There used to be something called FAANG, which led stock markets. Now it’s TAAG (Tesla, Apple, Amazon, Google): Microsoft should be in there, but when FANG was invented as a ‘thing,’ Mister Softee hadn’t transformed itself. GAAMT GAMAT TAAGM (none of these look quite right).

  • Facebook

  • Apple

  • Amazon

  • Netflix

  • Google

In Netflix’ case, when you don’t innovate, and you have no inherent edge, and face multiple, highly-equipped entrants, you’ve got a problem. Netflix shareholders agreed: -35% today.