创业难，守业更难！道指三进：VISA 高盛 耐克。垄断或创新

创业难，守业更难！#道琼斯工业指数#DOW30支成员股自2004年来首次调整，三进：VISA/V，高盛/GS，耐克/NKE，三出：美洲银行/BAC，惠普/HP，Alcoa/AA。这80年来，还留在道指的只有GE，IBM，Standard Oil(Exxon,Chevron)，United Air Transport(United Tech,Boeing,United Air)！要活下去要么垄断、要么创新！

DOW的组成是由委员会投票的，不象很多其他常见的指数基本由规则决定。
Intel、Cisco要小心被踢出去！

http://en.wikipedia.org/wiki/Historical_components_of_the_Dow_Jones_Industrial_Average
http://www.forbes.com/sites/steveschaefer/2011/07/15/the-first-12-dow-components-where-are-they-now/

February 16, 1885: The First DJIA

Central Pacific  Railroad	Delaware, Lackawanna & Western  Railroad	Northern Pacific Railway (Preferred)
Central Railroad of New Jersey	Lake Shore Railway	Pacific Mail Steamship
Chicago, Milwaukee & St. Paul  Railroad	Louisville & Nashville Railroad	Union Pacific Railroad
Chicago & North Western Railway	Missouri Pacific Railroad	Western Union
Delaware & Hudson Canal	New York Central Railroad

May 26, 1896

American Cotton Oil	Distilling & Cattle Feeding	North American
American Sugar	General Electric Company	Tennessee Coal, Iron and Railroad
American Tobacco	Laclede Gas	U.S. Leather (Preferred)
Chicago Gas	National Lead	U.S. Rubber

February 6, 1924

American Can	Anaconda Copper	Standard Oil of California
American Car and Foundry	Baldwin Locomotive	Studebaker
American Locomotive	E. I. du Pont de Nemours and Company	U.S. Rubber
American Smelting	General Electric Company	U.S. Steel

July 18, 1930

Allied Chemical	Goodyear	Sears Roebuck & Company
American Can	Hudson Motor	Standard Oil of California
American Smelting	International Harvester	Standard Oil (NJ)
Bethlehem Steel	International Nickel	Texas Company
Borden	Johns-Manville	Texas Gulf Sulphur
Chrysler	Liggett & Myers	Union Carbide
Eastman Kodak Company	Mack Truck	United Air Transport
General Electric Company	National Cash Register	U.S. Steel
General Foods	Paramount Publix	Westinghouse Electric
General Motors Corporation	Radio Corporation	Woolworth

May 26, 1932

Allied Chemical	General Electric Company	Nash Motors
American Can	General Foods	Procter & Gamble Company
American Smelting	General Motors Corporation	Sears Roebuck & Company
American Tobacco B	Goodyear	Standard Oil of California
Bethlehem Steel	International Business Machines	Standard Oil (NJ)
Borden	International Harvester	Texas Company
Chrysler	International Nickel	Union Carbide
Coca-Cola Company	International Shoe	U.S. Steel
Drug Incorporated	Johns-Manville	Westinghouse Electric
Eastman Kodak Company	Loew's	Woolworth

March 4, 1939

Allied Chemical	General Electric Company	Procter & Gamble Company
American Can	General Foods	Sears Roebuck & Company
American Smelting	General Motors Corporation	Standard Oil of California
American Telephone and  Telegraph Co	Goodyear	Standard Oil (NJ)
American Tobacco B	International Harvester	Texas Company
Bethlehem Steel	International Nickel	Union Carbide
Chrysler	Johns-Manville	United Aircraft
Corn Products Refining	Loew's	U.S. Steel
E. I. du Pont de Nemours and Company	National Distillers	Westinghouse Electric
Eastman Kodak Company	National Steel	Woolworth

November 1, 1999

Alcoa Incorporated  (formerly Aluminum Company of America)	Exxon Corporation	McDonald’s Corporation
AlliedSignal Incorporated	General Electric Company	Merck & Co., Inc.
American Express Company	General Motors Corporation	Microsoft Corporation
AT&T Corporation	Hewlett-Packard Company	Minnesota Mining & Manufacturing
The Boeing Company	Home Depot Incorporated	Philip Morris Companies Inc.
Caterpillar Incorporated	Intel Corporation	Procter & Gamble Company
Citigroup Incorporated  (formerly Travelers Group)	International Business Machines	SBC Communications Inc.
Coca-Cola Company	International Paper Company	United Technologies Corporation
E. I. du Pont de Nemours and Company	Johnson & Johnson	Wal-Mart Stores Incorporated
Eastman Kodak Company	J.P. Morgan & Company	Walt Disney Company

The Dow 30 as of Sept. 20, 2013

3M Co.	General Electric Co.	Nike Inc.
AT&T Inc.	Goldman Sachs Group Inc.	Pfizer Inc.
American Express Co.	Home Depot Inc.	Procter & Gamble Co.
Boeing Co.	Intel Corp.	Travelers Co.
Caterpillar Inc.	International Business Machines	UnitedHealth Group Inc.
Chevron Corp.	Johnson & Johnson	United Technologies Corp.
Cisco Systems Inc.	J.P. Morgan Chase & Co.	Verizon Communications Inc.
Coca-Cola Co.	McDonald's Corp.	Visa Inc.
Du Pont	Merck & Co.	Wal-Mart Stores Inc.
Exxon Mobil Co.	Microsoft Corp.	Walt Disney Co.

ADDED:	DROPPED:
Nike Inc.	Alcoa Inc.
Visa Inc.	Bank of America Corp.
Goldman Sachs Group Inc.	Hewlett-Packard Co.

《天使投资》书里有1920年代伊士曼Eastman,爱迪生Edison的合影和他们的发明：伊士曼柯达的胶卷和相机框+爱迪生的电影摄像机，帮助创建了电影业。他们的发明和创新让这两家公司进入道指成员股！但柯达破产了，而通用电气GE今日还是不同行业的国际老大！为什么？#创意摧毁#、GE管理学、GE不同行业多元化投资！

缺乏创新，Intel、Cisco要小心被踢出道指！