",
      "title": "Nasdaq 100 monthly return heatmap",
      "question": "Which calendar months have been kindest to the Nasdaq 100?",
      "panel": "https://historyofmarket.com/#panel-ndx-monthly",
      "dataset": "https://historyofmarket.com/api/ndx/monthly.json",
      "highlight": "Seasonal pattern broadly similar to S&P 500 but with thicker tails.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-monthly/"
    },
    {
      "id": "ndx-return-details",
      "chapter": "Nasdaq · V. Anatomy of the Index",
      "title": "QQQ total return decomposition",
      "question": "What share of QQQ's total return comes from price vs dividend vs buyback?",
      "panel": "https://historyofmarket.com/#panel-ndx-return-details",
      "dataset": "https://historyofmarket.com/api/qqq/return-details.json",
      "highlight": "Price-driven; dividend yield small; buybacks rising.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/ndx-return-details/"
    },
    {
      "id": "nasdaq100-companies",
      "chapter": "Nasdaq · V. Anatomy of the Index",
      "title": "Nasdaq 100 constituents & weight distribution",
      "question": "Which companies make up the Nasdaq 100 and how is the weight distributed?",
      "panel": "https://historyofmarket.com/#panel-nasdaq100-companies",
      "dataset": "https://historyofmarket.com/api/nasdaq/100.json",
      "highlight": "Full constituent list with sector and weight.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/nasdaq100-companies/"
    },
    {
      "id": "nasdaq100-weights",
      "chapter": "Nasdaq · V. Anatomy of the Index",
      "title": "Nasdaq 100 top-25 holdings & cumulative weight",
      "question": "How concentrated is the Nasdaq 100 at the top?",
      "panel": "https://historyofmarket.com/#panel-nasdaq100-weights",
      "dataset": "https://historyofmarket.com/api/nasdaq/100.json",
      "highlight": "Top 7 names account for roughly 50% of the index.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/nasdaq100-weights/"
    },
    {
      "id": "nasdaq100-ytd",
      "chapter": "Nasdaq · V. Anatomy of the Index",
      "title": "Nasdaq 100 constituent return rankings (1W / 1M / YTD / 1Y)",
      "question": "Which Nasdaq 100 names are leading or lagging over week, month, year-to-date, and trailing-year windows?",
      "panel": "https://historyofmarket.com/#panel-nasdaq100-ytd",
      "dataset": "https://historyofmarket.com/api/nasdaq/100.json",
      "highlight": "Sortable return ranking of every constituent across four windows; the 1-year view shows unusually wide first-to-hundredth dispersion.",
      "category": "nasdaq",
      "static_url": "https://historyofmarket.com/nasdaq/nasdaq100-ytd/"
    },
    {
      "id": "semi-price",
      "chapter": "Semiconductors · I. The Thirty-Year Arc",
      "title": "Philadelphia Semiconductor Index since 1994",
      "question": "How has the PHLX Semiconductor Index (SOX) traded since its 1994 inception?",
      "panel": "https://historyofmarket.com/#panel-semi-price",
      "dataset": "https://historyofmarket.com/api/semi/price.json",
      "highlight": "Daily closes since May 1994 with drawdown ribbon. Contains 2000-2002 dotcom -83%, 2008 GFC -52%, 2018 / 2022 mid-cycle drawdowns, and the AI-era bull.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-price/"
    },
    {
      "id": "semi-annual",
      "chapter": "Semiconductors · I. The Thirty-Year Arc",
      "title": "SOX annual return ledger",
      "question": "What's the year-by-year return record of the Philadelphia Semiconductor Index?",
      "panel": "https://historyofmarket.com/#panel-semi-annual",
      "dataset": "https://historyofmarket.com/api/semi/annual-returns.json",
      "highlight": "Mean return well above the S&P, but a near-halving year prints every few cycles.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-annual/"
    },
    {
      "id": "semi-annual-dist",
      "chapter": "Semiconductors · I. The Thirty-Year Arc",
      "title": "SOX annual return distribution",
      "question": "How fat are the tails of semiconductor annual returns?",
      "panel": "https://historyofmarket.com/#panel-semi-annual-dist",
      "dataset": "https://historyofmarket.com/api/semi/annual-tr.json",
      "highlight": "Fat tails on both sides; right tail past +50% populated more than once.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-annual-dist/"
    },
    {
      "id": "semi-intrayear-dd",
      "chapter": "Semiconductors · II. The Heart of the Cycle",
      "title": "SOX intrayear drawdown vs year-end return",
      "question": "How big is the average intrayear drop in semiconductors, even in up years?",
      "panel": "https://historyofmarket.com/#panel-semi-intrayear-dd",
      "dataset": "https://historyofmarket.com/api/semi/intrayear-dd.json",
