史上最值钱的那些公司 了解一下~

We’ll be talking easier topic today Let’s look at the world's most valuable companies in the past 55 years Later you’ll see that for every 5 to 10 years is a period when a company's market value dominates the world What I find interesting is that if you don't think of these companies as one company, that they're an individual, When you stand at the height of history you can see the trends behind the global economy A microcosm of an era Perhaps for any company there is an element of chance in its success or rise to the top of most valuable But if you look at the economic and technological background of the corresponding era there will always be such a company so it has its inevitability Let’s cut the crap and get started Let’s go back in time to 55 years ago There was a company that occupied the world's most valuable company for nearly 20 years Come and take a guess The answer is We’ll also take a look at other companies expand our knowledge base AT&T is an American broadband network company It's a bit like China Mobile and China Unicom For a long period of time They’ve always been on the list of companies with the highest market capitalisation Dutch East India Company it was the first listed company in the world but that was in the 17th century Probably the most valuable company in history General Motors is not the most valuable but it was just the most profitable company at the time Before IBM General Motors had been dominating for quite a long time Alright, let’s go back to IBM International Business Machines Corporation If you say you are working at International Business Machines Corporation No one probably know what it is IBM was founded in 1911 At first their business includes a lot of things, quite varied like clocks, recorder, tabulator etc At that time, it was already a multinational company of nearly ten thousand employees Then in 1936, there was a god among the gods Alan Turing, the father of modern computer science Alan Turing, the father of modern computer science He came up with the idea of a Turing machine In theory this machine can carry out very complicated large volume mathematical computations IBM discovered that this is a good theory This can be applied to a large number of our statistical machines it could definitely improve efficiency So they made a very correct choice at the time In the 1940s, they were going into mainframe computers industry So in 1952 they built the first large-scale mass-produced electronic computer IBM701 Then came a series of large and medium-sized computers like BM650 1401 1403 By 1960 already has 85% of the computer market Basically when you talk about computer it’s equal to IBM However at the time, IBM’s computer series like 6xx 7xx 14xx are not the same as our modern computers Every machines has its own single function like typewriters, calculators, recorders etc And each product or even between different models of the same product, the code it uses is different the code it uses is different use this machine today and change to another machine tomorrow he/she will have to read again the instruction manual learn the code again and rewrite the code. What a trouble So IBM came up with a bold idea Why don’t I combine the code and instruction levels of these machines In this way, printing, input, output, calculation I can all use the same set of instructions In this way, the cost of expanding product learning and updating will be greatly reduced It sounds familiar to us now but it was a big gamble for IBM at the time IBM hired over 60,000 of researches and spent $5 billion and years of time In 1964, IBM developed IBM System 360 It not only integrated instruction level and improved processing speed it was sensational at the time All kinds of organisations that needed mainframe computers including US government and the military started to order from IBM IBM can be said to have promoted the development of the computer field by itself The rise of mainframe computers propelled IBM onto a pedestal In 1967, the total number of employees reached 270,000 people Market value reached $193 billion That's $1. 3 trillion today Undoubtedly the world's most valuable company and they sat on that throne until 1986 IBM was a pioneer in mainframe computers Well, it's probably natural for you to think that later it’ll be era of personal computer then IBM can monopolise the market Actually this is where IBM failed In 1982, they did come out with personal computer for ordinary consumers They were very popular at the time But they underestimated the market potential of personal computer and didn’t emphasise on developing software so they didn't develop their own operating system as well So this opportunity went to the hand of the young Bill Gates this is for later Okay, that’s more or less about IBM Its top position was replaced by new company in 1986 Not one company, but by a group of companies A wave of companies are approaching you Let me be clear I picked the most valuable companies in the global stock market objectively The most valuable does not mean that it is the most powerful company in the world it’s not the most profitable company it means that it's the most sought after in the secondary market So it is the most valuable company in terms of stocks Then the stock price will certainly be greatly affected by the valuation of stocks in the country at the time So when a country's short-term stocks are getting very hot it could create bubbles Everyone goes in to blow bubbles The market value of the corresponding companies may be exaggerated.

