Market cap is a nearly useless measure, especially on a large company. Apple's stock price is based not on current or even future value, but on being big and a

Market cap is a nearly useless measure, especially on a large company. Apple's stock price is based not on current or even future value, but on being big and a low-risk investment for mutual funds and other institutional investors. Can we stop pretending it's a measure of success, value, or consumer preference? Let's end this silliness. Do we really believe Apple is more valuable than Google + Microsoft? Do we really think they impact more users, or have a greater reach than those two companies combined? Nearly every computer in the world runs Windows, and Google organizes the world's information and delivers it to more people than anyone else. Apple sells phones, and occasionally a computer, but not very many of either relative to their markets. Roughly 60% of their valuation and revenue come from a rapidly-aging product in a mature market. If I were on Apple's board, I'd be terrified of what that stock price represents - that my job is now only to continue existing. Not to do great things, not to risk everything on a new product, and not to have vision or leadership. Just to continue existing.