      "highlight": "Intrayear drawdown averages ~-20%, a notch deeper than the S&P even in up years.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-intrayear-dd/"
    },
    {
      "id": "semi-composition",
      "chapter": "Semiconductors · III. Inside the Index",
      "title": "SOX 30 constituents by sub-industry",
      "question": "What's actually inside the Philadelphia Semiconductor Index?",
      "panel": "https://historyofmarket.com/#panel-semi-composition",
      "dataset": "https://historyofmarket.com/api/semi/composition.json",
      "highlight": "Thirty names grouped by sub-industry: fabless logic, foundry, memory, equipment, analog, RF, IDM.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-composition/"
    },
    {
      "id": "semi-smh",
      "chapter": "Semiconductors · III. Inside the Index",
      "title": "VanEck Semiconductor ETF (SMH) holdings",
      "question": "What does SMH actually own and at what weight?",
      "panel": "https://historyofmarket.com/#panel-semi-smh",
      "dataset": "https://historyofmarket.com/api/semi/smh.json",
      "highlight": "Tracks the MVIS US 25 — Yahoo Finance exposes ~70% of the fund live.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-smh/"
    },
    {
      "id": "semi-memory",
      "chapter": "Semiconductors · III. Inside the Index",
      "title": "Memory cohort — DRAM / NAND / HBM split three ways",
      "question": "Why is there only one US-listed pure memory play in SOX?",
      "panel": "https://historyofmarket.com/#panel-semi-memory",
      "dataset": "https://historyofmarket.com/api/semi/composition.json",
      "highlight": "MU is the lone US-listed pure-memory play; Samsung Electronics (005930.KS) and SK Hynix (000660.KS) sit on KOSPI. The AI HBM boom splits three ways.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-memory/"
    },
    {
      "id": "semi-ratios",
      "chapter": "Semiconductors · IV. Cross-basis Ratios",
      "title": "SOX / SPX, SOX / XLK, XLK / SPX rebased to 100 at YE-1999",
      "question": "How does semis' relative strength against the broad market and the tech sector look across cycles?",
      "panel": "https://historyofmarket.com/#panel-semi-ratios",
      "dataset": "https://historyofmarket.com/api/semi/ratios.json",
      "highlight": "SOX/SPX writes leadership cadence; SOX/XLK is a thermometer for AI cycles; XLK/SPX gives tech's relative strength.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-ratios/"
    },
    {
      "id": "semi-memory-valuation",
      "chapter": "Semiconductors · IV. Cross-basis Ratios",
      "title": "Memory & HBM TTM PE vs 1999 dotcom peak",
      "question": "Is today's AI semiconductor valuation a Cisco-1999 repeat?",
      "panel": "https://historyofmarket.com/#panel-semi-memory-valuation",
      "dataset": "https://historyofmarket.com/api/semi/memory-valuation.json",
      "highlight": "MU and NVDA TTM PE on a log scale against the 1999 dotcom-peak forward PE bands (CSCO 140×, ORCL 150×, SUNW 120×, MSFT-1999 60×, INTC-1999 50×). Per-name snapshot cards show distance vs the CSCO 140× anchor.",
      "category": "semi",
      "static_url": "https://historyofmarket.com/semi/semi-memory-valuation/"
    },
    {
      "id": "xlk-price",
      "chapter": "Information Technology · I. The Twenty-Seven-Year Arc",
      "title": "XLK Information Technology ETF since 1998",
      "question": "How has the Information Technology sector ETF (XLK) traded since its December 1998 launch?",
      "panel": "https://historyofmarket.com/#panel-xlk-price",
      "dataset": "https://historyofmarket.com/api/xlk/price.json",
      "highlight": "First year crossed the dotcom peak; curve contains -83% (dotcom), -50% (GFC), -34% (2022).",
      "category": "xlk",
      "static_url": "https://historyofmarket.com/xlk/xlk-price/"
    },
    {
      "id": "xlk-annual",
      "chapter": "Information Technology · I. The Twenty-Seven-Year Arc",
      "title": "XLK year-by-year ledger",
      "question": "What's the annual return record of the XLK ETF?",
      "panel": "https://historyofmarket.com/#panel-xlk-annual",
      "dataset": "https://historyofmarket.com/api/xlk/annual-returns.json",
      "highlight": "Twenty-seven complete years — 1999 right tail of +75%, 2008 left tail of -42%, 2023-24 doubled up.",
      "category": "xlk",
      "static_url": "https://historyofmarket.com/xlk/xlk-annual/"
    },
    {
      "id": "xlk-annual-dist",
      "chapter": "Information Technology · I. The Twenty-Seven-Year Arc",
      "title": "XLK annual return distribution",
      "question": "How do XLK's annual returns spread compared to semis?",
      "panel": "https://historyofmarket.com/#panel-xlk-annual-dist",
      "dataset": "https://historyofmarket.com/api/xlk/annual-tr.json",
      "highlight": "Mean similar to semis, variance a notch tighter — software damps the pure-hardware cycle.",
      "category": "xlk",
