$MSFT · Schwab Network · 2026-10-30
说话者在6月和7月将 Microsoft 加入组合：在4月至5月的战略调整之后，它已从 AI 资本开支受益者转变为可能的 AI 平台与应用领导者，随着采用率上升处于有利位置。其 ROI 披露、自由现金流、资本纪律、资产负债表现金及长期股息增长契合质量框架，且在今年 SaaS 抛售后估值显得有吸引力。
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而事实是，Microsoft 是唯一一家谈到正现金流的公司。你怎么看 Microsoft 这样的公司？它今天也随整个科技板块一起下跌了1.7%。
and the fact is that Microsoft is the only one that has talked about positive cash flow. What do you think of a name like Microsoft, which also declined along with the technology sector as a whole by 1.7% today?
是的，完全正确。我们在6月和7月把 Microsoft 加入了我们的投资组合。这是从两个不同的方面浮现出来的。首先是在我们关于人工智能的投资逻辑之中。我们会做区分，并尝试把 AI 交易拆解成不同的组成部分。
Microsoft 已经适应了这样一种思路，即把重心从资本支出的受益者转向未来有可能在人工智能平台和应用领域领先的公司。这实际上是他们在4月和5月所做的一些战略调整的结果。我们认为，基于这一点，随着人工智能应用的普及，他们在战略上将处于有利位置。
我们看到各类组织开始使用他们的平台，或者继续使用，而且使用率越来越高。事实上，这一点，再加上他们在披露投资回报、维持自由现金流和资本纪律方面的出色表现，符合我们的框架——我们寻找的是有能力在极长期内持续提高股息的高质量公司。
Yes, absolutely. We added Microsoft to our investment portfolio in June and July. It emerged on two different fronts. Firstly, within our thesis on artificial intelligence. We differentiate and try to break down AI transactions into different components.
Microsoft has adapted to the idea of shifting its focus from capital expenditure beneficiaries to companies that are likely to lead in the field of artificial intelligence platforms and applications in the future.
This was in fact the result of some strategic shifts they made in April and May. We believe they will be well-positioned on this basis from a strategic point of view as the adoption of artificial intelligence increases.
We see organizations starting to use their platform or continuing to use it, but at a higher and higher rate. In fact, this, along with their excellence in disclosing return on investment, maintaining free cash flow and capital discipline, falls within our framework where we look for higher quality companies capable of increasing dividends over the very long term.
是的，我总体上理解 Chris Alto 的立场，你在6月和7月初买入了 Microsoft 的股票。
Yes, and I understand Chris Alto’s position in general, you bought Microsoft shares in June and early July.
所以，我们深入思考过，我认为 Microsoft 是向平台和应用提供商趋势转变的一个很好的例子。我们是在今年早些时候“软件即服务”（SaaS）的挫败之后做到这一点的，当时对 Microsoft 的估值感觉很有吸引力。
So, we've thought deeply, and I think Microsoft is a good example of the shift towards platform and application provider trends. We were able to do this after the " Software as a Service" (SaaS) debacle earlier this year, when Microsoft's assessment felt attractive.
当你构建投资组合，并且有交易所交易基金和委托管理账户时，Microsoft 绝对是那种资产负债表上持有现金的大公司。它不会乱花钱。
When you build your investment portfolio, and you have exchange-traded funds and managed accounts, Microsoft is definitely the large-scale company that has cash on its balance sheet. She doesn't spend recklessly.
这个频道对 $MSFT 的历次判断
Schwab Network 在这只股票上共 27 条判断，这里只列相邻的几条。