Microsoft Case Study
Is there an opportunity hiding in plain sight? Perhaps a leap spread opportunity? Why did Balmer go now and what can ValueAct help Microsoft do in terms of capital allocation? Perhaps the risk/reward allows for an opportunity? Do you own work. Plus, you can study ValueAct’s other investments.
The chart is a spin-off of the most amazing letter to the editor ever written, whichappeared in Thursday’s Financial Times. It also explained the entire Middle East, in a few short sentences. Here they are:
- Sir, Iran is backing Assad. Gulf states are against Assad!
- Assad is against Muslim Brotherhood. Muslim Brotherhood and Obama are against General Sisi.
- But Gulf states are pro-Sisi! Which means they are against Muslim Brotherhood!
- Iran is pro-Hamas, but Hamas is backing Muslim Brotherhood!
- Obama is backing Muslim Brotherhood, yet Hamas is against the U.S.!
- Gulf states are pro-U.S. But Turkey is with Gulf states against Assad; yet Turkey is pro-Muslim Brotherhood against General Sisi. And General Sisi is being backed by the Gulf states!
Welcome to the Middle East and have a nice day.
GOLD AND DEFLATION
Have a good weekend!