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Many eons ago, the notion of a “safe haven” was a government bond. This idea is obviously long since buried, as bonds had a wipeout on the scale one might expect from speculative biotech startups. In its place appears to have been the company founded by one of Jeffrey Epstein’s best-known clients, which is Microsoft (MSFT).

Observe the lifetime history of this thing, going back to the years of Ronald Reagan. It IPO’d at about a nickel (split adjusted, obviously) and one buying at the IPO would have NEVER seen a loss. NEVER! As it approaches $400 and is valued at trillions, this has displaced the U.S. government as the equivalent of sound money. Pretty sad state of affairs, ain’t it? Because a P/E of 37 on a company that isn’t exactly undervalued strikes me as…………optimistic.

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