Monday, March 13, 2006
The churn
1. AT&T
2. GM
3. DuPont
4. General Electric
5. Union Carbide
6. U.S. Steel
7. IBM
8. Sears, Roebuck
9. Aluminum Company of America
10. Bethlehem Steel
Answer: Only one, GE, which is #1. As
Business Week points out, the 1959 list was dominated by manufacturers; today's is dominated by service firms like Microsoft and WalMart and financial service firms. The churn is part of the economic process in every country, even China. If I was investing in China -- and I'm not, at least not actively -- would I want to buy their booming manufacturing sector or their still nascent services sector?