High concentration: blessing or curse?

研报英文原文证据摘录

High concentration: blessing or curse?

of asymmetry is getting stronger. At the 240220

heart of this transformation is the ability of technology to deliver rapid 200

reductions in marginal costs, without sacrificing much in terms of quality or 180160

utility. This is powered by intangibles that optimize tangibles while delivering 140120

greater scalability as well as synergistic and spillover benefits, making 10080

60established business models obsolete at a faster than hitherto pace. 2. 40

While complicating CBs work (e.g. cyclical inflation against the backdrop 20

of structural disinflation), it also creates unparalleled opportunities for Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25

investors, or as we described it, "the best time ever to become a billionaire Source: Factset; Macquarie Global Strategy

and the easiest time ever to sink into poverty". This also explains debates

about sharing gains more equitably (e.g. yesterday's discussion regarding SPX - Top Ten Concentration -

potential changes in Korea's taxation systems). A world where "one is either approaching 45%

0.1% or a peasant" calls for more agile and sophisticated monetary and S&P 500 - Top 10 Concentration (%)

fiscal policies. 3. Whenever marginal cost waves appear (e.g. software, 45.0

games, retail), the damage is permanent (a la breaching castle walls), 40.0

with most never recovering. Although it will take time, neither customer 35.0

stickiness nor EPS delivery or shareholder friendly policies will help. But, 30.0

winners of the first encounter, will eventually meet their own "zero marginal 25.0