As of December 2020, the world’s four largest companies, by market capitalization, are Apple, Microsoft, Amazon and Alphabet. They are representative of the intangible economy, where the majority of a company’s value is created by intangible assets, such as intellectual property, quality management and network effects. This is a significant shift from 30 years ago, when companies, like AT&T and GE, that mainly produced physical assets, were dominant players in the economy. Today, more than 90% of the market value of S&P 500 companies is estimated to be intangible assets. Read more here.

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