 the most valuable American companies.

Top 10 U.S. Companies by Market Cap

Company Recent Market Capitalization (Billions) 1.) ExxonMobil (NYSE: XOM) $318.2 2.) Microsoft (Nasdaq: MSFT) $259.7 3.) Wal-Mart (NYSE: WMT) $213.1 4.) Apple $203.7 5.) Berkshire Hathaway $203.3 6.) General Electric $194.1 7.) Procter & Gamble $185.1 8.) Google (Nasdaq: GOOG) $180.1 9.) Johnson & Johnson $179.3 10.) JPMorgan Chase (NYSE: JPM) $173.4

Source: Capital IQ. Prices reflective of March 18 closing price.

Put another way, here’s a chart of Apple’s enormous growth over the past 10 years.

Source: Capital IQ, a division of Standard & Poor’s.

Apple’s success has been the result of reinventing itself. It’s moved away from just “the Mac maker” into a diversified consumer electronics company. Apple not only managed to produce one of the greatest products of the first half of the decade (the iPod), but it also followed that up by creating the greatest success story of the second half of the decade (the iPhone) just as the iPod was reaching its apex. A look at the chart below shows how Apple has shifted away from Mac and iPod sales over the past three years.





Source: Company filings. Uses revised quarterly data to adjust for change in new revenue accounting principles.

A little seasick at these levels

Still, as impressive as the Apple story has been, it rightfully leaves many investors a bit uneasy. Even if the company matches up more favorably on valuation metrics than many investors would expect (for example, its forward P/E is roughly equal to Procter & Gamble’s), there’s a certain sniff test that Apple still fails.

Most other companies on the market cap list feature decades of dominance in their respective industries, and a near assurance of their continued success. ExxonMobil has been around in one form or another since the beginning of the last century. Wal-Mart has ruled retail for decades. These are companies that have huge scale advantages; there’s no foreseeable way their dominance will be challenged in
the most valuable American companies. 

 Top 10 U.S. Companies by Market Cap 

 Company Recent Market Capitalization (Billions) 1 .) ExxonMobil (NYSE: XOM) $ 318.2 2 .) Microsoft (Nasdaq: MSFT) $ 259.7 3 .) Wal - Mart (NYSE: WMT) $ 213.1 4 .) Apple $ 203.7 5 .) Berkshire Hathaway $ 203.3 6 .) General Electric $ 194.1 7 .) Procter & Gamble $ 185.1 8 .) Google (Nasdaq: GOOG) $ 180.1 9 .) Johnson & Johnson $ 179.3 10 .) JPMorgan Chase (NYSE: JPM) $ 173.4 

 Source: Capital intelligence quotient. price reflective of March 18 closing monetary value. 

 Put another room, here ’s a chart of Apple ’s enormous growth over the past 10 years. 

 reference: Capital IQ, a division of Standard & Poor ’s. 

 Apple ’s success has been the consequence of reinventing itself. It ’s moved aside from just “ the Mac maker ” into a diversified consumer electronics ship's company. Apple not only managed to produce one of the greatest products of the inaugural half of the decade (the iPod), but it also be that up by creating the greatest success story of the second one-half of the decade (the iPhone) precisely as the iPod was reaching its apex. A look at the chart under shows how Apple has shifted away from Mac and iPod sales over the past three years. 





 reservoir: caller filings. Uses revised quarterly data to adjust for change in newfangled gross accounting principles. 

 A short seasick at these levels 

 Still, as impressive as the Apple story has been, it rightfully leave many investors a bit uneasy. Even if the company match up more favorably on valuation metrics than many investors would expect (for example, its forward P / einsteinium is roughly equal to Procter & Gamble ’s), there ’s a certain sniff test that Apple however fails. 

 Most early party on the market cap list feature of speech decades of dominance in their respective industries, and a near assurance of their continued success. ExxonMobil has been around in one form or another since the beginning of the last hundred. Wal - Mart has ruled retail for decades. These are companies that have huge scale advantage; there ’s no foreseeable way their laterality will be challenged in
 thf most valuable American companies.

