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Value School (Madrid, Spain); Q&A with Mohnish Pabrai on July 9, 2021
Chai with Pabrai
The Roller Coaster Ride of Investing in Microsoft
In early 2000, there were three companies in the world which had a market cap of over 600 billion Microsoft, GE and Cisco. At that time, their cash flows were well under 10 billion. So it was trading at 60, 70 times earning. It was pretty richly priced. But from 2000 till about 2012 or 2013, the stock was flat. Zero returns for 13, 14 years - even though revenues had increased dramatically,. profits had increased dramatically because it was so heavily overvalued.
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