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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: daffydog who wrote (20698)3/19/2000 10:58:00 AM
From: Mike Buckley  Read Replies (4) of 54805
 
Mark,

Any thoughts?

Yes. I've been doing a lot of thinking about the sort of thing you mentioned regarding multi-trillion dollar market caps. Specifically, I've been thinking about the axiom that a company with $10 billion in sales can't continue growing as fast as when it had "only" $1 billlion, or that a stock of a company with a half-trillion dollar market cap can't go up as fast as when it was "only" a $1 billion cap.

While I understand the underlying rationale of that sort of traditional thinking, I think it tends to ignore what Moore calls the "networking effects" that impact both sales and market caps. Thanks to the Internet, the mother of all networking effects, I think there's a pretty good chance that the traditional thinking described above might be put to rest thanks to networking effects.

I don't think exponential growth can increase forever at the same rate. However, I do believe that this relatively early stage -- truly, still the infant stage -- of the Internet will foster such growth that the companies which benefit the most from the networking effects will continue to enjoy it as never before. If I'm right, we'll see a lot of so-called truisms about the limitations of growth move into the category of myth.

--Mike Buckley
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