Microsoft and Costly Diversification

Plus! Bond Boom, Mismeasuring Fake News, Taiwan Hacks, Gym Speakeasies, All-You-Can-Fly, and more...

Welcome to day three of the “Which FANMG Dies How?” series. The premise: if you look at the top companies by market cap in any given period, at least a few of them materially underperformed the market over the next ten years, sometimes losing most of their value. It would be odd if 2020 were the first exception.

The goal of this series is not to make…

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