Top 100 publicly listed companies globally by market capitalization

Rank #59: Thermo Fisher Scientific — Headquarters: United States; Sector: Health Care; Market Capitalization: USD 180 billion. Rank #60: Eli Lilly & Co — Headquarters: United States; Sector: Health Care; Market Capitalization: USD 179 billion. Rank #61: Agricultural Bank of China — Headquarters: China; Sector: Financials; Market Capitalization: USD 178 billion. Rank #62: SoftBank Group — Headquarters: Japan; Sector: Telecommunications; Market Capitalization: USD 176 billion. Rank #63: Accenture PLC-A — Headquarters: Ireland; Sector: Industrials; Market Capitalization: USD 176 billion. Rank #64: Texas Instruments — Headquarters: United States; Sector: Technology; Market Capitalization: USD 174 billion. Rank #65: McDonald’s Corp — Headquarters: United States; Sector: Consumer Discretionary; Market Capitalization: USD 167 billion. Rank #66: Volkswagen AG — Headquarters: Germany; Sector: Consumer Discretionary; Market Capitalization: USD 165 billion. Rank #67: BHP Group Ltd — Headquarters: Australia; Sector: Materials; Market Capitalization: USD 163 billion. Rank #68: Wells Fargo & Co — Headquarters: United States; Sector: Financials; Market Capitalization: USD 162 billion. Rank #69: Tata Consultancy Services — Headquarters: India; Sector: Technology; Market Capitalization: USD 161 billion. Rank #70: Danaher Corp — Headquarters: United States; Sector: Health Care; Market Capitalization: USD 160 billion. Rank #71: Novo Nordisk — Headquarters: Denmark; Sector: Health Care; Market Capitalization: USD 160 billion. Rank #72: Medtronic PLC — Headquarters: Ireland; Sector: Health Care; Market Capitalization: USD 159 billion. Rank #73: Wuliangye Yibin — Headquarters: China; Sector: Consumer Staples; Market Capitalization: USD 159 billion. Rank #74: Costco Wholesale — Headquarters: United States; Sector: Consumer Discretionary; Market Capitalization: USD 156 billion. Rank #75: T-Mobile US Inc — Headquarters: United States; Sector: Telecommunications; Market Capitalization: USD 156 billion. Rank #76: Citigroup Inc — Headquarters: United States; Sector: Financials; Market Capitalization: USD 152 billion.

Investment Insights Series (01): Purchase price is extremely important—indeed, it largely determines investment returns!

On Saturday, March 1, 2025 (market closed), I screened and selected 10 stocks using the 'Dividend Three-Factor' strategy, planning to allocate approximately RMB 100,000 evenly across them to establish a live trading portfolio—Portfolio B. Simultaneously, I set up a parallel paper-trading portfolio named 'Little Streetlight' on Xueqiu (Snowball) for comparative analysis. The key difference was this: On March 1, the 'Little Streetlight' paper-trading portfolio was fully established in one go (i.e., all 10 stocks were purchased at market prices on the first trading day, March 3), whereas Portfolio B—the live 'Dividend Three-Factor' portfolio—was built gradually, stock by stock, only when each stock reached its pre-specified target purchase price. Here are the cost basis details for 'Little Streetlight': Here are the cost basis details for 'Dividend Three-Factor' Portfolio B: For example, consider Haixing Co., Ltd.: 'Little Streetlight' bought at RMB 14.49 per share, while 'Dividend Three-Factor' Portfolio B bought at RMB 13.11 per share. That’s the only difference—and yet, over the past nearly three months, 'Little Streetlight' has consistently underperformed Portfolio B by a significant margin. Having shared this case, let’s now analyze the underlying logic and reasons. From a value-investing perspective, a stock’s price fluctuates around its intrinsic value and tends to revert to the mean. If you buy above, at, or below that intrinsic value line, your long-term return probability is naturally highest when purchasing below intrinsic value. Of course, in the diagram above, the intrinsic value line is drawn as a flat horizontal line—ignoring the fact that a company’s intrinsic value may grow over time. Even so, if your purchase price is excessively high, it will take many years of value growth just to offset that initial overpayment, thereby dragging down your long-term rate of return. This is precisely why investing legends like Warren Buffett and Peter Lynch remain skeptical about the long-term prospects of popular industries and hot stocks. High-growth sectors, trending industries, and widely followed stocks attract intense investor attention and thus trade persistently at elevated valuations. Ordinary investors rarely get the chance to buy such stocks at reasonable—or even attractive—prices. Take Kweichow Moutai, Haitian Flavouring & Food, Contemporary Amperex Technology Co. Limited (CATL), or Pien Tze Huang, for example: By the time these stocks entered mainstream investor awareness, their valuations had already soared to dozens or even hundreds of times earnings. I’ve held Haitian’s stock for nearly six years, waiting patiently for a price near RMB 12—but it remains far out of reach. I suspect I’ll never see that price. A good purchase price, at its core, is fundamentally about establishing a 'margin of safety.' Suppose a stock’s true intrinsic value is RMB 1.00. If you buy it at RMB 0.50, you’ll likely profit over the long term—even if your estimate of intrinsic value is imperfect. For instance, if you estimated intrinsic value at RMB 1.00 but the 'God’s-eye view' intrinsic value is actually only RMB 0.80, your RMB 0.50 purchase price still leaves room for gain. And if, by luck, the true intrinsic value turns out to be RMB 1.20, your long-term returns will be even higher.

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