$Microsoft(MSFT)$ Msft is trading below historical multiple of 35x. This should not be:
1. Operating prospects are as bright as ever.
2, Even if the Fed stops all bond purchases immediately (unlikely) and immediately hiked rate a full 1% (not in the spectrum of possibility), we would still be in the most accommodative monetary environment in history. Inflation is running above 5%. Real yields are deeply negative and will remain so. Accordingly, MSFT multiple should be much higher then normal.