by That’s the title of my latest piece in Inside Story, expanding my earlier discussion of intangibles and monopoly to take account of Apple’s startling market valuation of trillion. As I observe, this can’t be accounted for in terms of big profit gains Admittedly, Apple’s business hasn’t been harmed by the Covid-19 pandemic, but neither has it greatly benefited — earnings in the June quarter were only about 10 per cent higher than in 2019, yet the stock price has doubled in less than six months. It’s mostly about the combination of secure monopoly power and long term interest rates near zero, which increase the value of any stable source of income, like monopoly rents Share this:Like this:Like Loading...
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That’s the title of my latest piece in Inside Story, expanding my earlier discussion of intangibles and monopoly to take account of Apple’s startling market valuation of $2 trillion. As I observe, this can’t be accounted for in terms of big profit gains
Admittedly, Apple’s business hasn’t been harmed by the Covid-19 pandemic, but neither has it greatly benefited — earnings in the June quarter were only about 10 per cent higher than in 2019, yet the stock price has doubled in less than six months.
It’s mostly about the combination of secure monopoly power and long term interest rates near zero, which increase the value of any stable source of income, like monopoly rents