Kevin Duffy on the impact of a decade of ZIRP on corporate America

A decade of zero interest rate policy has not only turned all traffic lights green, but many income statements red. Profitability and growth have become mutually exclusive terms. Apple sports a 25% operating margin, but revenues are declining as it surrenders market share in a saturated and competitive smartphone market. Meanwhile, newly public companies like Uber and Slack Technologies are growing revenues north of 40% while losses are counted in the billions.

~ Kevin Duffy, "Remembering a Year to Forget," The Market, July 8, 2019