Michelle Davis for Blooomberg:
European banks are now collectively worth less than Apple Inc. The 36 lenders in the Bloomberg Europe 500 Banks Index — with $28 trillion in assets and employing more than 2 million people — have slipped below the market value of tech giants like Apple.
Andreas Treichl, chairman of Austrian lender Erste Group Bank AG, said Friday that the sobering milestone “tells a story” about the lagging fortunes of his industry.
“Europe will be at a constant disadvantage vis-a-vis the U.S. and other parts of the world that are working on developing their capital markets faster than we do in Europe,” Treichl said Friday on a panel at a conference hosted by the Institute of International Finance in Washington.
MacDailyNews Take: Apple, the world’s most valuable company is worth more than a lot of things: Microsoft, Intel, IBM, Google… 🤣
Damn. Just imagine their position in another 10 years.
It only goes to show how doomed Apple really is. Apple surely needs to be broken up for having too much money. That, or a 20% correction in share price. Apple has gone up too high, too fast for the naysayer’s comfort. Only Amazon or Microsoft should be worth more than Apple and the European banks.
/s
AAPL needs to dedicate 90% of their earnings to my programs and all holders of more than 1000 shares of the stock need to donate half of their capital gains going forward. Capitalism is just terrible. The rich are bovinic (like pigs).
I have spent the last 20 years of my life buying AAPL stock for my retirement, and I am now within just a few months of reaching 1,000 shares. I am all-in on Apple. No other stocks, mutual funds, bonds, nothing — against the advice of every well-meaning financial advisor I ever spoke with. But not one of them ever offered me a plan that would have come close to matching Apple as a pure play. I don’t recommend that strategy, but — lucky or looney — it worked for me. I am over 65, still working, can’t afford to retire any time soon, and I am definitely not rich. Here’s the math: 1,000 x $235 (Friday’s close) = $235,000. Divided by 20 years (lucky if I live that long) = $11,750 a year. The 2019 US federal poverty level is $12,490 for a married couple. Retirement is more complicated than that, of course, and Social Security will boost that. I don’t expect to starve, but it’s still not a pretty picture. I recognize that others are worse off, and if I die earlier, some of what’s left will go to worthy causes. But you think I “need” to donate half my gains on a portfolio I spent 20 years building just so I could get to a poverty-level income? You can go straight to hell with that idea, grasshopper.
It was sarcasm. Notice the posters name!
Oh Serns, let’s be realistic….both of our “ideas” will require more funding, but a little advice; you’ll see more progress if you keep the benefits up front and hot. Once the citizens (dumbasses really) see us a the-gifters, there’s no real need to mention the costs. Yes, continue with the rich-bastard ethos, but go real strong making them believe they have the right to receive this, a right to receive that and, well, there’s no going back. In fact, they’ll progressively expect more from us later. I’m so glad to forge this ground with you…state-ism is so great (and it sounds so much more friendly than socialism)!
Speaking of “being realistic”, with your new stent and all, maybe there will be a time you’d throw your support behind me as the possible 1st woman with American Indian heritage, as President?