Actually there are a lot of big companies especially major state-owned companies they are not listed so these companies are not within our topic of discussion Later you’ll see that some big companies took over the top position as soon as they are being listed What do I mean by that? It means that these companies are indeed great but most of them also happened to be stepping in at the right time It’s very hard to say which company is the best Just listen to this for fun and grow a little bit of your knowledge base Alright, let’s continue to the next company after IBM Second question, can you guess Which is the most valuable company in the next stage This is slightly more difficult Let me say the answer, that’s C. NTT The other 3 names I made it up So you see the T&T is the same T&T as AT&T So you can probably guess what it does Every countries have their major telco companies In US it’s AT&T, Verizon In Europe it’s Vodafone In China it’s China Mobile, China Unicom, China Telecom In Japan, the largest is NTT NTT was on top of the list from 1987 till 1991 There’s nothing sexy about telco companies so there’s nothing much to day But if we look at the time after 1990 Inside the top 10 list of the world's most valuable companies, seven of them are Japanese So NTT rising to the top means the wave of an era It’s not the innovation of telco company it’s Japanese stock market bubbles What's going on with this Japanese stock market bubble?

I’ll give you the simplified version From 1950 to 1980, in these 30 years Japan's economy was developing rapidly, and a large number of products were exported It was a miracle for Japanese economy But in the 80s, the American were getting unhappy about it because their products were unable to compete with Japan globally Annual trade deficit coupled with USD appreciation So in September 1985 under US proposal US, Japan, UK, France and Germany agreed on Plaza Accord at the Plaza Hotel in New York To depreciate USD against currencies such as JPY or Franc To depreciate USD against currencies such as JPY or Franc to stimulate US export Immediately after, the USD began to plummet against JPY For Japan, which is very dependent on exports For Japan, which is very dependent on exports it was detrimental As a result, the Bank of Japan and the Japanese government made a very bad move In order to avoid the impact of the appreciation of JPY on the Japanese economy They cut interest rates as fast as they could to enhance liquidity in the economy They opened up all the available gates to release water The result was overextended credit Everyone started to borrow large amount of money to buy properties, buy stocks From 1985 to 1990, in just 5 short years Japan's housing and stock markets had both multiplied several times At the stock market side In the past five years, the average annual growth rate was nearly 30% So driven by the biggest economic bubble of our time It's no surprise that these companies in Japan had such a high market value At that time, the market value of this NTT in 1987 At that time, the market value of this NTT in 1987 was more than $350 billion That one company worth more than all the German stocks combined Japan economy we can talk about it later Alright, after the burst of Japanese stock market bubbles Who’s next to dominate the list A. Exxon Mobil B. General Electric C.

WalMart D. Coca-Cola It’s quite difficult right they are all different These four companies were very popular at the time Exxon Mobil was on top of the list for a few times but from 1993 to 1998 The one that dominate the list is General Electric Did you choose correctly? General Electric was founded in 1892 It's been 130 years now One of the founder was Thomas Edison At that time, with the financial support of JP Morgan a series of companies were integrated which became General Electric I think it’s because Edison had one of those innovative genes so General Electric is a very varied company they manufacture everything From sophisticated medical equipment, aerospace, clean energy to refrigerator, washing machine, bulbs even finances They have everything and they are good in every sectors What I found most incredible is that normally the most valuable company in the world they often have a primary business but for General Electric you really can’t find which one is their main business if you look at their financial report for year 2000 there were a bunch of businesses that earned millions but you can’t tell which one is leading Instead, financial services became its biggest money-maker Instead, financial services became its biggest money-maker Many people say that GE owes much of its success to Jack Welch, the CEO at the time Anyone who studies management must have heard of this name.

