WEBVTT	#Elemental Media Engine(TM) 2.17.0.0

00:00:00.400 --> 00:00:00.500
COME

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COME BACK

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COME BACK THERE.

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COME BACK THERE.
BUT

00:00:02.168 --> 00:00:02.268
COME BACK THERE.
BUT IT

00:00:02.268 --> 00:00:02.435
COME BACK THERE.
BUT IT MAKES

00:00:02.435 --> 00:00:02.569
COME BACK THERE.
BUT IT MAKES SENSE

00:00:02.569 --> 00:00:02.936
COME BACK THERE.
BUT IT MAKES SENSE THIS

00:00:02.936 --> 00:00:03.236
COME BACK THERE.
BUT IT MAKES SENSE THIS WOULD

00:00:03.236 --> 00:00:03.269
COME BACK THERE.
BUT IT MAKES SENSE THIS WOULD BE

00:00:03.269 --> 00:00:03.603
BUT IT MAKES SENSE THIS WOULD BE

00:00:03.603 --> 00:00:03.870
BUT IT MAKES SENSE THIS WOULD BE
AN

00:00:03.870 --> 00:00:04.337
BUT IT MAKES SENSE THIS WOULD BE
AN EXCUSE

00:00:04.337 --> 00:00:04.838
BUT IT MAKES SENSE THIS WOULD BE
AN EXCUSE TO

00:00:04.838 --> 00:00:04.971
BUT IT MAKES SENSE THIS WOULD BE
AN EXCUSE TO WIPE

00:00:04.971 --> 00:00:05.338
BUT IT MAKES SENSE THIS WOULD BE
AN EXCUSE TO WIPE AWAY

00:00:05.338 --> 00:00:07.841
BUT IT MAKES SENSE THIS WOULD BE
AN EXCUSE TO WIPE AWAY RECENT

00:00:07.841 --> 00:00:08.008
AN EXCUSE TO WIPE AWAY RECENT

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AN EXCUSE TO WIPE AWAY RECENT
GAINS.

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GAINS.

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GAINS.
>>

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GAINS.
>> MICROSOFT

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GAINS.
>> MICROSOFT ANNOUNCE

00:00:09.409 --> 00:00:09.642
GAINS.
>> MICROSOFT ANNOUNCING

00:00:09.642 --> 00:00:09.809
GAINS.
>> MICROSOFT ANNOUNCING PLANS

00:00:09.809 --> 00:00:09.909
>> MICROSOFT ANNOUNCING PLANS

00:00:09.909 --> 00:00:10.010
>> MICROSOFT ANNOUNCING PLANS
FOR

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>> MICROSOFT ANNOUNCING PLANS
FOR A

00:00:10.210 --> 00:00:10.377
>> MICROSOFT ANNOUNCING PLANS
FOR A BIG

00:00:10.377 --> 00:00:11.778
>> MICROSOFT ANNOUNCING PLANS
FOR A BIG STOCK

00:00:11.778 --> 00:00:11.811
>> MICROSOFT ANNOUNCING PLANS
FOR A BIG STOCK BUYBACK.

00:00:11.811 --> 00:00:12.178
FOR A BIG STOCK BUYBACK.

00:00:12.178 --> 00:00:12.278
FOR A BIG STOCK BUYBACK.
JOSH

00:00:12.278 --> 00:00:12.412
FOR A BIG STOCK BUYBACK.
JOSH LIPTON

00:00:12.412 --> 00:00:13.246
FOR A BIG STOCK BUYBACK.
JOSH LIPTON HAS

00:00:13.246 --> 00:00:13.279
FOR A BIG STOCK BUYBACK.
JOSH LIPTON HAS DETAILS.

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JOSH LIPTON HAS DETAILS.

