IPE Views: How big can an Apple grow?

first_imgJoseph Mariathasan wonders what, if anything, can check the technology giant’s astonishing growthApple was valued at more than $770bn (€687bn) at its peak in February, making it by far the single-most valuable listed company on the planet. Despite its mammoth size, its chief executive, Tim Cook, announced that it could grow at a rate more akin to a start-up. But how large can a company grow? For some companies, there may be a clear upper limit – how many cans of sweetened fizzy drinks can Coca-Cola sell to a global population, with increasing worries over an epidemic of obesity-related afflictions such as diabetes?That may be a reasonable question to ask of Coca-Cola, but can an analogous question be asked of Apple, with an enormous market, global distribution and a strong brand that, despite being enormous, still has a lot of growth in front of it? Will the limit to Apple’s growth be set when every person on earth has an iPhone?Mega companies were clearly growth companies at an early stage of their lives to reach their gargantuan sizes. But, at what stage should mega-cap mega brands be seen as purely post-growth and value/dividend plays? Deciding when a company such as Apple has reached that position is unclear. The limits to growth are clearly dependent on the business strategy a company chooses to follow. Apple is clearly not a one-trick pony. It is not just a hardware company like Dell, having built an ecosystem around a seamless integration of innovative products and applications way beyond production of commodity hardware. The limits to growth are further away for companies with three key characteristics. First, as famously outlined by Warren Buffet as the companies he favours, are those with an economic moat that protects them against competitors, with a well-known brand name, pricing power and a large portion of market demand. This can provide the ability to grow enormously, but, sometimes, disruptive technologies can overwhelm even the widest moat. Kodak is a classic example, where its domination of photography could not withstand the impact of digital technology. But Apple has become the ultimate consumer brand, with the ability to create interest in any new product or variation of an existing product by just adding the prefix ‘i’.A second economic driver for growth also requires high-quality companies to be able to get better as they get bigger. Bigger does not always mean better, and the banking industry is the prime example of this. Citibank has a global footprint, but its value lies in having a few particularly strong local franchises in countries like Mexico.The insurance industry is another case in point. Life insurance and property and casualty insurance are locally regulated and require capital to be domiciled in local markets, giving few benefits in size, beyond reducing the overall volatility of results. Reducing volatility benefits senior management but not shareholders who could gain equivalent diversification themselves. At the reinsurance level, however, size can bring benefits because of the nature of the business and the size of the transactions. For Apple, the iPhone ecosystem that has grown is a classic example of something that gets better the bigger it grows.The third key characteristic that virtually all mega companies have is the ability to seek customers in the emerging markets.Any constraints to its size are further away for Apple than for most other companies, as it has all the three factors for growth in spades. So what can be the limits to growth for Apple? “The biggest risk for most of the companies we own is anti-trust regulation in the US that will force them to split apart,” said one fund manager on his Apple weighting. “We don’t like that problem, but we certainly prefer it to others we might have!”That is exactly what happened to the old AT&T, which once dominated the US telephone market and was forced to split up in 1982 into seven regional telephone companies – the ‘baby Bells’. That is unlikely to happen to Apple, given that it does not operate in oligopolistic markets and its innovations have attracted rapid and ferocious competition.There appears to be no limits to size for Apple. But then, AT&T, at its height, employed 1m people. Apple employs less than one-tenth of that. A great investment for its shareholders but perhaps also a sign of the problems society faces with the new generation of mega companies that are great at producing returns for shareholders but lousy at producing jobs.Joseph Mariathasan is a contributing editor at IPElast_img read more

