I’m in Hawaii at the moment, taking a little vacation after my recent stay in New Zealand (details on all of that coming soon), so today will be a short one.
There’s been a lot of buzz lately about how Jeff Bezos’ net worth now exceeds $100 billion, making him the the richest man in the world (at least of the documented ones; Putin or some Arab prince may well be worth much more than that).
But you know what? That doesn’t mean shit. The news just came out that in the last three months, Apple has made more money in profit, not revenue mind you, but actual profit, than Amazon has ever made in its entire existence. Apple made $13.8 billion in net income during the March 2018 quarter, while Amazon’s total net income since inception is $9.6 billion. Holy hell.
Warren Buffett said:
Apple is an unbelievable company. If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States.
He’s right. As far as I know, number two in the US is Exxon Mobil. They “only” made $19 billion in profit last year while Apple did $48 billion. That’s amazingly impressive, particularly when you factor in how Exxon Mobil is a highly corporatist entity, getting billions in free cash (either directly or indirectly) from you, the taxpayer. (Apple is corporatist as well, of course. Most huge American corporations are since capitalism at that level no longer exists, but it’s not nearly as bad as Exxon Mobil.)
On top of this, Apple holds an amazing cash horde of $268 billion(!). Most of this is held offshore (smart of them; I would do the same). This would make Smaug’s treasure horde look like a piggy bank.
We are truly entering into an era of megacorporations, just like sci-fi predicted. It will be interesting to see how these megacorps survive or mutate after the slow collapse of the West. Will they collapse too? Or will they take over? Or will something else happen? I really don’t know, but the sheer amount of money being generated by corporate entities like Apple truly staggers the imagination.