Look closely at the internal structure of several decades of history, and you’ll find that the leading sectors were completely different in each decade: energy drove one, technology another, and consumer spending yet another.

The sectors change, the engines change, but the broad trend of the index rising over the long term has remained constant.

This shows that the historical returns of U.S. stock indexes don’t depend on any one industry being in favor. They rely on a more fundamental mechanism that has repeatedly played out throughout history: “there’s always a new growth engine ready to take over.”

For someone investing regularly, this means the quality of historical returns isn’t tied to a single engine. You’re not betting on which sector will lead in a given decade—you’re betting that the engine-switching process itself will continue.

Looking back, this relay race has never stalled. That’s the strongest sense of security historical data can offer.

Video source: @湾林

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