Market Kings Never Stay Kings: 35 Years of Wealth Shifts

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Abstract generation in progress

There’s a harsh truth about market dominance: it doesn’t last forever.

Rewind to 1989. The world’s five biggest companies by market cap? Four Japanese banks and one American oil giant (Exxon). Japan was eating — six of the top 10 global companies were Japanese. Looked unstoppable at the time.

Fast forward to 2024: Only Toyota from that era remains in the top 50. The other four Japanese banks? Combined market cap crashed from $240+ billion to just $51 billion after merging into Mizuho. Only Exxon actually made investors money over those 35 years.

Today’s Untouchable Five

  1. Apple: $3.5T
  2. Microsoft: $3.2T
  3. Nvidia: $2.9T
  4. Amazon: $2.0T
  5. Alphabet: $2.0T

Yeah, U.S. tech is printing money right now. But here’s the thing — the 1989 crowd probably thought exactly the same way about Japanese finance.

History doesn’t guarantee anything. These colossuses won’t collapse overnight, but don’t get too comfortable assuming the 2024 podium will look the same in 2054. Market royalty always gets dethroned eventually.

The real question for investors: Who’s the next dark horse rising while we’re staring at today’s giants?

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