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True. But you pay a lot for the 3b as an investor. 1% earnings & negligible dividend for a 'monopoly' is not great, even in this low-interest environment. It indicates that the market (and I would guess most HN readers) do not believe MS's 'monopoly' is secure.

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you pay a lot for the 3b as an investor....It indicates that the market do not believe MS's 'monopoly' is secure.

Your argument makes zero sense. You may believe MS's monopoly is insecure, but if the markets believed that as well, then you wouldn't have to pay so much to own MS. The short term dividend returns would be greater because investors would be expecting capital loss.

I agree, you're right about the low dividend. But the argument against paying a high price for MS's future earnings stands. I conflated two ideas, but although I actually believe MS's conservative cash position is perhaps their best strength - I still believe they had a valuable monopoly & lost their way.

Microsoft has paid "special dividennds", some quite large ones (it paid 3 dollars per share , or 32 billion dollars juste a couple of years ago), so it's historical dividends aren't that bad.

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