He is the benchmark for professional managers Standard survival of the fittest Eliminate the weakest to activate the vitality of the enterprise He brought GE to become the world’s most valuable company But to be frank you can't really say GE ushered in an era so let’s fast forward to 1998 GE was pushed down by another big company who will it be? Till now you might’ve realised that it’s connected to the IBM which we talked about in the beginning The boy who knocked IBM off its pedestal Bill Gates No matter what your opinion of this person is regardless it’s positive or negative We’ll not get into that But you have to admit he is a programming genius He learnt BASIC languange on his own at the age of 13 Programming on their high school's only computer and typewriter and wrote a game Then as a teenager he worked for school and computer companies and started to develop all kind of softwares He went to Harvard as an undergraduate At that time, there were very few people who paid attention to software development. At the time, giants like Apple, IBM, GE At the time, giants like Apple, IBM, GE they focused more on developing hardware but Bill Gates had his own mind he believed that there’s a great potential for software So Bill Gates quit Harvard together with his best friend Paul Allen they founded Microsoft They developed systems and wrote software for major hardware manufacturers Here, at this point it is connected to the IBM we mentioned earlier in 1981 IBM was preparing to promote personal computer Bill Gates noticed that the opportunity is here Wouldn’t it be great if I could develop software for IBM So this time he initiated a very important hidden skill and that is Mother Bill Gates’ mother was in the board of IBM His mom said, son, aren’t you good at developing software IBM is just about to develop the personal computer why don’t I arrange you to have a talk with the CEO Bill Gates said sure, let’s have a talk So the young Bill Gates was then connected to CEO of IBM the boss of the world’s most valuable company at the time IBM decided to let Microsoft to develop software for them operating system for the personal computers Note here that this was a fatal mistake made by IBM They didn't buy out the MS DOS operating system that Microsoft had written for them they didn't even get the source code Because they believed that personal computer wont be a big market hence software will not be valuable So they just paid a little license fee to Microsoft.

The real operating system was firmly in the grasp of Microsoft Bill Gates As a result, the IBM PC became a big seller Microsoft's market share of MS DOS at that time reached 50% Although they didn’t earn much money from IBM but because they cooperated with IBM, they became influential and became an industry standard So they can take the same operating system and license it to 70 others companies that sell computers That gave Microsoft tens of millions of dollars in annual revenue And another giant in the industry at the time Apple pioneered the Macintosh personal computer The key is that there is an operating system based on a graphical interface. And there's a mouse pointer This is a stroke of genius, isn't it People were impressed, this computer is so good you can operate it by pointing and clicking with the mouse pointer For Bill Gates this interface is the future so he cooperated with Apple provided them with software support On the other hand, he secretly develop his own interface operating system Finally he published his own Windows system with addition of Word, Excel and PowerPoint the 3 musketeers of Office It became a big success in 1995 and they introduced Windows 95 operating system later they introduced the improved Windows XP Basically became the benchmark for PC operating systems The market share is a staggering 98% they ruled by only developing software Just like this, in 1998 Microsoft surpassed GE to become the world's most valuable company Bill Gates became the richest man in the world at a young age Behind Microsoft's dominance was the trend of personal computers But to achieve such a high market share you have to say Bill Gates is really something From 1998 till 2003 Microsoft and GE were taking turns to be on top spot There was one company that have been on the list for decades, and it finally made it to the top Who is it? You’d notice that these four options have actually appeared before Exxon Mobil is an American oil and gas company In fact, every country has one or several larger oil companies In fact, their business models are very similar.

So for 6 years, from 2005 till 2011 It's not so much as Exxon Mobil dominance it's more like oil companies dominance For oil companies their main business model depends on the oil consumption and oil price For example, if you take the performance of the U. S. stock oil sector compared to oil prices I can’t say it’s one and the same but I can say they coincide In these few years, Exxon Mobil wasn’t the only one who made it to the top oil companies globally like Russian’s Gazprom, UK’s BP Brazil’s Petrobras as well as Royal Dutch Shell, Chevron all these companies made it to the top 10 Regarding oil price, I’ve talked about it in previous episode I personally think it’s very interesting My hair fell a lot for that episode So if you haven’t watched it, I suggest you to You get what I’m saying right There was actually a little interlude in between this period In November 2007, There was an IPO of an oil company market value reached nearly $1 trillion Twice as much as the second-place Exxon Mobil at the time Do you know which company it is?

