Topic

MSFT

A collection of 12 issues

Microsoft in the "Dance Floor"

If you need any reminder how challenging active investing is, it can be humbling to know that if you bought Microsoft the day ChatGPT was launched, you would not only underperform QQQ but also underperform Alphabet (the very company the consensus assumed to be the primary “victim” of ChatGPT) by

The corporations of the future

Why do companies even exist? Why isn’t the economy just a vast collection of freelancers buying and selling services from each other in the open market? The answer, according to economist Ronald Coase, is “transaction costs.” These are the frictions and overhead involved in using the market. Every time

Nadella's truth

Satya means “Truth” and Nadella’s interview with Dwarkesh and Dylan Patel yesterday was indeed his way of disseminating his truth. It is one of the most interesting interviews I have listened to so far this year. What made the interview so compelling was that the interviewers did not tiptoe

The Great Decoupling of Labor and Capital

A programming note: I initially wanted to cover Microsoft’s earnings today, but I am changing the schedule a bit as I felt more inspired to write today’s piece. Almost two decades ago, Hewlett-Packard (HP) was the first tech company to exceed $100 Billion annual revenue threshold in 2007.

Notes and thoughts on Meta and Microsoft discussion at GS Communicopia

Correction: I would like to issue a correction from yesterday’s piece on Synopsys. I mentioned the company is trading at ~56x LTM EBITA. The problem is Synopsys’ LTM EBITA doesn’t incorporate Ansys’ EBITA which they just acquired. As a result, while the EV includes the impact of acquisition,

Dollar General 2Q'25, Microsoft's Cybersecurity business

Yesterday, Dollar General published its 2Q’25 earnings and Microsoft attended Deutsche Bank's 2025 Technology Conference to discuss their cybersecurity business. I will share some thoughts on both of them behind the paywall. Subscribe

Microsoft FY2025 Update

Since Microsoft’s financial year ends in June 30th, I have decided to update my Microsoft model instead of doing the usual quarterly recap. I first published my Microsoft Deep Dive back in April 2023. However, Microsoft announced some changes to the composition of their reporting segments in August 2024.

Insurance Brokers, Portfolio Change

I have written about insurance brokers before (see my Brown & Brown Deep Dive, and write-up on Aon). I love insurance broker business and while they are certainly not the most exciting businesses around, the entire industry has been a reliable compounding machine for investors for decades. Hence, even though

MBI Daily Dose (July 02, 2025)

Companies mentioned in today's Daily Dose: Amazon, Cloudflare, Microsoft, Figma vs Adobe WSJ had an interesting piece yesterday on how Amazon has scaled its robotic efforts over the years: "The e-commerce giant, which has spent years automating tasks previously done by humans in its facilities, has deployed

Big Tech's Deteriorating Earnings Quality

Disclosure: I own shares of Meta Platforms, and Amazon Almost one and half years ago, I wrote about “The Curious Case of Big Tech”, in which I highlighted that much of the big tech was actually “deep value” investments back in 2013. In fact, I also mentioned “Meta, and Amazon