15 years that went by pretty fast

NYT:

entire industries have emerged and seized the dominant positions in the Nasdaq index even as their predecessors faltered. Apple, now the world’s largest company by market capitalization, barely registered in 2000, and the first iPhone was not announced until 2007. Over a billion smartphones were shipped in 2014.

Google, which now ranks third and dominates the market for Internet search advertising, went public in 2004 at $85 a share, giving the company a market value then of $23 billion. Today, its market capitalization is over $360 billion, and its shares were trading this week above $570.

Facebook, now No. 5 in Nasdaq’s ranking, dominates social networking, another industry that did not exist in 2000. It went public less than three years ago, and is already valued at over $180 billion.

Had the Nasdaq index itself not been transformed by innovation and competition, it would be nowhere near its previous peak. The stocks of many of the surviving companies, like Microsoft and Intel, have not come close to the levels they reached before 2000. That means investors who bought and held the stocks of individual companies in 2000, as opposed to broad mutual funds tied to the Nasdaq or index funds like the QQQs, are still underwater

Some things are going really well and some are going really badly. Hard to know where we’ll be in another 15 years.

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