Facebook, Amazon, Google and Apple. Together, these 4 companies have a market capitalisation of over $1.7 trillion - equivalent to the GDP of Canada. Scott Galloway, Professor of Marketing and Brand Strategy at NYU Stern thinks these companies are changing the world. “It’s Jeff (Bezos), Larry (Page), Tim (Cook) & Mark’s (Zuckerberg) world, we just shop, search, text and post in it.” Facebook and Google are taking advertising revenue from every other media source, Amazon controls over 50% of US e-commerce, and Apple takes 92% of profits from global smartphone sales - which he calls the “product that defines our age. In his view, the only thing stopping Apple from a $1 trillion dollar market cap is a lack of vision. If Apple’s EV/EBITDA valuation were to rise to two-thirds of Google’s or one-third of Amazon or FB, it would break $1 trillion - Apple is paying an “absence of vision tax”.
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