For example:
Airbnb, which owns no property, is worth more than the Hilton group.
Facebook, which owns no content, is one of the world's most valuable advertising platforms.
Uber and Lyft, which don't own a single vehicle, are the world's most valuable taxi companies.
Tesla, which is worth more than Ford, has less than one-quarter the employees.
Vincent Deluard, the director of global macro strategy at INTL FCStone, thinks current economic conditions are creating a stock-market environment that can no longer be accurately valued. He writes, "Businesses whose value is not grounded in physical assets or labor become more desirable: assets that do not show up financial statements, such as brand name, access to customers' data, or a base of captive users are the drivers of value in the age of free capital." How we used to value stocks has been rendered irrelevant to him.
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