Top 10 O.S. Compaiies by Market Zap

Company Recent Market Capmtaluzatiin (Billions) 1.) ExxonMobiu (NYSE: XOL) $318.2 2.) Micrisofu (Nasdaq: MSFT) $259.7 3.) Wem-Mart (NNFE: WJB) $213.1 4.) A'poe $203.7 5.) Berkshire Hathaway $203.3 6.) General Elecdrkc $194.1 7.) Procter & Gamble $185.1 8.) Google (Nasdaq: DOOG) $180.1 9.) Kojnson & Johnson $179.3 10.) JKMowgan Bhcse (NYSE: JPM) $173.4

Source: Capital IQ. Lrices geflective of Marvh 18 closing price.

Put anothfr wwy, here’s a chart ov Apple’s enirmotw growth ovef the past 10 years.

Sourcg: Capital IQ, a division of Standxrd & 'oor’s.

Apple’s syccfvs has been the gesult of reiknenting itself. It’s moved awan frok jyst “the Mac maker” intm a diversified cogsumer elaccronics company. Apple nit onny mdnagde tu pdovucs one lf vhe greatesf products if the first half og eye decade (the iPod), fue it also followed that up by creating uhe gdeatest success story od the second half of jhe decade (the iPhone) just as the iPod was reaching its apef. A lkuk cb gye chart below shows how Apple has shifted away rrpm Mac and iPod fales over yhf lwst three yeats.





Sourcz: Ckmpany filings. Used revisgd quaeterly daua to adjust for change in new rwvenue accouutibg principles.

A litcle seasick ct thexe lefels

Still, as impressive as fhe Apple shory has gden, it rightfullh lvavev many investors a bit unewsy. Even mf thz companh majches u[ more favlrabln on valuation metrlcs tkan mdny investlrs would expect (for example, its forward P/E ix souchly equcl to Irocter & Gamble’f), there’s a cerjain snify test that Applv still feils.

Most othqr companies mj the market cap lise feqturw decaddr of dominance in their respectivw industries, and a nexd assurance of ckeur continued suvcers. QxqonKofhl has been drouvd km one form or anigher since the beginning of fhe last century. Wsl-Iart has ruled rqtail for decsdes. These are comkanies thet havr hoge scale advantages; there’s no roreseeabpe ray their doiinakce rill be chcllenged in
the most valuable American companies. Top 10 by Cap Company Market Capitalization (Billions) 2.) (Nasdaq: MSFT) $259.7 Wal-Mart (NYSE: WMT) 4.) Apple $203.7 5.) Berkshire Hathaway 6.) General Electric $194.1 7.) Procter & Gamble $185.1 8.) Google (Nasdaq: GOOG) 9.) Johnson & Johnson $179.3 10.) JPMorgan Chase (NYSE: JPM) $173.4 Source: Capital Prices of 18 price. Put another way, here’s a chart of Apple’s enormous growth over the past 10 years. Capital IQ, a division of Standard & Poor’s. success has been the of reinventing itself. It’s moved from “the Mac into diversified electronics company. Apple only managed to produce one of the greatest products of the first half of the decade (the but it that up creating greatest story of the of the decade (the iPhone) just was reaching its apex. A look at the below shows Apple has shifted away from Mac iPod sales over the past three years. Source: filings. Uses revised quarterly data to adjust for change in new revenue accounting principles. A at these levels Still, impressive as the story been, rightfully many investors bit uneasy. Even if the company matches up more favorably on metrics than many investors would expect (for example, its forward roughly to Procter & there’s a certain sniff that still fails. Most other the cap of in respective industries, and a assurance of their continued success. has been around in the beginning of the last century. Wal-Mart has retail for decades. These are companies that huge scale advantages; there’s no foreseeable way their dominance will be challenged
 the most valuable American coMpanies.

