Company-Specific Macroeconomic Multipliers

An interesting contrast was drawn on September 15, 2020 between Lennar’s (LEN) earnings call and statistics on revenue per employee at Apple Corporation (AAPL). Lennar described strong growth out into the future in a measured way, because they believe that the prior decade created a home supply deficit due to underbuilding. The same week, Bloomberg writer John Authors reported Apple was running $15 million of revenue per employee, a truly astounding number. According to the article, Apple’s market cap exceeds the entire FTSE 100 Index in London. What would macroeconomics say about the value of…

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