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Strategies & Market Trends : The Art of Investing

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To: Sun Tzu who wrote (1264)	8/23/2020 11:47:28 AM
From: research1234	Read Replies (1) of 10655

Biggest difference I see is that the majority of the top stocks in 2000 were hardware companies, and now the overwhelming majority are software companies. Much lower capital requirements, much better economies of scale, justifying much higher earnings multiples. Those who recognized that hardware always gets commoditized and that software would be where the real money would be made could have made a fortune with a buy and hold strategy - Microsoft, Apple, Intuit for example. Since Apple has always outsourced manufacturing, I have always considered them to be driven by their software.

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