The stories behind these heavy hitters are remarkable. But, it's worth taking a closer look at the makeup of the top ten list in 1969, in 1979, and in 1999. When it comes to defining the driving force in our markets in each of those years, it would appear that the only constant has been change. However, even in the face of those surface changes, I would assert that some vital things have remained the same. Having a real business was important then and now.
Extremes return to averages.
Today, FedEx delivers more than three million packages a day to more than 200 countries and has established itself as a household name that stands for quality and reliability. But if you didn't have an exceptional sense of timing, the only way you could have benefited from the story as an investor was by recognizing a great business with a great leadership team at the outset and sticking with it. That's because the stock market has viewed FedEx as hot and cold through the years. For instance, the stock price went nowhere from 1985 to 1992, only to explode late in this decade. They are all great companies , but I know that I can't tell you whether they'll prove to be great investments for the decades to come.