January 10, 2021
A recent Barron’s article, Oldies but Goodies: Some Century-Old Stocks Still Deliver, brings to mind the following challenge for public equity investors – when, how much, and how long, to invest capital in category leaders?
Often, category leaders remain on a perch for decades only to fall (or disappear altogether) at some point in the future. Examples, include
Some do transform (e.g., $APPL, $MSFT) themselves but it’s difficult to discern which ones ex-ante.
It will be interesting to see what happens to the current set of 2021 category leaders 100 years from now in 2121?
| TICKER | PRICE | Market Cap |
| AAPL | 132.05 | 2.222T |
| AMZN | 3,182.70 | 1.597T |
| GOOGL | 1,797.83 | 1.219T |
| TSLA | 880.02 | 834.172B |
| FB | 267.57 | 762.117B |
| NFLX | 510.40 | 225.492B |