Why Not All Earnings Are Equal; Microsoft Has the Wal-Mart Disease

For the first time in 20 years, Apple‘s quarterly profit exceeded Microsoft. Thus, on the face of things, the companies should be roughly equally valued.  But they aren’t. This week Microsoft’s market capitalisation is about $215B, while Apple’s is about $365B – about 70% higher.

The difference is, of course, growth – and how a lack of it changes management – including Microsoft.

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