On Tuesday, Microsoft reported results for Q1 FY22 – and it was another stellar showing for the tech giant. In reviewing the quarterly results, I was reminded of something that comes to mind periodically: it’s much more enjoyable to review the performance of a company that is firing on all cylinders (and where the investment question inevitably comes down to the valuation) than it is to dig through the messiness of a business that is struggling but which trades at a “cheap” valuation. (Alas, whether the former offers the prospects of better returns is what truly matters.)
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