It is foolish to confuse value and price, a wonderful phrase that comes from the 17th century from a man as intelligent as he was scathing with Francisco de Quevedo, one of the best of our Golden Age and who was later coined with retouches by another of our most illustrious writers, Antonio Machado. Be that as it may, the phrase involves more truth than it appears, especially for things with great meaning and that hardly cost or are free. But it is also clearly valuable when it comes to financial markets.
All the assets, all of them, that we talk about in this report have a lower market price, with the exception that confirms the rule of Aramco, the Saudi oil company and the most important in the world, on account of the increase in the price of crude oil. But, in the other cases, the truth is that they do not reflect the real value of many of their companies, clearly devalued in the market due to the more than complicated situation of global macroeconomic uncertainty.
But the price is the price and it is what is reflected in its price right now. Thus, among the most capitalized companies in the world. Apple continues to be the mistress of the ranking, followed slowly and ever closer by the Saudi Aramco. Gone are those price levels of January this year in which the Cupertino company reached 3 billion market capitalization, according to the ranking prepared by Companies Market Cap.
In third position we find Microsoft, which is already lower than the dreamed of and reached 2 billion that it managed to exceed in June 2021, half a billion is surpassed by Apple, when a year and a half ago they disputed the great throne in capitalization in the United States. Alphabet-A Google for friends is the third in the market, followed closely by Amazon. Tesla, despite the setback due to the bad data on vehicle deliveries in the third quarter, also finds a gap among the big ones.
This as far as companies are concerned. But if what we are talking about is assets, things change. Although they do not believe that substantially. Gold, the refuge par excellence, continues to be without any competition, especially in these times with a global value that exceeds 11.34 trillion dollars, without any competition with any other in the markets. After him the companies mentioned, until reaching seventh place in which, Silver with just over 1.15 billion displaces Tesla in the global ranking.
If we focus on Europe, on Germany, for example, we see that the capitalization levels of the companies, despite their size, are not broadly substantial compared to other European countries. It is true that they have larger companies compared to the Spanish listed companies, by quantity, but the most capitalized, SAP, only exceeds 101,870 million dollars, light years ahead of American companies. Next to it, Deutsche Telekom and Siemens occupy the first positions.
In the case of the United Kingdom, the capitalization is higher in the first positions, where the Top 5 is made up of companies that far exceed 100,000 million when adding the price of their shares in the market in each of them. They are led by the oil company Shell, followed by the pharmaceutical company AstraZeneca, the “nationalized” chemical company Linde, the consumer goods company Unilever and the bank HSBC.
And the culmination in Europe points to it, with more capitalized companies in the first positions in the market, France. Luxury rules with the super capitalization by European standards representing 3 luxury firms. The giant world aLVMH that responds to Louis Vuitton Moet Henessy that, in addition, is part of the shareholding of two other Hermes and Dior. The quintet is completed by the perfume company L’Oreal and the energy company TotalEnergies.
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