      "static_url": "https://historyofmarket.com/xlk/xlk-annual-dist/"
    },
    {
      "id": "xlk-intrayear-dd",
      "chapter": "Information Technology · II. Intrayear Amplitude",
      "title": "XLK intrayear drawdown vs year-end return",
      "question": "How deep do XLK's intrayear drops typically run?",
      "panel": "https://historyofmarket.com/#panel-xlk-intrayear-dd",
      "dataset": "https://historyofmarket.com/api/xlk/intrayear-dd.json",
      "highlight": "Average ~-16%, between the S&P and the semis — but 2000, 2008, 2022 each posted past -30%.",
      "category": "xlk",
      "static_url": "https://historyofmarket.com/xlk/xlk-intrayear-dd/"
    },
    {
      "id": "xlk-holdings",
      "chapter": "Information Technology · III. The Shape of Concentration",
      "title": "XLK top holdings & cumulative weight",
      "question": "How concentrated is XLK at the top?",
      "panel": "https://historyofmarket.com/#panel-xlk-holdings",
      "dataset": "https://historyofmarket.com/api/xlk/holdings.json",
      "highlight": "AAPL + MSFT + NVDA already combine for more than half the fund — the most concentrated sector ETF in US equities.",
      "category": "xlk",
      "static_url": "https://historyofmarket.com/xlk/xlk-holdings/"
    },
    {
      "id": "xlk-reclass",
      "chapter": "Information Technology · IV. The Seam of 2018",
      "title": "2018-09-24 GICS communication-services reshuffle",
      "question": "Which companies were moved out of Information Technology in 2018?",
      "panel": "https://historyofmarket.com/#panel-xlk-reclass",
      "dataset": "https://historyofmarket.com/api/xlk/reclass-2018.json",
      "highlight": "S&P and MSCI moved GOOGL, META, NFLX and other internet platforms out of Information Technology — XLK's long curve crosses that date but the composition shifted meaningfully.",
      "category": "xlk",
      "static_url": "https://historyofmarket.com/xlk/xlk-reclass/"
    },
    {
      "id": "fin-price",
      "chapter": "Financials · I. The Twenty-Seven-Year Arc",
      "title": "XLF Financials ETF since 1998",
      "question": "How has the Financials sector ETF (XLF) traded since its December 1998 launch?",
      "panel": "https://historyofmarket.com/#panel-fin-price",
      "dataset": "https://historyofmarket.com/api/fin/price.json",
      "highlight": "-84% cumulative through 2008, the deepest scar in any US sector ETF.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-price/"
    },
    {
      "id": "fin-annual",
      "chapter": "Financials · I. The Twenty-Seven-Year Arc",
      "title": "XLF year-by-year ledger",
      "question": "What's the annual return record of the XLF ETF?",
      "panel": "https://historyofmarket.com/#panel-fin-annual",
      "dataset": "https://historyofmarket.com/api/fin/annual-returns.json",
      "highlight": "Twenty-seven complete years — 2008 alone took -55%; 2009's +17% rebound did not come close to recovery.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-annual/"
    },
    {
      "id": "fin-annual-dist",
      "chapter": "Financials · I. The Twenty-Seven-Year Arc",
      "title": "XLF annual return distribution",
      "question": "What does the signature shape of a 'crisis sector' look like?",
      "panel": "https://historyofmarket.com/#panel-fin-annual-dist",
      "dataset": "https://historyofmarket.com/api/fin/annual-tr.json",
      "highlight": "Mean slightly below the S&P, with an extreme left tail.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-annual-dist/"
    },
    {
      "id": "fin-intrayear-dd",
      "chapter": "Financials · II. Intrayear Amplitude",
      "title": "XLF intrayear drawdown vs year-end return",
      "question": "How does the Financial sector's intrayear amplitude compare to the broad market?",
      "panel": "https://historyofmarket.com/#panel-fin-intrayear-dd",
      "dataset": "https://historyofmarket.com/api/fin/intrayear-dd.json",
      "highlight": "Average intrayear drawdown close to the S&P's, but every decade or so writes the full down-leg in a single year — 2008, 2020, 2023.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-intrayear-dd/"
    },
    {
      "id": "fin-crisis",
      "chapter": "Financials · III. 2008, The Plague Year",
      "title": "2008 — five financial institutions vanished, five survived",
      "question": "Which big US financial institutions disappeared in 2008, and which absorbed them?",
      "panel": "https://historyofmarket.com/#panel-fin-crisis",
      "dataset": "https://historyofmarket.com/api/fin/crisis-2008.json",
      "highlight": "Bear Stearns, Lehman Brothers, Washington Mutual, Wachovia, AIG — gone; JPMorgan, Goldman Sachs, Morgan Stanley, Bank of America, Wells Fargo — absorbed the wreckage and expanded. The editorial heart of the Financials chronicle.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-crisis/"
