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Jenny Wallace - Identifying Value at the Summit

Value Investing with Legends

CHAPTER

Investing in Research Gaming - Microsoft

At $25, Microsoft was an interesting situation. Very high persistently over time returns on invested capital. Steve Ballmer had presided over a relatively unproductive stretch of R&D investing in technology companies. They instituted a 3.5% dividend and then the research gaming was about to kind of transition from being a money loser to a cash generator.

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