Frances McIntosh

first_imgFrances McIntosh, 95, of Moores Hill passed away Sunday, August 11, 2019 at Ripley Crossing in Milan.  Frances was born Tuesday, October 9, 1923 in Gray Hawk, Kentucky, the daughter of Henry and Matilda (Smith) Peters.  She married Edward McIntosh March 31, 1939 and he preceded her in death June 24, 1996.  She was a former member of Moores Hill Church of Christ.  She was the former owner/operator of McIntosh Grocery Store in Moores Hill and former member of Moores Hill Legion Auxiliary.  She enjoyed her flowers, gardening, bowling, bingo and was an avid Cincinnati Reds baseball fan.Frances is survived by sons: James (Pat) McIntosh of Decorah, Iowa, Kenneth (Cheryl) McIntosh of Rising Sun and Deron McIntosh of Dillsboro; daughter Sandy Hollitt of Milan; daughter-in-law Connie McIntosh; 11 grandchildren; 18 great grandchildren; 13 great-great grandchildren and sister May Quinn of Louisville, Kentucky.  She was preceded in death by her parents, husband Edward, sons: Jerry and Ron, 1 brother, 1 sister, son-in-law Peter and 1 step-sister.A service celebrating her life will be held 11 AM Thursday, August 15, 2019 at Sibbett-Moore Funeral Home in Moores Hill with Pastor Tom Holt officiating.  Burial will follow in Forest Hill Cemetery.  Family and friends may gather to share and remember her 5 – 7 PM Wednesday, August 14 also at the funeral home.  Memorials may be given in honor of Frances to Moores Hill Life Squad.  Sibbett-Moore Funeral Home entrusted with arrangements, 16717 Manchester Street, Box 156, Moores Hill, IN 47032 (812)744-3280.  You may go to www.sibbettmoore.com to leave an online condolence message for the family.last_img read more

Syracuse-Marquette: The matchups, numbers and what to watch for in the Elite Eight Big East duel

first_imgBig number24Points scored by point guard Michael Carter-Williams in Syracuse’s 61-50 win over Indiana, a career high.Free throwSyracuse forward James Southerland’s sister, Sabrina, was named 2013 Girls Athlete of the Year by the Armory Track and Field Center on Thursday.These two teams last met in the NCAA Tournament in 2011 when the Big East had 11 schools selected, forcing a second-round matchup between the No. 3-seed Orange and the No. 11-seed Golden Eagles.The MatchupsStats in 2013 postseason playAdvertisementThis is placeholder textPoint guardMichael Carter-Williams6-6 185 So.10.1 ppg 6.7 apgJunior Cadougan6-1 205 Sr.8.8 ppg 1.0 apgCarter-Williams is as hot as he’s ever been while Cadougan’s tapered off in terms of raw production since the postseason’s started. If the Syracuse point guard shows the same range he did last game, the Orange becomes nearly impossible to defend.Shooting guardBrandon Triche6-4 210 Sr.13.4 ppg 2.9 apgVander Blue6-4 200 Jr.17.8 ppg 1.3 apgUnlike Jordan Hulls, Blue can matchup physically with Triche. That doesn’t mean Triche should stop driving, though. When he does, SU’s offense transforms from predictable pass-and-shoot to a dynamic maze of slashes, dumps and kicks.Small forwardJames Southerland6-8 215 Sr.12.9 ppg 5.5 rpgTrent Lockett6-5 210 Sr.7.0 ppg 8.5 rpgSoutherland’s quiet showing against the Hoosiers hints he’s due to drop a few 3s on Marquette. Ability to stretch the opposing defense aside, this matchup is most crucial on the boards where Southerland is severely underrated.Power forwardC.J. Fair6-8 215 Jr.14.0 ppg 6.4 rpgJuan Anderson6-6 210 So.0.5 ppg 1.8 rpgAnderson’s likely to give way to Jamil Wilson as he only played six minutes against Miami in the Sweet 16. The struggle for either player will be to keep track of Fair around the lane and limit his deadly mid-range jumper.CenterRakeem Christmas6-9 242 So.2.8 ppg 2.6 rpgChris Otule6-11 275 R-Sr.7.0 ppg, 5.3 rpgWhile Otule plays more significant minutes than Christmas, the real center battle will be fought by Baye Moussa Keita and Davante Gardner where Keita, and Christmas, will be tested by an even stronger physical presence than Indiana’s Cody Zeller.CoachesJim Boeheim919-31337 seasonsBuzz Williams136-706 seasonsThe two coaches are no strangers and the Orange zone will surprise no one. Both teams roll about eight-deep. Boeheim’s biggest game planning will have been done on shutting down Davante Gardner and Williams will push his player to hit the defensive glass and keep SU out of the transition play it revels in. Comments Published on March 30, 2013 at 12:48 am Facebook Twitter Google+last_img read more