    },
    {
      "id": "fin-rates",
      "chapter": "Financials · IV. Curve, Classification, Composition",
      "title": "Yield curve × XLF — the causal chain",
      "question": "How does the 2y-10y yield-curve spread move XLF's trailing 12-month return?",
      "panel": "https://historyofmarket.com/#panel-fin-rates",
      "dataset": "https://historyofmarket.com/api/fin/rates.json",
      "highlight": "2y-10y FRED spread since 1976 alongside XLF's trailing 12-month return. The curve moves first; the sector follows.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-rates/",
      "related_external": [
        {
          "url": "https://dollarliquidity.com",
          "kind": "sister_publication",
          "context": "rates",
          "label": "Full rates and liquidity map — sister publication"
        }
      ]
    },
    {
      "id": "fin-reclass",
      "chapter": "Financials · IV. Curve, Classification, Composition",
      "title": "2023-03-17 GICS payments-into-financials reshuffle",
      "question": "Which companies were moved into Financials by GICS in 2023?",
      "panel": "https://historyofmarket.com/#panel-fin-reclass",
      "dataset": "https://historyofmarket.com/api/fin/reclass-2023.json",
      "highlight": "Visa, Mastercard, PayPal, FIS, Fiserv moved from Information Technology to Financial Services overnight.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-reclass/"
    },
    {
      "id": "fin-holdings",
      "chapter": "Financials · IV. Curve, Classification, Composition",
      "title": "XLF top holdings & cumulative weight",
      "question": "What does the XLF ETF actually own today?",
      "panel": "https://historyofmarket.com/#panel-fin-holdings",
      "dataset": "https://historyofmarket.com/api/fin/holdings.json",
      "highlight": "BRK.B + JPM together ~23%; V + MA ~13%. Half banks, a quarter payments, a sliver of insurers.",
      "category": "fin",
      "static_url": "https://historyofmarket.com/fin/fin-holdings/"
    },
    {
      "id": "mag7-index",
      "chapter": "Magnificent 7 · I. The Equal-Weight Lens",
      "title": "Magnificent 7 equal-weight composite since 2022-01-03",
      "question": "What would buying and rebalancing all seven Magnificent 7 names have returned since January 2022?",
      "panel": "https://historyofmarket.com/#panel-mag7-index",
      "dataset": "https://historyofmarket.com/api/m7/index.json",
      "highlight": "AAPL, MSFT, NVDA, GOOGL, AMZN, META, TSLA equal-weighted, base 2022-01-03 = 100.",
      "category": "mag7",
      "static_url": "https://historyofmarket.com/mag7/mag7-index/"
    },
    {
      "id": "mag7-concentration",
      "chapter": "Magnificent 7 · II. Market Dominance",
      "title": "Magnificent 7 share of S&P 500 float-adjusted market cap",
      "question": "How much of the S&P 500 do the Magnificent 7 represent over time?",
      "panel": "https://historyofmarket.com/#panel-mag7-concentration",
      "dataset": "https://historyofmarket.com/api/mag7/concentration.json",
      "highlight": "13% in 2018 → 33%+ at year-end 2024. The highest top-seven concentration since the Nifty Fifty era. Quarterly series cross-checked against Bloomberg, Goldman Sachs ISG, and Apollo 'Daily Spark'.",
      "category": "mag7",
      "static_url": "https://historyofmarket.com/mag7/mag7-concentration/"
    },
    {
      "id": "mag7-drawdown",
      "chapter": "Magnificent 7 · III. Per-Member Amplitude",
      "title": "Per-member peak-to-date drawdown",
      "question": "Which Magnificent 7 names have carried the deepest individual drawdowns since 2018?",
      "panel": "https://historyofmarket.com/#panel-mag7-drawdown",
      "dataset": "https://historyofmarket.com/api/m7/index.json",
      "highlight": "Small-multiples grid: MSFT held steadiest, TSLA carried the widest swings, META fell -77% in 2022 then doubled in 14 months.",
      "category": "mag7",
      "static_url": "https://historyofmarket.com/mag7/mag7-drawdown/"
    },
    {
      "id": "mag7-correlation",
      "chapter": "Magnificent 7 · IV. Seven Names or One Trade",
      "title": "60-day rolling pairwise correlation + 5-year average",
      "question": "Are the Magnificent 7 still seven distinct names or have they collapsed into a single trade?",
      "panel": "https://historyofmarket.com/#panel-mag7-correlation",
      "dataset": "https://historyofmarket.com/api/m7/index.json",
      "highlight": "The matrix today plus the 5-year trajectory of the average pairwise correlation.",
      "category": "mag7",
      "static_url": "https://historyofmarket.com/mag7/mag7-correlation/"
    },
    {
      "id": "mag7-ai-valuation",
      "chapter": "Magnificent 7 · IV. Seven Names or One Trade",
      "title": "AI leaders' TTM PE vs the 1999 dotcom peak",
      "question": "How do NVDA, MSFT, META, and GOOGL valuations today compare to Cisco / Oracle / Sun at the 1999 dotcom peak?",