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JOSH LIPTON HAS DETAILS.
>>

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JOSH LIPTON HAS DETAILS.
>> MICROSOFT

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JOSH LIPTON HAS DETAILS.
>> MICROSOFT MAKING

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JOSH LIPTON HAS DETAILS.
>> MICROSOFT MAKING CAPITAL

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>> MICROSOFT MAKING CAPITAL

00:00:14.647 --> 00:00:14.681
>> MICROSOFT MAKING CAPITAL
RETURN

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RETURN

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RETURN
NEWS

00:00:15.248 --> 00:00:15.382
RETURN
NEWS THE

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RETURN
NEWS THE SOFTWARE

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RETURN
NEWS THE SOFTWARE GIANT

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RETURN
NEWS THE SOFTWARE GIANT COMING

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NEWS THE SOFTWARE GIANT COMING

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NEWS THE SOFTWARE GIANT COMING
OUT

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NEWS THE SOFTWARE GIANT COMING
OUT AND

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NEWS THE SOFTWARE GIANT COMING
OUT AND RAISING

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NEWS THE SOFTWARE GIANT COMING
OUT AND RAISING A

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NEWS THE SOFTWARE GIANT COMING
OUT AND RAISING A DIVIDEND

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NEWS THE SOFTWARE GIANT COMING
OUT AND RAISING A DIVIDEND BY

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OUT AND RAISING A DIVIDEND BY

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OUT AND RAISING A DIVIDEND BY
11%.

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11%.

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11%.
ANNOUNCING

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11%.
ANNOUNCING A

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11%.
ANNOUNCING A $60

00:00:20.420 --> 00:00:21.721
11%.
ANNOUNCING A $60 BILLION

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11%.
ANNOUNCING A $60 BILLION STOCK

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ANNOUNCING A $60 BILLION STOCK

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ANNOUNCING A $60 BILLION STOCK
BUYBACK

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ANNOUNCING A $60 BILLION STOCK
BUYBACK PROGRAM

00:00:22.222 --> 00:00:22.389
ANNOUNCING A $60 BILLION STOCK
BUYBACK PROGRAM AND

00:00:22.389 --> 00:00:22.889
ANNOUNCING A $60 BILLION STOCK
BUYBACK PROGRAM AND THAT

00:00:22.889 --> 00:00:22.922
ANNOUNCING A $60 BILLION STOCK
BUYBACK PROGRAM AND THAT WORKS

00:00:22.922 --> 00:00:23.056
BUYBACK PROGRAM AND THAT WORKS

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BUYBACK PROGRAM AND THAT WORKS
OUT

00:00:23.123 --> 00:00:23.223
BUYBACK PROGRAM AND THAT WORKS
OUT TO

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BUYBACK PROGRAM AND THAT WORKS
OUT TO BE

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BUYBACK PROGRAM AND THAT WORKS
OUT TO BE ABOUT

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BUYBACK PROGRAM AND THAT WORKS
OUT TO BE ABOUT 3%

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BUYBACK PROGRAM AND THAT WORKS
OUT TO BE ABOUT 3% OF

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BUYBACK PROGRAM AND THAT WORKS
OUT TO BE ABOUT 3% OF THE

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OUT TO BE ABOUT 3% OF THE

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OUT TO BE ABOUT 3% OF THE
COMPANY'S

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OUT TO BE ABOUT 3% OF THE
COMPANY'S TOTAL

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OUT TO BE ABOUT 3% OF THE
COMPANY'S TOTAL MARKET

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OUT TO BE ABOUT 3% OF THE
COMPANY'S TOTAL MARKET CAP

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COMPANY'S TOTAL MARKET CAP

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COMPANY'S TOTAL MARKET CAP
THE

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COMPANY'S TOTAL MARKET CAP
THE PRIOR