we’ll not give you multiple choices question this time we’ll just reveal the answer That’s PetroChina That’s PetroChina You have to say they picked a good time to be listed Actually PetroChina was already listed in New York and Hong Kong But we know that in 2007 China’s stock market was also a big bubble moreover the oil price was very high at the time So when PetroChina was listed on the Shanghai Stock Exchange its value was nearly $1 trillion Of course, in the next year as China's stock market plummeted its market value had also fallen by a third of its original value. Well, the era of Exxon Mobil and the oil companies was soon surpassed by another new giant Who will it be? I feel like this question is a giveaway The next decade is basically the era of Apple I believe everyone is familiar with Apple Before 2007 with that iPod the little walkman they begun to rise In 2007, Jobs introduced iPhone After several generations of polishing, we have the iPhone4 Sales went through the roof This is the revenue chart for each of Apple's products over the past 15 years Here you can see that the iPhone occupies half of the market How do you think Apple became the most valuable company?

I believe everyone must have heard all kinds of hypes praising its innovation, marketing, praising Jobs' charm, its excelsior and so on praising Jobs' charm, its excelsior and so on Today let's talk from a financial and business perspective If you can make a mobile phone that is popular all over the world then your product is really amazing But smartphones are really a red sea market globally right now Pricing Power How can Apple keep its Pricing Power for a long time How can Apple keep its Pricing Power for a long time Never mind how cheap Samsung, Xiaomi, Huawei and other phones and how they come out with various fancy features but Apple will never lower its price and maintain its high profit margin If you look at the smartphone market share iPhone accounted for only 20% or 30% But it can make more than 80% of the profits in the entire market How do they do it? Why can’t other companies learn from it? You can express your opinion in the comment section I believe there must be a lot of people in my audience who know better than me Let's learn together In a nutshell with the continuous sales and praising for the iPhone Apple maintained to be world’s most valuable and profitable company and profitable company And behind it is naturally the wave of smartphones.

Just when Apple was in its prime Another company took over the spot when it listed With a market cap of $1. 87 trillion it is the most valuable company ever More than twice the size of Apple and the largest IPO in history Who is it? Another bonus question the answer is Saudi Aramco is the world's largest oil producer It used to be one of the most valuable state-owned companies in Saudi Arabia So it's not so surprising that valuations are high but the problem is that why did the Saudi Price want to go public with this company and wade into the muddy waters of capital?

First of all, he certainly did not sell the lifeblood of his country. He actually only sold 1. 5% of his shares and it was in the stock market of their own country The main purpose is to raise money to finance the reforms in their own country but you can see that he only sold 1.

5% of the shares after all. So you can imagine if he thinks it works so well, he'll probably sell it again Of course, if he wants to refinance, he must find a time when oil prices are relatively high. That way the valuation will be higher, right For example NOW I'm just joking, I don't know when he is gonna refinance Let's move on to Saudi Aramco's market value Although it was glamorous but it has a very powerful opponent Saudi Aramco is rich but its opponent can print money Did you find me particularly cryptic today I won't keep this in suspense that’s the U.

S. Feds With quantitative easing, the Feds print money like there’s no tomorrow The money poured into the stock market As a result, many stocks in the US stock market went skyrocket As a result, many stocks in the US stock market went skyrocket In 2020 it pushed Apple's market value to the first in the world, over $2 trillion Until inflation risks start to intensify this year U. S.

stocks tumble as the Feds tightens At the same time, the conflict between Russia and Ukraine has caused oil prices to soar Such a wave is bad for Apple and good for Saudi Aramco In May, Saudi Aramco regained its crown as the world's most valuable company So these are some of the grandest companies in the world in the past half-century I wonder how many questions you got right You can see it very clearly that for every 5 to 10 years there will be a company rise to the top with the mark of an era What era do you think will come next? And which company will be the world’s most valuable company?