      "panel": "https://historyofmarket.com/#panel-mag7-ai-valuation",
      "dataset": "https://historyofmarket.com/api/mag7/ai-valuation.json",
      "highlight": "Log-scale TTM PE history against the 1999 forward PE bands (CSCO 140×, ORCL 150×, SUNW 120×, MSFT-1999 60×, INTC-1999 50×). Per-name snapshot cards show distance vs the CSCO 140× anchor.",
      "category": "mag7",
      "static_url": "https://historyofmarket.com/mag7/mag7-ai-valuation/"
    },
    {
      "id": "mag7-predecessors",
      "chapter": "Magnificent 7 · V. Ancestors of M7",
      "title": "Mag 7 lineage — Nifty Fifty → FANG → Magnificent 7",
      "question": "How does the Magnificent 7 compare to previous generations of 'unbeatable' US stock baskets?",
      "panel": "https://historyofmarket.com/#panel-mag7-predecessors",
      "dataset": "https://historyofmarket.com/api/mag7/predecessors.json",
      "highlight": "Nifty Fifty (1972) → Four Horsemen (1999) → FANG (2013) → FAANG (2017) → Magnificent 7 (2023). Each generation's peak moment and at least one ≥ -40% drawdown.",
      "category": "mag7",
      "static_url": "https://historyofmarket.com/mag7/mag7-predecessors/"
    },
    {
      "id": "top10-roster",
      "kind": "chronicle",
      "chapter": "Top 10 · I. The Roster",
      "title": "Ten era portraits · the largest U.S. firms decade by decade",
      "question": "Who were the ten largest U.S. companies in each decade from the 1920s to today?",
      "panel": "https://historyofmarket.com/#panel-top10-roster",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-roster",
      "highlight": "The Top 10 of every decade — 1920s through 2020s — laid out as a single editorial matrix; ten rosters side by side reveal the migration from rail and steel to platforms and AI capex.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-roster"
    },
    {
      "id": "top10-lineage",
      "kind": "chronicle",
      "chapter": "Top 10 · II. The Long-Lived",
      "title": "Firms that stayed on the Top 10 across three decades or more",
      "question": "Which U.S. companies appeared on the Top 10 across three or more decades, and how did their rank trajectories evolve?",
      "panel": "https://historyofmarket.com/#panel-top10-lineage",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-lineage",
      "highlight": "Fourteen long-lived firms (AT&T 8 decades, Exxon 9, GE 7, IBM 5, etc.) drawn as bump-line trajectories with one-paragraph dossiers explaining what each one actually did.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-lineage"
    },
    {
      "id": "top10-crowns",
      "kind": "chronicle",
      "chapter": "Top 10 · III. The Crowns",
      "title": "Who wore the #1 crown — and for how many decades",
      "question": "Which companies have held S&P 500 #1 in any decade, and which long-runners never reached the top?",
      "panel": "https://historyofmarket.com/#panel-top10-crowns",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-crowns",
      "highlight": "AT&T held #1 for two decades, IBM for three, Microsoft / Exxon / Apple / Nvidia one each. Crownless lifers (Berkshire, Procter & Gamble) and one-decade meteors (Lucent, Polaroid) tallied separately.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-crowns"
    },
    {
      "id": "top10-eclipse",
      "kind": "chronicle",
      "chapter": "Top 10 · IV. The Eclipse",
      "title": "Industries that disappeared from the Top 10",
      "question": "Which industries once dominated the Top 10 and have since vanished from the list?",
      "panel": "https://historyofmarket.com/#panel-top10-eclipse",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-eclipse",
      "highlight": "Rail (last in 1920s), tobacco (1920s), cameras (1980s), retail (2000s) all exited; tech, finance, healthcare, energy still on the list. Each sector's first / last / peak decade laid out as horizontal lanes.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-eclipse"
    },
    {
      "id": "top10-concurrents",
      "kind": "chronicle",
      "chapter": "Top 10 · V. The Concurrents",
      "title": "Who sat next to whom across how many decades",
      "question": "Across the century, which pairs of companies most often shared the Top 10 list at the same time?",
      "panel": "https://historyofmarket.com/#panel-top10-concurrents",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-concurrents",
      "highlight": "Pairwise co-occurrence matrix plus a top-ten leaderboard of longest-running pairs: GE × AT&T 7 decades, IBM × Exxon 5 — the century's repeat boardroom companions.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-concurrents"
    },
    {
      "id": "top10-aftermath",
      "kind": "chronicle",
      "chapter": "Top 10 · VI. Aftermath",
      "title": "What happened to the firms that left the Top 10",
