Microsoft is a difficult situation for me to evaluate. I think the company still has a lot of growth ahead in some areas. But, that depends on where management wants to take it.
There are three core businesses that are already well developed: Windows, Office, and Servers.
The moat in the first two are wide. The Windows moat is huge.
The business model in operating systems is great. You keep upgrading every few years; the hardware needn’t progress for you to find thin…