A good discussion that I am guessing most small investors don’t think about.  I have even tougher criteria.  I’m not even sure companies like Facebook are tech companies.  Sure, they use technology, but developing unique tech isn’t part of their business.  From Stratechery:

What Is a Tech Company?

From the IMF.  This is about the use of shell companies that do nothing but transfer wealth, mostly hiding ownership for tax avoidance of money laundering.

Globally, phantom investments amount to an astonishing $15 trillion, or the combined annual GDP of economic powerhouses China and Germany.

The Rise of Phantom Investments

Empty corporate shells in tax havens undermine tax collection in advanced, emerging market, and developing economies