      "question": "After they fell off the Top 10, did the long-lived US firms get split, acquired, bankrupted, or simply linger?",
      "panel": "https://historyofmarket.com/#panel-top10-aftermath",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-aftermath",
      "highlight": "Six exit pathways: still on the crown · still listed but no longer Top 10 · broken up (AT&T 1984, GE 2024, DuPont 2019) · acquired (US Steel → Nippon, Lucent → Nokia) · bankrupt (Kodak 2012, Sears 2018) · lingering.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-aftermath"
    },
    {
      "id": "top10-spx-share",
      "kind": "chronicle",
      "chapter": "Top 10 · VII. Share at Peak",
      "title": "Peak share of the index — each firm's high-water mark",
      "question": "What share of the S&P 500 (or total U.S. listed equity, pre-1957) did each Top 10 firm hold at its peak decade?",
      "panel": "https://historyofmarket.com/#panel-top10-spx-share",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-spx-share",
      "highlight": "AT&T 1929 ≈ 13%, IBM 1967 ≈ 7.4%, Cisco 2000 ≈ 4.2%, Apple 2024 ≈ 7.1%, Microsoft 2024 ≈ 7%, Nvidia 2024 ≈ 7.1%. Sources: CRSP, S&P historical weights, Knoll & Crain pre-war work.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-spx-share"
    },
    {
      "id": "top10-pe-at-entry",
      "kind": "chronicle",
      "chapter": "Top 10 · VIII. PE at Peak",
      "title": "Peak trailing P/E — log axis with Cisco 1999 as ceiling",
      "question": "What trailing P/E did each Top 10 firm reach at its peak, and how does Nvidia 2024 compare to Cisco at the 1999 dot-com top?",
      "panel": "https://historyofmarket.com/#panel-top10-pe-at-entry",
      "dataset": "https://historyofmarket.com/?tab=dynasties#panel-top10-pe-at-entry",
      "highlight": "Cisco March 2000 at 137× sets the human-record ceiling; Microsoft 1999 at 71×, Polaroid 1972 at 91×, Tesla 2021 at 1120×, Nvidia 2024 at 78× sixty multiples below Cisco. Log axis with the S&P 500 long-run 18× midline.",
      "category": "dynasties",
      "static_url": "https://historyofmarket.com/?tab=dynasties#panel-top10-pe-at-entry"
    }
  ],
  "datasets": [
    {
      "key": "aiae",
      "url": "https://historyofmarket.com/api/aiae.json"
    },
    {
      "key": "dow/century",
      "url": "https://historyofmarket.com/api/dow/century.json"
    },
    {
      "key": "fin/annual-returns",
      "url": "https://historyofmarket.com/api/fin/annual-returns.json"
    },
    {
      "key": "fin/annual-tr",
      "url": "https://historyofmarket.com/api/fin/annual-tr.json"
    },
    {
      "key": "fin/crisis-2008",
      "url": "https://historyofmarket.com/api/fin/crisis-2008.json"
    },
    {
      "key": "fin/drawdowns",
      "url": "https://historyofmarket.com/api/fin/drawdowns.json"
    },
    {
      "key": "fin/holdings",
      "url": "https://historyofmarket.com/api/fin/holdings.json"
    },
    {
      "key": "fin/intrayear-dd",
      "url": "https://historyofmarket.com/api/fin/intrayear-dd.json"
    },
    {
      "key": "fin/monthly",
      "url": "https://historyofmarket.com/api/fin/monthly.json"
    },
    {
      "key": "fin/price",
      "url": "https://historyofmarket.com/api/fin/price.json"
    },
    {
      "key": "fin/rates",
      "url": "https://historyofmarket.com/api/fin/rates.json"
    },
    {
      "key": "fin/reclass-2023",
      "url": "https://historyofmarket.com/api/fin/reclass-2023.json"
    },
    {
      "key": "fin/rolling5y",
      "url": "https://historyofmarket.com/api/fin/rolling5y.json"
    },
    {
      "key": "fin/volatility",
      "url": "https://historyofmarket.com/api/fin/volatility.json"
    },
    {
      "key": "m7/index",
      "url": "https://historyofmarket.com/api/m7/index.json"
    },
    {
      "key": "mag7/ai-capex",
      "url": "https://historyofmarket.com/api/mag7/ai-capex.json"
    },
    {
      "key": "mag7/ai-valuation",
      "url": "https://historyofmarket.com/api/mag7/ai-valuation.json"
    },
    {
      "key": "mag7/concentration",
      "url": "https://historyofmarket.com/api/mag7/concentration.json"
    },
    {
      "key": "mag7/correlation",
      "url": "https://historyofmarket.com/api/mag7/correlation.json"
    },
    {
      "key": "mag7/drawdown",
      "url": "https://historyofmarket.com/api/mag7/drawdown.json"
    },
    {
      "key": "mag7/index",
      "url": "https://historyofmarket.com/api/mag7/index.json"
    },
    {
      "key": "mag7/predecessors",
      "url": "https://historyofmarket.com/api/mag7/predecessors.json"
    },
    {
      "key": "nasdaq/100",
      "url": "https://historyofmarket.com/api/nasdaq/100.json"
    },
    {
      "key": "nasdaq/composite",
      "url": "https://historyofmarket.com/api/nasdaq/composite.json"
    },
    {
      "key": "ndx/annual-returns",
      "url": "https://historyofmarket.com/api/ndx/annual-returns.json"
