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Amazon, Google and Facebook have protected themselves from the "limited time horizon" of the market. They have either small floats or class B shares, guaranteeing that the long term vision of the company is grounded on effective control by the ones steering the vision.

Managing future value is challenging. It's easy to say that the market is thirsty for value now. However, if you submit to a golden "invest in the future" strategy, your company may be inefficient (from an investor's perspective): Returns will be lower than what you can get elsewhere, meaning that the company should release funds to investors instead of investing internally. On the other hand, if you submit to maximizing local (in the time axis) returns, you'll surely forego disruptive jumps, their gains on efficiency and the future profit they entail.

It's not a simple problem.



The "protection" GOOG/AMZN/FB have may prevent hostile takeovers by Wall St if share prices drop, but it can't keep share prices high.

Given a choice, you have $10k to spend on either Uber, Facebook or Danaher shares. Danaher will continue to invest in the future, rather than being gutted.

Where do you park your money?




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