The fall of the Big Five
As investors and analysts, we love to group together industry leaders. We often put the largest companies on a pedestal – so much so that these industry heavyweights become familiar household names. These companies usually dominate their sectors for years, increasing the barriers to entry as they form monopolies. Investors find comfort in investing in these industry darlings as they are large, prominent and familiar to all. Invariably they have also performed very well.