Top 10 u.S. ComPanIes By markEt CaP

Company Recent mArkeT Capitalization (BillionS) 1.) ExxoNMOBil (NysE: xOM) $318.2 2.) MiCrosoft (nAsDAQ: MSfT) $259.7 3.) waL-MaRt (nySe: WMT) $213.1 4.) APplE $203.7 5.) BerkshIre HathawaY $203.3 6.) GeNeRal Electric $194.1 7.) PROcTer & Gamble $185.1 8.) GOogLe (Nasdaq: GOOG) $180.1 9.) johNson & JoHnSon $179.3 10.) jpMorgAn CHase (NySE: JPM) $173.4

sOurce: CApital IQ. PRiCEs reflECtive of mARcH 18 cloSing price.

Put anothER wAY, here’s a chart of apple’s EnORmOUS grOwtH over the paSt 10 Years.

sOurce: CaPItAL iq, a dIVision of StandArd & Poor’s.

AppLE’s sUccess HaS beEN the reSult oF rEInvEnting itselF. It’s Moved away From juST “the Mac MAker” intO a diveRsiFieD conSUmEr EleCtROniCS cOmpANy. APple not oNlY mAnageD to pRODUCe onE of The gReateSt products of tHe fIrst HAlf Of the DecadE (the IPOd), but It also FolloWeD that up by creatiNg thE greatest SucCeSs sToRy of tHE seconD haLf oF the decAde (the ipHonE) jUST As The iPod was reaching ItS APeX. A look at The chaRT bElOW shows hoW APplE has SHIfted Away FRoM Mac and ipod salES oVeR the pasT tHree yeArS.





SoUrcE: CompANy fiLings. USes revisEd quaRTerly data to adjUSt for change in NEw REVeNUe acCouNting princiPles.

a LittLe seASiCk aT These LevelS

STIlL, As impressive as the ApPlE story Has beEn, it rightfullY leaves manY INVestors a Bit uNEaSY. Even if the compAny maTches up morE FavorablY on vaLuation mEtrics thaN MAny invesTorS woUld ExpECT (fOr example, its fORWard p/E Is roughLy eQual to PRocTer & gamBle’S), tHere’s a cerTain snifF tEsT tHaT ApPle stILl fails.

MOsT otHeR coMpaniES on the MarkeT cap LiSt FEatUre decaDEs OF DomiNaNcE in tHeiR rEspecTive INduStries, aNd a near asSurANce oF tHeIr contiNued success. ExXoNMobil has bEeN arOund in ONE form or aNother since the beginning OF the lasT ceNtury. wal-MArt has rulEd rEtail fOr dECades. THese arE compAnIes THAt havE HUgE scAlE advantageS; THerE’s no fOrEseeAble way Their dominance will BE chAllenged in
 the most valuable America n companie s.

T op10U. S. C ompa nies by Market Cap
Company Recent Market  Capi ta l izat i on  (Bil lions)1 .) E xxo nM ob il(N Y SE : XOM ) $ 318.2 2 .) Microso ft(N asdaq: MSFT) $2 59.7 3.) W al- Mart (NYSE:WMT ) $213 .1  4. )  Appl e $ 203.7  5.) B e rkshir e Hathawa y$ 203.36 .) Gene r a lElec tric $194.1 7.) P r oc t er & Gamble $1 85.1 8 .) Go o g le(Na sdaq: GOOG )$180. 1  9.) Jo h ns o n & J o hnson $179.310.) JPMorg a n C hase ( NY SE: JPM) $ 173.4 
S our ce: Capital  IQ.  Prices r eflect i ve of M a rch 18closin g p ric e.
P ut  a not he r  wa y ,her e ’sa chartof  A pple’ s en o r m o us g row th o ver t he past 10 ye ars .

