Re: De ja vu
Megacorps aren’t maximising value for shareholders any more, particularly not the FAANGs. They just maximise the pay packets of the C-suite for a decade or so.
Share*holders* make negligible profit from this, because these companies pay little if any dividend. The life cycle of these companies is roughly:
1 “we’re growing massively we need to invest in growth not dividends”
2 “we’re massive so we have to avoid tax, which we do by retaining earnings and not giving dividends”
3 “ the next big thing has arrived, seems our product and company is now worthless, sorry”
Share speculators make money on the way up, lose it on the way down, Twitter scams are great for them. Ironically, the share speculators don’t really care whether there are any real Twitter accounts at all, or they are just botnets. The underlying fundamentals are entirely irrelevant, as the only important game is to time the pump and dump. The pension funds have to follow the trackers, so it’s the pension fund “shareholders” that are always the loser in this zero-sum lifecycle.