    },
    {
      "key": "ndx/annual-tr",
      "url": "https://historyofmarket.com/api/ndx/annual-tr.json"
    },
    {
      "key": "ndx/changes",
      "url": "https://historyofmarket.com/api/ndx/changes.json"
    },
    {
      "key": "ndx/daily",
      "url": "https://historyofmarket.com/api/ndx/daily.json"
    },
    {
      "key": "ndx/daily-distribution",
      "url": "https://historyofmarket.com/api/ndx/daily-distribution.json"
    },
    {
      "key": "ndx/daily-extremes",
      "url": "https://historyofmarket.com/api/ndx/daily-extremes.json"
    },
    {
      "key": "ndx/drawdowns",
      "url": "https://historyofmarket.com/api/ndx/drawdowns.json"
    },
    {
      "key": "ndx/driver-decomp",
      "url": "https://historyofmarket.com/api/ndx/driver-decomp.json"
    },
    {
      "key": "ndx/forward-pe",
      "url": "https://historyofmarket.com/api/ndx/forward-pe.json"
    },
    {
      "key": "ndx/intrayear-dd",
      "url": "https://historyofmarket.com/api/ndx/intrayear-dd.json"
    },
    {
      "key": "ndx/monthly",
      "url": "https://historyofmarket.com/api/ndx/monthly.json"
    },
    {
      "key": "ndx/price",
      "url": "https://historyofmarket.com/api/ndx/price.json"
    },
    {
      "key": "ndx/rolling5y",
      "url": "https://historyofmarket.com/api/ndx/rolling5y.json"
    },
    {
      "key": "ndx/volatility",
      "url": "https://historyofmarket.com/api/ndx/volatility.json"
    },
    {
      "key": "ndx/vxn",
      "url": "https://historyofmarket.com/api/ndx/vxn.json"
    },
    {
      "key": "qqq/return-details",
      "url": "https://historyofmarket.com/api/qqq/return-details.json"
    },
    {
      "key": "recessions",
      "url": "https://historyofmarket.com/api/recessions.json"
    },
    {
      "key": "sectors/forward-pe",
      "url": "https://historyofmarket.com/api/sectors/forward-pe.json"
    },
    {
      "key": "semi/annual-returns",
      "url": "https://historyofmarket.com/api/semi/annual-returns.json"
    },
    {
      "key": "semi/annual-tr",
      "url": "https://historyofmarket.com/api/semi/annual-tr.json"
    },
    {
      "key": "semi/composition",
      "url": "https://historyofmarket.com/api/semi/composition.json"
    },
    {
      "key": "semi/drawdowns",
      "url": "https://historyofmarket.com/api/semi/drawdowns.json"
    },
    {
      "key": "semi/etf-compare",
      "url": "https://historyofmarket.com/api/semi/etf-compare.json"
    },
    {
      "key": "semi/intrayear-dd",
      "url": "https://historyofmarket.com/api/semi/intrayear-dd.json"
    },
    {
      "key": "semi/memory-valuation",
      "url": "https://historyofmarket.com/api/semi/memory-valuation.json"
    },
    {
      "key": "semi/monthly",
      "url": "https://historyofmarket.com/api/semi/monthly.json"
    },
    {
      "key": "semi/price",
      "url": "https://historyofmarket.com/api/semi/price.json"
    },
    {
      "key": "semi/ratios",
      "url": "https://historyofmarket.com/api/semi/ratios.json"
    },
    {
      "key": "semi/rolling5y",
      "url": "https://historyofmarket.com/api/semi/rolling5y.json"
    },
    {
      "key": "semi/smh",
      "url": "https://historyofmarket.com/api/semi/smh.json"
    },
    {
      "key": "semi/soxx",
      "url": "https://historyofmarket.com/api/semi/soxx.json"
    },
    {
      "key": "semi/volatility",
      "url": "https://historyofmarket.com/api/semi/volatility.json"
    },
    {
      "key": "sp500/annual-returns",
      "url": "https://historyofmarket.com/api/sp500/annual-returns.json"
    },
    {
      "key": "sp500/annual-tr",
      "url": "https://historyofmarket.com/api/sp500/annual-tr.json"
    },
    {
      "key": "sp500/century",
      "url": "https://historyofmarket.com/api/sp500/century.json"
    },
    {
      "key": "sp500/changes",
      "url": "https://historyofmarket.com/api/sp500/changes.json"
    },
    {
      "key": "sp500/constituents",
      "url": "https://historyofmarket.com/api/sp500/constituents.json"
    },
    {
      "key": "sp500/daily-distribution",
      "url": "https://historyofmarket.com/api/sp500/daily-distribution.json"
    },
    {
      "key": "sp500/daily-extremes",
      "url": "https://historyofmarket.com/api/sp500/daily-extremes.json"
    },
    {
      "key": "sp500/drawdowns",
      "url": "https://historyofmarket.com/api/sp500/drawdowns.json"
    },
    {
      "key": "sp500/driver-decomp",
      "url": "https://historyofmarket.com/api/sp500/driver-decomp.json"
    },
    {
      "key": "sp500/eps",
      "url": "https://historyofmarket.com/api/sp500/eps.json"
    },
    {
      "key": "sp500/forward-pe",
      "url": "https://historyofmarket.com/api/sp500/forward-pe.json"
    },
    {
      "key": "sp500/intrayear-dd",
      "url": "https://historyofmarket.com/api/sp500/intrayear-dd.json"
    },
    {
      "key": "sp500/monthly",
