Tom! makes a good point about the "quixotic CEO discount." Moreover, Microsoft's 10-year run was set up by 2 factors not addressed above. (i) Microsoft was dead money for 14 years under Balmer before Nardella took over. (ii) During the last ten years, all big tech enjoyed the tail wind of of investor sentiment in a manner that may not ma…
Tom! makes a good point about the "quixotic CEO discount." Moreover, Microsoft's 10-year run was set up by 2 factors not addressed above. (i) Microsoft was dead money for 14 years under Balmer before Nardella took over. (ii) During the last ten years, all big tech enjoyed the tail wind of of investor sentiment in a manner that may not make the next 10 years an easy comparable period. That said, I've recently gone (very) modestly long META because it's such a good/sticky business an idiot could run it (thanks Charlie and Warren). Thanks for the analysis; completely agree with almost all of your points (particularly the share repurchases).
Tom! makes a good point about the "quixotic CEO discount." Moreover, Microsoft's 10-year run was set up by 2 factors not addressed above. (i) Microsoft was dead money for 14 years under Balmer before Nardella took over. (ii) During the last ten years, all big tech enjoyed the tail wind of of investor sentiment in a manner that may not make the next 10 years an easy comparable period. That said, I've recently gone (very) modestly long META because it's such a good/sticky business an idiot could run it (thanks Charlie and Warren). Thanks for the analysis; completely agree with almost all of your points (particularly the share repurchases).