PS
Slight improvement:
"...(assuming constant P/E), your real returns are future real earnings growth + the nominal dividend yield when you buy."

I wish I had your crystal ball and the unwavering ... and so far unwarranted ... certainty that the big won't get bigger.
No doubt trees don't grow to the sky etc. Just unsure if that holds in the brave new world of the network effect.

Apple and NVidia come and go. Microsoft and Facebook (+ WhatsApp/Insta) are forever.
Copycat Microsoft killed CP/M, Netscape, Lotus Notes, Wordstar etc and now they can charge an yearly fee for me to write Word documents. I don't own anything, I have to rent it. And they will no doubt do the same to generative AI.

Facebook swallowed up the up-and-comer competition and can do it indefinitely.

Not sure what GDP has to do with any of this. The S&P juggernauts can snuff out any competition worldwide and become a virtual supranational monopoly. And have monopolistic pricing power.

Berkshire Hathaway FAQ

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