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Yes, I think it’s remarkable. Two years ago, they hit the one trillion mark valuation. So I’d lost. So it took them. They were around. They more funded like in 1980. So it took them like almost 30 years to hit the one trillion mark. And then two years to double that. So if you look at it that way, it doesn’t make sense that they can be purely economic gain. All right. It got to me. Let’s say natural progress or development of the company. So clearly, this is inflated by all them. I mean, we were talking beauteous, Bob. But every time the US Federal Reserve, the Reserve Board, which is the equivalent of the central bank in the U.S., prints trillions of dollars. Those go see the stock market. And in this case, new tip. And they make they went mainly to tech stocks, which were seen as the main winners out of all this mess. So, yeah. So it’s inflated. Let’s put it that way. But still, they have a very strong performance. So when investors don’t know what they want to do, they say, OK. Which we 20 state better performing or the best performing company out there. Anapolis probably best. Or one of the best they can. A massive cash flow. Their sales were still growing this year. It’s just because I think they’re married. Instead, they invested long term in the sense that they went to create their own hardware and so forth. So it took time to perfection. And then also to lunch like new products. But eventually now they have all these ecosystem dot. It’s really hard to compete with. So on the prove that it’s hard stuff, there is no other company doing such a thing. Unlike Samsung, which was competing with the iPhone head to head then. So they they are starting to develop their own software because of disputes or instability with Android. But, Steve, there is a long way to go. So. Yeah. And that’s just one company as well. So then it’s. Yeah, that that’s their main, I would say key committee advantage or married. They have years ago and now they are harvesting the results. What I’m what I’m dissatisfied broadly with Apple is that they are not innovating as much. So they are just sitting on, as you said, in a pile of cash. They are like milking that. There are returns, plain financial engineering, pay no taxes at all on the ward. They repatriate some cash with Trump as well. They did share shares buybacks. So but since the iPhone, there have been very little inflation.
I would say the most news of the stuff they put out there were all these wireless outputs, essentially wireless headphones. Which is cool, but it’s not, you know, from breaking. So people are expecting now 5G to come to iPhone and see which other implementations or new features that can bring. Yeah, still, I think it’s still linear. It’s not definitely not exponential or or like groundbreaking. That could be potentially there. So there may be flaws. So if someone they’re their Achilles heel, let’s say. So if a company just finds a replacement for Dipen, that’s how Apple can separate potential in the future because they have not been awake enough. And they are too big now. So they’re time to market. It’s not that squeakiest our companies. So I would say broadly company, they are now pushing the same Long-Term Strategies are like Tesla. So it’s a completely different brother. Of course, a car than a phone. So that phone car lease on demand for the foreseeable future has been the cars as well. But we don’t know, actually, because if you are confined and you cannot go around or maybe people use other means of transport that Saddam saw. Yeah. But we are not so sure. But if it is the case that the demand for cars per se, they’re investing long term. So, again, at the beginning, it was clear that they could pull it off. But now those who getting more clear to stop is rising and they can keep their one three down at some point and maybe keep growing because that gap with the other car. My guess is going to be considerable. So, yeah, they will cut down on kind of ring-fence their own market share.
I think something that’s not necessarily true, but is is at least an anecdote, is if you look at the companies that are really succeeding in terms of stock value on the stock market at the moment, when everyone else is kind of like tanking, I think one way that you could describe all of those companies that are thriving is they’re all vertically integrated.
They’re all they they manufacture, produce and sell everything all the way entirely up and down the chain. So if you look at, say, Apple do that, obviously, you know, they have their own their own chips increasingly in their computers and in their products. They’ve got their own software stock, they’ve got their own marketplace, etc. They’ve got their own stores that they sell things through. Again, Tesla, you know, they manufacture the batteries. They manufacture the cars. They manufacture the factories that make the cars in the process. That makes the cars, they sell them directly. Space X, you know, exactly the same. They make the rockets, they fly the rockets, they do the etc.. Amazon, you know, they they the entire stack of Amazon is top to bottom and increasingly so Google, you know, they own vast quantities of fibre, private fibre over which they send their own data. They you know, they completely own the search space. They own the browser. They own know advertising, search advertising. And it’s that it seems like that vertical integration, like doing everything top to bottom and doing it well. Is, you know, is the thing that’s really sort of driving a market capitalisation value at the moment for those sort of biggest companies out there.