From T2 fund letter - July
"Our investment horizon is quite a bit shorter for any technology company.... We can't accurately predict where MSFT's business will be in 5-10 years but you don't have to in order to own the stock today."
Is this true? MSFT's current multiple is at least 10x. If you owned the business today you are relying on greater fools who have much more confidence in you to value the company 10-15 years out. Without those people, you wouldn't be making the purchase if you thought above was true.
At the end of the day, if you don't have some confidence in where the business will be in 10 years, you are relying on greater fools.
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