Better to be Bang & Olufsen than Sony
Nov. 22 (Bloomberg) -- Sony Corp. and
Panasonic Corp., the
Japanese electronics makers
reeling from record losses, had
their long-term credit
ratings downgraded to junk by Fitch
Ratings, citing a weak
recovery in the television market.
Things
Investors should hate: Innovation
Innovation has two very
nasty effects on investors.
The first one is that
it gets everyone excited, often over-excited. It’s possible to trace most of
the great booms in stockmarket history to the over-enthusiasm of investors for
some new technical trend……
This is the second way in which
innovation is a bane to the investor: it destroys existing, often
long-established, business models. This process of
creative-destructionism usually, eventually, leads to simpler, better ways of
organising corporations and lives. But in the meantime all of those
careful investment plans, built on careful historical analysis of sales and
earnings can go hang.
So, yes, I love innovation
personally. But as an investor I’d rather find something which is more
likely to stand the test of time. Powerful brands and
physical goods are harder to displace.
Better to have design than to have innovation & product. Is Apple a B&O or a Sony? I don't know
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