, whose shares are all up more than 20% over the past 12 months compared to 13% for the S&P 500.
Last week, Disney's push to disrupt itself with the Disney+ streaming service was a booming success, with more than 10 million day-one subscribers and a storm of positive buzz that the company will instantly achieve scale in a business created and dominated by Netflix . While he chalks this up to loose-money policies juicing growth over value stocks, it could just as easily be viewed as a market determination that technology-enabled intellectual property has greater enduring value than inert financial capital.In a less-remarked move in recent days, Nike ended its agreement to distribute shoes and clothes through Amazon – once viewed as a fast track to ecommerce scale.
The company's strong results, including 3.1% quarterly domestic same-store sales growth, ratified the strategy for sure. But did the stock reaction also raise the prospect that investors have been a bit too aggressive in upwardly revaluing these elite undisrupted names?
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