MSFT 预期市盈率接近 25 倍属合理水平，远未达到互联网泡沫时期的水平；但约 6000 亿美元的负债与租赁付款使其无法在不造成严重后果的情况下放缓承诺，法务会计分析已显示其盈利能力和现金流承压；总体而言，风险高而回报低。
逐段跳播
像 Microsoft 这样的公司预期市盈率是 25，所以这没什么问题。比互联网泡沫的疯狂便宜多了。凭借大量新的承诺，Microsoft 正日益把自己置于这样一种境地：从根本上说，它已经无法在不带来严重后果的情况下放慢脚步。
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.
仅 Microsoft 一家，在负债、租赁付款和其他义务上就有 6000 亿美元，再加上一些会影响盈利能力、现金流以及其他各方面的情况——而这在法务会计中已经显而易见。
$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.
我肯定不是那个能预测 Microsoft 或这一切五年后会怎样的人。
I'm certainly not the one to predict where Microsoft or any of this will be in five years.
我们认为 Microsoft 风险高、回报低。
We have Microsoft as risky for a low return.
这个频道对 $MSFT 的历次判断
Value Investing with Sven Carlin, Ph.D. 在这只股票上共 3 条判断，这里只列相邻的几条。