Nothing lasts forever.
This is especially true in the business world: Entrepreneurs and executives come and go, and industries and companies rise and fall.
These dynamics are very much at the core of TKer Stock Market Truth No. 9: There’s a lot of turnover in the stock market. Specifically, this observation concerns how stocks are regularly added to and removed from the market and the major indices.
But philosophically, Truth No. 9 also speaks to the many changes that long-lasting businesses experience during their time as going concerns.
People come and go 👋
Last Monday, Apple announced that Tim Cook, its CEO for 15 years, would step down from the top job in September.
This is a big deal as Cook oversaw many of the company’s wins, creating trillions of dollars of shareholder value. From the announcement:
He became CEO in 2011 and has overseen the introduction of numerous products and services, including new categories like Apple Watch, AirPods, and Apple Vision Pro, and services ranging from iCloud and Apple Pay to Apple TV and Apple Music. He was also instrumental in expanding existing product lines. Under Cook’s leadership Apple has grown from a market capitalization of approximately $350 billion to $4 trillion, representing a more than 1,000% increase, and yearly revenue has nearly quadrupled, from $108 billion in fiscal year 2011 to more than $416 billion in fiscal year 2025.
His departure surely has some investors concerned. Indeed, Apple shares fell 2.5% on the first trading day following the announcement, underperforming the market.
While leadership changes don’t always go as hoped, history also shows they can work out well. In fact, Apple is arguably the epitome of what shareholders hope for.
Cook had incredibly big shoes to fill in 2011 when he stepped in for visionary leader Steve Jobs. And he delivered.
“The fact of the matter is nobody is irreplaceable,” Berkshire Hathaway’s …
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