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ThinkEquity's Michael Moe has a new post up on the ThinkBLOG about why china is the next big thing for the next 50 years. Buried at the bottom is his wise observation:

Microsoft jilted its many loyal fans by saying it was going to ramp up its investments to more aggressively compete for global web dominance. $32 billion of market value was taken off of Microsoft shares on Friday. I hate to say it, and it's the first time in a long time, but MSFT stands for "Money Stock For Tomorrow"; the company is doing the right thing and buying at $24 will be very rewarding over the next couple years in our opinion.

Microsoft (NASDAQ:MSFT) is the Consolidated Edison (NYSE:ED), United Gas Improvement Corporation (NYSE:UGI), American States Water Company (NYSE:AWR), and United Illuminating Company (NYSE:UIL) of the information age. It is cheap at $24 with 1.50% dividend yield.

Just because the build out of the software infrastructure of the information age is mostly complete does not mean that Microsoft is obsolete. Just like Intel, momentum chasing technology investors have abandoned Microsoft. The MoMo investors are ignoring the enormous underlying strength and profitability of MSFT's monopoly franchise.

In many ways, Microsoft has become similar to a public utility corporation: they have a stable monopoly, are very profitable, tend to grow in a slow and accretive manner, and pay generous dividends.

MSFT 1-yr chart:

Source: Microsoft: The Utility Stock Of Tomorrow (MSFT)