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Bullish investors point to Facebook's profit margins, which are much bigger than Google's.
Rising labour costs will squeeze profit margins, which are at peak levels.
Diageo's emphasis, according to Mr Walsh, is on protecting profit margins, which are still around 30%.
The target for each company is based on its gross margins, which are a proxy for its contribution to society.
He said that despite the downturn, Nokia also reported better unit sales of smartphones and better profit margins, "which are both signs that the worst is over".
He also pointed to a cutback in promotional activity designed to protect profit margins, which are expected to be up about 50 basis points for the full year.
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That crimped Microsoft's operating margins, which were down slightly compared with 1999.
Porsche's margins, which were more than 20% last year, would remain in double digits, he added.
Investors were spooked, in part, by shrinking net interest margins, which is the profit margin achieved from lending and investing.
That will mean that margins, which were already thin in 2011 at 3 percent, will continue to be squeezed.
We captured voles with Sherman traps in crops and in their field margins which were comprised of semi-natural vegetation.
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