>That's purely multiple expansion, not earnings growth.

Where do you see "multiple expansion" and "no earnings growth"?

MSFT:

  Year  ~P/E    EPS

  2010  20.24  $2.10

  2011  12.09  $2.69

  2012  9.70   $2.00

  2013  14.50  $2.58

  2014  13.94  $2.69