MSFT's expected P/E near 25 is reasonable and far from dot-com levels, but about $600 billion in liabilities and lease payments leave it unable to slow commitments without dire consequences, with forensic accounting already showing pressure on profitability and cash flow; net, it is risky for a low return.

Companies like Microsoft have an expected price-to-earnings ratio of 25, so there's nothing wrong with that . Much cheaper than the madness of the dot-com bubble. With massive new commitments, Microsoft is increasingly putting itself in a position that is fundamentally at odds with any ability to slow down without dire consequences.

$600 billion for Microsoft alone in liabilities, lease payments, and other obligations , plus some situations that will impact profitability, cash flow, and everything else—and this is already evident in forensic accounting.

I'm certainly not the one to predict where Microsoft or any of this will be in five years.

We have Microsoft as risky for a low return.