It's really about the intersection between two lines: * As a company gets bigger, it becomes complacent and slower to respond to changes in the market. * As a

It's really about the intersection between two lines: * As a company gets bigger, it becomes complacent and slower to respond to changes in the market. * As a company gets bigger, it gains economies of scale and powerful anti-competitive tools like regulatory capture, price dumping, etc. It also is able to capture more and more resources because the less competition there is, the more it can drive up prices or cut costs (and quality) without loss of customers. The question is which of those has the greater slope. Given that the number of publicly traded companies is trending downwards at least here in the US, my strong suspicion is that the latter wins.