But what about Exxon, CVS, Verizon, Goldman Sachs, and Allstate? All these companies had access to the same capital, yet not all did as well as Amazon, et al. G

But what about Exxon, CVS, Verizon, Goldman Sachs, and Allstate? All these companies had access to the same capital, yet not all did as well as Amazon, et al. Goldman Sachs, theoretically, even has access to the Fed Discount window (hence, access to even more capital than FAANG) At some point we do need to acknowledge better execution, more aligned incentives, etc. One particular thing to note, many of the non-FAANG companies treat their employees terribly, especially engineers. Comp is nothing compared to FAANG, and yet they expect cheery engineers and other "low level workers" who give it their all and bring success to the company. And perhaps the formula doesnt work, which is good, because all workers should share in the success of their efforts.