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> what's changed

Passive cash flows became more expensive. Money got pushed into Microsoft, not pulled into it.

Mind explaining what you mean by "passive cash flows" and why they became more expensive?

MS didn’t become more valuable in a vacuum. It’s just with the pandemic hurting so many businesses the value of a stable mature company that’s still making money went up.

The price/earnings ratio went up. You are paying more for each dollar of MS profit compared to last year (which was already a high P/E ratio).

It’s another form of inflation.

Passive cash is cash that is invested relatively risk free, such as in A status government bonds.

10Y treasury rate dropped by 1 percent point this year: https://ycharts.com/indicators/10_year_treasury_rate

Exactly

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