Subject: Apple from FT
on topic since we own a wee bit.

https://www.ft.com/content/129...

"As a result, the recent surge in its sales ' and profits ' has come without the need to pour more capital into its operations. Its return on capital employed jumped nearly 20 per percentage points in 2021, to 48 per cent. Last year it leapt again, to around 60 per cent.

That is roughly double the ROCE at Alphabet and Microsoft ' companies often thought of as being founded on a software business model that is inherently superior to that of a 'hardware maker' like Apple."


pretty impressive ROCE.