A brief note on MSFT (Microsoft):
Stock selection is never about watching the excitement, but about understanding the underlying logic.
I remain firmly optimistic about Microsoft's three keywords: cost-effectiveness, cash flow, and entry ticket.
• Data perspective: PE 24x, Forward PE 22x. The fair price calculated by DCF is around $435. The current price essentially gives away future growth for free.
• Business perspective: Obsessing over 'whose model is the strongest' is an amateur's focus, while insiders look at who has high gross margins and high net profits.
• Future perspective: The endgame of AI is not Chat, but Agent. When Windows becomes the world's largest intelligent agent distribution platform, all models will have to pay a tax to Microsoft.
Investing is: seeing the true color of value when the crowd is fearful.
Stay patient.$Microsoft(MSFT.US)
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