I think you have to learn that there's a company behind every stock, and that there's only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.
I think Wall Street is very important, especially to tech companies. Wall Street will get in their rhythm and go fund tech companies, and tech companies will go create jobs and employ a lot of people, so there's that aspect of Wall Street.
Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.
Folks, you're the reason that the automobile industry is back. Whether it was the wage freezes, the plant closures, folks, you sacrificed to keep your companies open. Because of your productivity, the combined auto companies have committed to invest another $23 billion in expansion in America.
The hardware manufacturers, game designers, cable companies and computer companies and, in fact, film studios are going to ensure that this thing marches on. They know that they are going to make an enormous amount of money from it.
We will also allow state companies to sell shares to their workers and will pass a law allowing citizens to start companies of their own with no limits on the number of employees or on the firm's output.
The engineering is long gone in most PC companies. In the consumer electronics companies, they don't understand the software parts of it. And so you really can't make the products that you can make at Apple anywhere else right now. Apple's the only company that has everything under one roof.
Great entrepreneurs focus intensely on an opportunity where others see nothing. This focus and intensity helps to eliminate wasted effort and distractions. Most companies die from indigestion rather than starvation, i.e., companies suffer from doing too many things at the same time rather than doing too few things very well.
We invite American companies looking to raise capital to list on the Bahrain Stock Exchange. The region has a liquidity oversupply approximating $1 trillion and this pool of capital can be tapped into by creative American companies. The next Facebook may very well get funded on the BSE.
But, at the end of the day, we need to represent the taxpayers who have made enormous sacrifices. Many have lost their jobs. Many of them have seen their companies - they don't have a pension - they have seen their companies cut the match for their 401(k). They have seen their health care benefits be shredded.
We've grown from 18% of the profits of the top 25 companies in our industry to 23% of the profits of the top 25 companies in our industry over the last five years. Profits are up over 70%, where the industry profit is up about 35%. Pretty good.
When certain bootleg companies started off and they would take maybe ten per cent of whatever they got and help fuel new bands, which I'm cool with, I think that's a good idea. Most of the record companies are not doing that.