The stock market "graveyards" are littered with dead companies whose products or technology was rendered obsolete. For example, these were the technology companies listed on Morgan Stanley's "recommended list" in 1982:
Due to obsolescence, none of these companies exists today! Obsolescence risk is a factor for all companies to some degree, and is a necessary side-effect of having a thriving and innovative economy.
Investment dictionary. Academic. 2012.
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