Here we go again. As US elections near, politicking is becoming louder and more grating weekly.
The one big obsession currently spanning ideologies is attention-seeking politicians screeching to curb “big bad tech” and other gargantuan companies they deem too dominant.
Regulators posit endless supposed fixes. However, the reality is that patience is a virtue, as it solves this “dilemma” naturally.
With time, creative destruction, capitalism’s secret – near invisible – lifeblood, solves it beautifully. Always has, always will. Let me show you.
Current corporate political cravings centre chiefly on the overly big, deeming these too powerful, monopolistic (or oligopolistic) and, hence, that they supposedly must be regulated, fined, broken up or somehow defanged.
Developments in artificial intelligence, widespread tech platform adoption and other successes spur regulatory reactions such as the US Department of Justice’s lawsuit alleging that Apple holds a smartphone monopoly, the latest of myriad similar government attacks on hugeness.
Watch: US Justice Department takes Apple to court over 'monopoly'
Pundits agree, arguing government is surely right to “fix” such huge, supposedly insurmountable problems. But this is wrong.
Whatever you think of Big Tech, government is not the solution. Creative destruction is. That is, the constant churn of new start-ups out-envisioning and replacing the old – capitalism’s self-regulatory feature.
Consider this: Hugeness creates huge honey-pot-like profits. As a company grows into a societal Goliath, new, seemingly, crazy entrepreneurs see opportunity.
The old fat hunters become the hunted. New innovators emerge, rise and overthrow old titans, who cannot adapt or innovate fast enough. It can take 10, 20 years – rarely more. But the cycle repeats … always. It is a saga I have watched for 50-plus years and always known. Dominance is not a permanent feature.
Consider the top 20 global companies by market capitalisation in 1970, 1990, 2010 and now.
By 1990, only seven of 1970’s top companies remained in the top 20. By 2020? Just four. Now? None.
What happened? Entrepreneurial innovation. Eastman Kodak, Polaroid, Sears Roebuck, US Steel, Xerox – decimated. AT&T, DuPont, General Electric, General Motors, IBM, ITT – whittled down to second or third-tier status.
How? By new entrepreneurial entrants eating their lunches. They did not need government “fixes” as it happened naturally. (Only the biggest oils remain high up – you cannot escape oil.)
Mini-computer companies toppled IBM. PCs toppled minicomputer companies. Smartphones toppled Kodak and Polaroid. Amazon, Target and Walmart toppled Sears. Continuous casting toppled US Steel. Everybody toppled Xerox.
Today’s giants will not be giants in 20 years' time. Who will topple them? No one can ever foresee that well, but it’s always the seemingly crazy entrepreneurs attempting the seemingly impossible.
Yes, creative destruction causes businesses failures and that spurs angst.
But longer term, failure benefits everyone by freeing capital and allowing dynamic, new upstarts to provide world-better products and services, creating better jobs, higher pay and more stimulating tasks for workers – while slaying or hobbling the behemoths.
Businesses failing provides us with information, showing what works, what doesn’t and what must be improved. It is vital. Barring failure or inducing it governmentally muddles those messages. We need them.
Consider today’s top 20 global companies: Only five were on the list in 2010. Fifteen new businesses reached the top 20 in only 14 years. Just two of today’s top 20 were on the 1990 list – none from 1970. Creative destruction via the profit motive reigns over us all, far better than politicos.
What is the flipside?
Countries disallowing material creative destruction, such as Japan, suffer its infamous “zombie companies”, trudging along on financial life support for decades.
They anaemically earn enough to service debt and pay wages, but not enough to invest successfully in creative new initiatives.
They cannot lead, yet siphon, capital away from would-be challengers, often because their banks and other subsidiaries in their complex web of cross-shareholdings effectively subsidise them.
Many would have disappeared decades ago without artificially low interest rates.
Many cheer this for their stable employment, but they miss the bigger picture: Japan’s lack of creative destruction contributed to a lagging, non-dynamic economy.
Since 1994 – early on in Japan’s economic “Lost Decade” – Japanese gross domestic product grew by a mere 0.7 per cent annualised through to 2023.
Meanwhile, US GDP grew by 2.4 per cent annualised. Stocks? Japan’s rose 152 per cent over that span. America’s S&P 500 delivered a massive 1,694 per cent in total returns. Which is better?
Government meddling in all this creates unintended consequences.
Consider the EU’s many and varied lawsuits, fines and attempts to cobble Big Tech for alleged excesses.
Many cheer stupidly. Consider the effects: Europe’s technology sector is tiny. Instead, decry the lost competitiveness as old-line sectors lag.
Unsurprisingly, only three of the world’s 50 largest tech businesses are eurozone-based, compared with 36 in the US. You reap what you sow.
No, I am not urging some Wild West scenario of no regulation.
Government should play a key role in enforcing property rights – crucially underpinning investor confidence and risk-taking ability.
Clear guidelines and safety rules are super beneficial. But with regulating “market dominance”, creative destruction works best, bar none. Always has; always will. When it reigns, it doesn’t "poor", it enriches.
Ken Fisher is the founder, executive chairman and co-chief investment officer of Fisher Investments, a global investment adviser with $250 billion of assets under management
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Scoreline
Saudi Arabia 1-0 Japan
Saudi Arabia Al Muwallad 63’
Killing of Qassem Suleimani
The five pillars of Islam
More from Neighbourhood Watch
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Ad Astra
Director: James Gray
Stars: Brad Pitt, Tommy Lee Jones
Five out of five stars
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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RESULTS
1.45pm: Maiden Dh75,000 1,200m
Winner: Lady Parma, Richard Mullen (jockey), Satish Seemar (trainer).
2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
Winner: Mutawakked, Szczepan Mazur, Musabah Al Muhairi.
4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
4.45pm: Handicap Dh80,000 1,950m
Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
RESULTS
2pm: Handicap (PA) Dh40,000 (Dirt) 1,000m
Winner: AF Mozhell, Saif Al Balushi (jockey), Khalifa Al Neyadi (trainer)
2.30pm: Maiden (PA) Dh40,000 (D) 2,000m
Winner: Majdi, Szczepan Mazur, Abdallah Al Hammadi.
3pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Athabeh, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 (D) 1,700m
Winner: AF Eshaar, Bernardo Pinheiro, Khalifa Al Neyadi
4pm: Gulf Cup presented by Longines Prestige (PA) Dh150,000 (D) 1,700m
Winner: Al Roba’a Al Khali, Al Moatasem Al Balushi, Younis Al Kalbani
4.30pm: Handicap (TB) Dh40,000 (D) 1,200m
Winner: Apolo Kid, Antonio Fresu, Musabah Al Muahiri
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
More on Quran memorisation:
Like a Fading Shadow
Antonio Muñoz Molina
Translated from the Spanish by Camilo A. Ramirez
Tuskar Rock Press (pp. 310)
ARGYLLE
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Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
BRIEF SCORES
England 228-7, 50 overs
N Sciver 51; J Goswami 3-23
India 219, 48.4 overs
P Raut 86, H Kaur 51; A Shrubsole 6-46
England won by nine runs
'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal
Rating: 3.5/5
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
