Steve, I agree with you and have expressed similar thoughts over the last few weeks. Some say MSFT $3 is worth no more tha $3 off the share price. I disagree.
That $33 bil also had earnings. Probably close to $1.2 billion last year. Shareholders are paying about 30 times earnings for that invested $33 billion, about 10 cents per share. At minimum, that's another $3.00 per share that should come off the share value.
Looking at the price action so far, almost nothing has been discounted for the loss of earnings on $33 bil in cash. I think this will be made very obvious at the next earnings report. Especially when shareholder see that 40% of shareholder equity is gone.
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