The point is about which companies are worth investing in, not which companies benefit the world the most. Take biotech, where there is a lot of 'innovation' bu

The point is about which companies are worth investing in, not which companies benefit the world the most. Take biotech, where there is a lot of 'innovation' but you will generally lose your shirt investing in such companies. The other point to make is that innovation tends to either be not obvious or too obvious. Innovation at Tesla is 'too obvious' and hence the company has very high valuations and a low margin of safety for an investor. Amazon on the other hand had a lot of innovation in their business model but this wasn't very obvious to an outsider.