First universality conjecture for large-cap equity return distributions

Let the log-return distributions of large-cap equities be viewed as probability distributions, with scale and location allowed to vary. First Universality Conjecture. The distributions of (at least large cap) equities are essentially the same, and differ only in scale and location. The conjecture proposes a universality of large-cap equity return distributions, based on the observed agreement of their quantile plots; the source provides empirical evidence but no resolution.