For investors, a unicorn is a business that is capable of becoming a monopoly, a monopsony or something close to either.   Think Google, Amazon, the ‘big four’ supermarkets – the ‘big four’ anything.

Companies like these control so much of the market that they can pretty much set their own prices and guarantee high profits for a long period.

Monopolies, monopsonies and oligopolies are very good for investors and top managers.

They are very bad for free markets, innovation and consumers.

Why then would we want our governments to spend money nurturing them?

I’d rather they spent it nurturing zebras instead.