Is Big Tech Overstating Earnings? The Depreciation Math
Microsoft earned $17.95 a share last year. The bears say the real number is lower. Both sides are arguing about the wrong thing. The arithmetic is here.
Amazon’s Hidden Fortune: Why Traditional Accounting Misses the Mark on True Economic Earnings
Amazon’s negative working capital hit minus $90 billion in 2024, an interest-free loan from suppliers worth about $8 billion a year. GAAP misses it.
