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• W210286706 abstract "Across industries and nations, a select few companies are creating almost all of the new shareholder value. Atomization is driving their success. A striking performance gap is appearing throughout global equity markets. In industry after industry, spanning both the new and the old economies, a small set of companies is creating almost all of the new shareholder value. Simultaneously, the value of their less successful competitors is actually declining, and to an unprecedented degree. The polarization of winners and underperformers is intensifying. Once, a chief executive officer could claim that the performance of the industry, not the company, was the prime mover for stock prices. But with the advance of globalization and technology, companies whose products or service models have the slightest edge over the competition can quickly exploit that advantage. Investors are scrutinizing companies one by one, screening out those with merely average performance and investing the bulk of their money with the top one or two players in each arena. This phenomenon has created a winner-rakes-all dynamic in which 5 to 10 percent of the companies in a given industry create all of the shareholder value. In most industries, the new winners are atomizers, which focus on narrow industry segments where they can achieve a dominant position, even though they may hold only a small fraction of the assets or revenues in their industries. Some of the atomizers are first-to-scale newcomers, which capitalize on wholly new markets that are usually created by technological discontinuities. Others are attackers, which extract value at the expense of industry incumbents. Both types of atomizer launch and expand focused businesses that capture returns highly disproportionate to their size. This new model is, of course, in stark contrast to the old scale-driven notions of successful corporate strategy. But the evidence is compelling: size, scope, cost economies, and vertical integration are much less important than they used to be. In this brave new world, the evidence suggests, start-ups and attackers are capturing the lion's share of value. Nevertheless, several large incumbents, including Enron, IBM, Nokia, and Texas Instruments (TI), have transformed themselves and emerged as winners. A bull market or a few good bulls? Stock market observers have described the past few years as history's biggest bull market. Yet in reality, just a few very successful companies have powered it. Between 1985 and 1995, the median S&P 500 company closely tracked the mean performance of the index: that is, about half of the companies performed above the average and half below it. But in the latter half of the 1990s, the situation changed dramatically. While the overall S&P 500 delivered annual returns of 26 percent, more than half of the companies in the index averaged less than 15 percent, with median returns falling below 0 percent in 1999 and 2000. In other words, a few strong bulls lifted the overall market to a rate of return nearly double that of the median company. Comparing the results of the top and bottom 10 percent of the 1,000 largest global companies traded in the United States further illustrates this divergence (Exhibit 1). Through 1997, the results were fairly stable: the top decile averaged a return of roughly 95 percent, the bottom decile a negative 26 percent. That picture began to change dramatically in 1998. By 1999 or 2000, companies had to triple their stock price to make the top 10 percent. The laggards fell further behind. Measuring shareholder value creation Because company size can skew comparisons of percentage returns, we have measured performance in terms of absolute dollars, using a metric we call shareholder value creation, or SVC (see sidebar, Calculating shareholder value creation). Compared with the more conventional metric--total returns to shareholders (TRS)--SVC has three key advantages. …" @default.
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• W210286706 date "2001-01-01" @default.
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• W210286706 title "The Winner-Takes-All Economy" @default.
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