"In my opinion, health and biotech stocks can dominate the market over the next decade, just as technology stocks did in the 1990's," he said.

No stocks or stock groups dominated trading yesterday.

Consider the period from 1995 to 1999, when large-cap stocks dominated the markets.

But for the first time in four trading sessions, these battered stocks did not dominate the Dow.

But despite the variety, one stock, General Dynamics, dominated the foundation's equities, accounting for $5.63 million, or more than 80 percent of their total worth.

No stocks dominated trading in today's session.

Defensive stocks, though, dominated the leaderboard amid of jitters about further declines in the wider market.

Having a volatile stock dominate the company's capital position was worrisome to the regulators, who preferred to see more stable assets in an insurer's portfolio.

"Our work suggests that smaller and mid-cap stocks will dominate the big S.& P. 500 stocks in the future," he said.

Value Line returned 26 percent, annualized, during years when small-cap stocks dominated, and 12.1 percent when large caps performed best.