Post your FREE Garage Sale ads here for this weekend

first_imgBy Tracy McCue, Sumner Newscow — It is a garage sale weekend. And the world needs to know you are having one. Go ahead and post your garage sale in the “comment” section below. We will remind the shopping troops on Friday about your sale.Happy bargain selling and hunting! Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (11) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. 0 Vote up Vote down Becky Hartley · 375 weeks ago 1211 south h garage sale Friday 7th 8:00 to 5:00 p.m. saturday 8:00 to 1:00. cash only. alot of stuff Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down Rebecca McFarlane · 375 weeks ago Big Moving Sale – 103 E Elm, Oxford, KS. Washer/Dryer, Dining Set lots more. Full household and outside articles. All needs to go. June 7 and 8. Friday and Saturday – all day Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down Kelsi Hinshaw · 375 weeks ago Garage sale Saturday June 8th. 601 Circle Dr. Lot of goodies! Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down J Gilkey & friends · 375 weeks ago 601 Sykes, Wellington – Fri 6/8 5-7 and Sat 6/9 7-noon. Furniture – including beds, garden tiller (low hours), clarinet, clothing – various sizes, misc household items. Lots of goodies! Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down Cindy Heffron · 375 weeks ago RAIN OR SHINE Belle Plaine, Ks. 716 N Friend Street Off of Logan across the street from Baptist Annex. 3 blocks straight north of Pizza Hut. Thursday June 6th– Friday June 7th–Sat June 8th 8:00 am to 6:00 pm HUGE HUGE SALE Nice clothes for men and women-small to large Kids clothes-girl and boy-baby to 12 Toys, lots of books, home decor, glassware, electronics, telephones, movies, holiday decor, collectibles, Avon, Partylite, Little people houses and more, lamps, games, stuffed animals, shoes, purses, pillows, sewing boxes and lots lots of misc. Wedding dresses. Size 8 with veil and Size 16 without veil. Every thing is marked low and wanting a new home. 🙂 Report Reply 0 replies · active 375 weeks ago +1 Vote up Vote down Cindy Heffron · 375 weeks ago RAIN OR SHINE Belle Plaine, Ks. 716 N Friend Street Off of Logan across the street from Baptist Annex. 3 blocks straight north of Pizza Hut. Thursday June 6th– Friday June 7th–Sat June 8th 8:00 am to 6:00 pm HUGE HUGE SALE Nice clothes for men and women-small to large Kids clothes-girl and boy-baby to 12 Toys, lots of books, home decor, glassware, electronics, telephones, movies, holiday decor, collectibles, Avon, Partylite, Little people houses and more, lamps, games, stuffed animals, shoes, purses, pillows, sewing boxes and lots lots of misc. Wedding dresses. Size 8 with veil and Size 16 without veil. Every thing is marked low and wanting a new home. 🙂 Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down Megin Bannister · 375 weeks ago BENEFIT SHOWCASE this weekend!! Located inside First Christian Church (123 W 9th) in Wellington. 9am-12 noon. This is to help the family of Eddie and Penni Helms who have had medical troubles!!! Come in and shop, enter for door prizes, and get some great products. Vendors include, Uppercase Living, Scentsy, Avon, Pink Zebra, Mary Kay, It Works Wraps, Traveling Vinyard, Vault Denim, The Getting Place, Body by Vi, 31, Origami Owl, A beautiful mess, and others!!! STOP BY THIS BENEFIT AND HELP A LOCAL FAMILY!!! A portion of all proceeds will go to the family!!!! Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down Traci Hawks · 375 weeks ago Garage Sale, Friday June 7th! 7:00 am – 4:00 pm Furniture…. Home Decor….. Kids’ Stuff 20 Sunset Rd, Wellington Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down Loryn Zoglmann · 375 weeks ago Garage Sale! 1915 North B St., Wellington Friday June 7th 3:00 p.m.-7:00 p.m. Saturday June 8th 8:00 a.m.- ?? Men’s and Women’s Clothing, Shoes, Furniture, Laptop, and more! Report Reply 0 replies · active 375 weeks ago 0 Vote up Vote down David Burden · 374 weeks ago Huge yard sale 503 e 4th in Wellington Fri open at 10-? and Sat 9-? I have baby girl clothes from newborn to 2t, some XXl men and women clothes. New and used picture frames including 2 digital frames, new gift items, household stuff, new makeup and jewelry, stuffed animals, toys, I can’t even rember it all. You’ll be sorry if you miss it. June 7th – 8th Report Reply 0 replies · active 374 weeks ago 12Next » Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new commentslast_img read more