We should never have had just 5:
- Facebook (Meta)
- Amazon
- Apple
- Netflix
- Google (Alphabet)
Or the MAG 7 including:
- Microsoft
- Nvidia
- Tesla
We should have had more than double the number of well-known tech companies, and they all should have been smaller:
- YouTube
- Skype
- AdMob
- Waze
- FitBit
- Blizzard
This was due to:
- Low interest rates expanding multiples of large companies
- Indexation and the “myth” of passive investment
- Governments not pursuing anti-trust regulation
- Globalisation without democratic reform, offshoring jobs from developed markets