      "url": "https://historyofmarket.com/api/sp500/monthly.json"
    },
    {
      "key": "sp500/pe",
      "url": "https://historyofmarket.com/api/sp500/pe.json"
    },
    {
      "key": "sp500/price",
      "url": "https://historyofmarket.com/api/sp500/price.json"
    },
    {
      "key": "sp500/return-details",
      "url": "https://historyofmarket.com/api/sp500/return-details.json"
    },
    {
      "key": "sp500/roe",
      "url": "https://historyofmarket.com/api/sp500/roe.json"
    },
    {
      "key": "sp500/rules",
      "url": "https://historyofmarket.com/api/sp500/rules.json"
    },
    {
      "key": "sp500/sectors",
      "url": "https://historyofmarket.com/api/sp500/sectors.json"
    },
    {
      "key": "sp500/vix",
      "url": "https://historyofmarket.com/api/sp500/vix.json"
    },
    {
      "key": "sp500/volatility",
      "url": "https://historyofmarket.com/api/sp500/volatility.json"
    },
    {
      "key": "xlk/annual-returns",
      "url": "https://historyofmarket.com/api/xlk/annual-returns.json"
    },
    {
      "key": "xlk/annual-tr",
      "url": "https://historyofmarket.com/api/xlk/annual-tr.json"
    },
    {
      "key": "xlk/drawdowns",
      "url": "https://historyofmarket.com/api/xlk/drawdowns.json"
    },
    {
      "key": "xlk/holdings",
      "url": "https://historyofmarket.com/api/xlk/holdings.json"
    },
    {
      "key": "xlk/intrayear-dd",
      "url": "https://historyofmarket.com/api/xlk/intrayear-dd.json"
    },
    {
      "key": "xlk/monthly",
      "url": "https://historyofmarket.com/api/xlk/monthly.json"
    },
    {
      "key": "xlk/price",
      "url": "https://historyofmarket.com/api/xlk/price.json"
    },
    {
      "key": "xlk/reclass-2018",
      "url": "https://historyofmarket.com/api/xlk/reclass-2018.json"
    },
    {
      "key": "xlk/rolling5y",
      "url": "https://historyofmarket.com/api/xlk/rolling5y.json"
    },
    {
      "key": "xlk/volatility",
      "url": "https://historyofmarket.com/api/xlk/volatility.json"
    },
    {
      "key": "yield-curve",
      "url": "https://historyofmarket.com/api/yield-curve.json"
    }
  ],
  "sister_publications": [
    {
      "name": "Dollar Liquidity",
      "url": "https://dollarliquidity.com",
      "description": "Macro liquidity terminal — 12 daily indicators plus the DLI composite score.",
      "editorial_touchpoints": [
        {
          "panel": "pe",
          "context": "valuation"
        },
        {
          "panel": "aiae",
          "context": "valuation"
        },
        {
          "panel": "forward-pe",
          "context": "valuation"
        },
        {
          "panel": "drawdown",
          "context": "drawdown"
        },
        {
          "panel": "fin-rates",
          "context": "rates"
        }
      ]
    },
    {
      "name": "Global Market Temperature",
      "url": "https://www.marketgrep.com",
      "description": "Daily market-sentiment temperature gauge."
    },
    {
      "name": "MarketGrep",
      "url": "https://app.marketgrep.com",
      "description": "Pre- and post-market sentiment briefings for iPhone and iPad."
    }
  ],
  "upstream_sources": [
    {
      "name": "Yahoo Finance",
      "url": "https://finance.yahoo.com",
      "covers": "Price series for ^GSPC, ^NDX, ^IXIC, ^DJI, ^VXN and constituent quotes."
    },
    {
      "name": "Cboe Global Markets",
      "url": "https://www.cboe.com/tradable_products/vix/",
      "covers": "Official daily VIX open, high, low, and close history."
    },
    {
      "name": "Macrotrends",
      "url": "https://www.macrotrends.net",
      "covers": "Long-range S&P 500 annual returns, EPS, PE, ROE."
    },
    {
      "name": "Robert Shiller (Yale) online dataset",
      "url": "http://www.econ.yale.edu/~shiller/data.htm",
      "covers": "CAPE / PE10 series back to 1871."
    },
    {
      "name": "FRED (Federal Reserve Economic Data)",
      "url": "https://fred.stlouisfed.org",
      "covers": "AIAE components, USREC recession indicator."
    },
    {
      "name": "S&P Dow Jones Indices",
      "url": "https://www.spglobal.com/spdji/",
      "covers": "S&P 500 methodology, sector weights, constituents."
    },
    {
      "name": "Nasdaq",
      "url": "https://www.nasdaq.com",
      "covers": "Nasdaq 100 constituents and sector weights."
    },
    {
      "name": "NBER",
      "url": "https://www.nber.org/research/business-cycle-dating",
      "covers": "US business-cycle peak / trough dates."
    },
    {
      "name": "multpl.com",
      "url": "https://www.multpl.com",
      "covers": "Mirror of Shiller CAPE and historical dividend yield."
    }
  ],
  "contact": {
    "issues": "https://github.com/grep24/HistoryofMarkets/issues",
    "repo": "https://github.com/grep24/HistoryofMarkets",
    "preferred_citation_url": "https://historyofmarket.com/llms-full.txt"
  }
}