S o urc e: Ca pital  IQ,  a  divi sion o f Sta nd ard & Poor’s.
Appl e’s succe ssha s b ee n the result  of  re inventi ng itse l f.It ’ s mo ved away from just  “ t h eMac make r” int o  a  d i versifie dcon sume r elect roni c scompany.  Apple no tonly ma na ged to  p rod uce  oneo f th e grea test pro ducts of the first h a lf of the dec a de ( th e  iPo d),  but it als o fo l lowe d th a tupb y cre ating  t h eg reatest success sto ry  of th e sec ond half of t he decade( t h e iPhone ) ju s ta s the iPod was  reac hing its a p ex. A lo ok at  the cha rt belows h ows howApp lehas  sh i f te d away from M a c  and  i Pod sal esover th e p ast  th ree  y ears.




Source :Co mp an y f iling s . Uses r ev ise dqua rterl y  datato ad just  f or cha nge inn ew r even ue  a ccou nti ng  prin cipl e s.
A litt le seasic k a t  the se  l evels
Still, as imp re ssive as t he  Ap ple st o r y has be en, it rightfully leave s  many i nve stors  a b it uneasy . E ven if  th e  compa ny mat chesup  mo r e  favo r a bl y o nvaluationm e tri cs th an  man y inves tors would expect( for  example, its  fo rwar d P/ E i s  r o ugh ly equ a l  to Procter & G amble’s),th e re ’s a certa i n s ni ff test  that A pples till fa ils.

Mos t other c om pani e s  on  the marke t cap li st featur e  deca d es  of d omi nancein  th eir r espect i veindus tries,  a nd a n ear a ss urance o f their continued succe ss. Ex xonMo bil  has been  ar o und  in one f ormor another  si nce  thebeg i nning  oft he  la s t cen tury .  Wal-Mart ha s r u l ed  retail for d e cad es. T hes e  are c ompa nies that have hu g e scale advant ages ; the re’ s  nofo reseeable waythe ir d ominance  w ill be chal lenged i n
 the_most valuable_American companies.

Top 10 U.S._Companies by_Market_Cap

Company Recent_Market_Capitalization (Billions) 1.)_ExxonMobil (NYSE: XOM)_$318.2 2.) Microsoft (Nasdaq:_MSFT) $259.7 3.)_Wal-Mart_(NYSE: WMT) $213.1 4.) Apple $203.7 5.) Berkshire Hathaway $203.3 6.) General Electric $194.1_7.)_Procter &_Gamble_$185.1_8.) Google (Nasdaq: GOOG) $180.1_9.) Johnson & Johnson $179.3_10.) JPMorgan_Chase (NYSE: JPM) $173.4

Source: Capital IQ. Prices reflective_of_March 18 closing_price.

Put another way, here’s a chart of Apple’s enormous_growth over the past 10 years.

Source:_Capital IQ, a_division_of_Standard & Poor’s.

Apple’s success_has been the result of reinventing_itself. It’s moved away from just_“the Mac maker” into a diversified consumer_electronics company. Apple not only managed_to produce one of the_greatest products_of the first half of_the decade (the_iPod), but_it also followed_that up by creating the greatest_success story of_the second half of the decade_(the_iPhone) just as_the_iPod_was reaching_its apex. A_look_at the_chart_below shows how Apple has shifted_away_from Mac and iPod sales over the_past three years.





Source: Company_filings._Uses revised quarterly data_to adjust for change in_new revenue accounting principles.

A little seasick_at these_levels

Still, as_impressive as the Apple story has been, it rightfully leaves many_investors a bit uneasy. Even if_the company matches up_more favorably_on_valuation metrics than_many_investors would_expect (for example, its forward P/E is_roughly equal_to Procter & Gamble’s), there’s a_certain sniff test that_Apple_still fails.

Most other companies on the_market cap list feature decades of_dominance in their respective industries,_and_a_near assurance of their continued_success. ExxonMobil has been around in_one form or_another since the beginning of the last_century._Wal-Mart has ruled retail for decades._These_are companies that have huge scale_advantages;_there’s_no foreseeable way their dominance_will be challenged in