America’s stockmarkets are flying high. Its companies still aren’t

, Disney’s boss, sounded a cheerful note as he announced the entertainment giant’s quarterly results on August 4th. Its newish streaming service, Disney+, has acquired over 60m subscribers in less than a year, one-tenth the time it took Netflix to amass such an audience. “Mulan”, an upcoming blockbuster, will be released on Disney+ in September. “Despite the ongoing challenges of the pandemic, we have continued to build on the incredible success of Disney+ as we grow,” Mr Chapek intoned.

Disney’s experience sums up that of America Inc more broadly. Investors have been casting about for any signs of a rebound from the pandemic-induced recession. Realshrank at an annualised rate of nearly 33% in the second quarter. And yet, with interest rates—and thus returns on safe assets like Treasury bonds—close to zero, money has poured into equities. American share prices have risen by more than 40% from their trough in March.

The crunch is worse at smaller firms. Mr Kostin calculates that, as of August 3rd, quarterly earnings for500 companies were down by about 35% year on year. For those in the Russell 2000 index of smaller firms, they had nearly evaporated entirely. This dominance has boosted the market—and investor confidence. But it poses a risk for the unwary. Mr Golub says that unlike the flaky internet firms that collapsed when the dotcom bubble burst two decades ago, the five tech titans have solid business models, little debt and strong revenue growth. But should a speedy recovery materialise, money could flow out of tech and into currently unloved sectors such as heavy industry.

BosseStine

does anyone see any real competition for disney in the next 10 years?

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