Anything's possible, but the "It's just X" argument can be invoked so universally that I'm not sure it adds to the conversation. ExxonMobil is just oil. WalMar

Anything's possible, but the "It's just X" argument can be invoked so universally that I'm not sure it adds to the conversation. ExxonMobil is just oil. WalMart is just department stores. Visa is just credit cards. All those companies have top-20 valuations. It's possible to come up with a doomsday scenario for any industry ... but by and large, once they get really big, they tend to persist in some form.