Although it was hard to imagine in the ’70s that any of these companies would not shine forever, they are a useful reminder that even great companies get disrupted. Avon, Kodak, Polaroid, GE, Xerox –all were Nifty Fifties, and all either went bankrupt or are heading towards irrelevancy.
In the 1960s and early 1970s these stocks were one-rule stock – and the rule was, buy! They were bought, and bought, and bought. They were great companies and paying attention to how much you paid for them was irrelevant.