00:00:27.293 --> 00:00:27.794
COMPANY'S TOTAL MARKET CAP
THE PRIOR BUYBACK

00:00:27.794 --> 00:00:27.961
COMPANY'S TOTAL MARKET CAP
THE PRIOR BUYBACK ANNOUNCEMENT,

00:00:27.961 --> 00:00:28.194
THE PRIOR BUYBACK ANNOUNCEMENT,

00:00:28.194 --> 00:00:28.395
THE PRIOR BUYBACK ANNOUNCEMENT,
$40

00:00:28.395 --> 00:00:28.561
THE PRIOR BUYBACK ANNOUNCEMENT,
$40 BILLION

00:00:28.561 --> 00:00:29.195
THE PRIOR BUYBACK ANNOUNCEMENT,
$40 BILLION IN

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THE PRIOR BUYBACK ANNOUNCEMENT,
$40 BILLION IN SEPTEMBER

00:00:29.562 --> 00:00:29.596
THE PRIOR BUYBACK ANNOUNCEMENT,
$40 BILLION IN SEPTEMBER 2019.

00:00:29.596 --> 00:00:29.763
$40 BILLION IN SEPTEMBER 2019.

00:00:29.763 --> 00:00:29.963
$40 BILLION IN SEPTEMBER 2019.
THAT'S

00:00:29.963 --> 00:00:30.196
$40 BILLION IN SEPTEMBER 2019.
THAT'S ABOUT

00:00:30.196 --> 00:00:30.630
$40 BILLION IN SEPTEMBER 2019.
THAT'S ABOUT 4%

00:00:30.630 --> 00:00:30.864
$40 BILLION IN SEPTEMBER 2019.
THAT'S ABOUT 4% OF

00:00:30.864 --> 00:00:30.997
$40 BILLION IN SEPTEMBER 2019.
THAT'S ABOUT 4% OF MARKET

00:00:30.997 --> 00:00:31.398
$40 BILLION IN SEPTEMBER 2019.
THAT'S ABOUT 4% OF MARKET CAP

00:00:31.398 --> 00:00:31.431
$40 BILLION IN SEPTEMBER 2019.
THAT'S ABOUT 4% OF MARKET CAP AT

00:00:31.431 --> 00:00:31.798
THAT'S ABOUT 4% OF MARKET CAP AT

00:00:31.798 --> 00:00:33.666
THAT'S ABOUT 4% OF MARKET CAP AT
THAT

00:00:33.666 --> 00:00:33.700
THAT'S ABOUT 4% OF MARKET CAP AT
THAT TIME.

00:00:33.700 --> 00:00:34.067
THAT TIME.

00:00:34.067 --> 00:00:34.234
THAT TIME.
OF

00:00:34.234 --> 00:00:34.467
THAT TIME.
OF COURSE,

00:00:34.467 --> 00:00:34.768
THAT TIME.
OF COURSE, SAYING

00:00:34.768 --> 00:00:35.068
THAT TIME.
OF COURSE, SAYING THIS

00:00:35.068 --> 00:00:35.101
THAT TIME.
OF COURSE, SAYING THIS WASN'T

00:00:35.101 --> 00:00:35.235
THAT TIME.
OF COURSE, SAYING THIS WASN'T A

00:00:35.235 --> 00:00:35.335
OF COURSE, SAYING THIS WASN'T A

00:00:35.335 --> 00:00:35.902
OF COURSE, SAYING THIS WASN'T A
BIG

00:00:35.902 --> 00:00:35.935
OF COURSE, SAYING THIS WASN'T A
BIG SURPRISE

00:00:35.935 --> 00:00:36.036
BIG SURPRISE

00:00:36.036 --> 00:00:36.269
BIG SURPRISE
THE

00:00:36.269 --> 00:00:36.536
BIG SURPRISE
THE TECH

00:00:36.536 --> 00:00:36.936
BIG SURPRISE
THE TECH TITAN

00:00:36.936 --> 00:00:37.370
BIG SURPRISE
THE TECH TITAN IS

00:00:37.370 --> 00:00:37.404
BIG SURPRISE
THE TECH TITAN IS PRETTY

00:00:37.404 --> 00:00:37.637
THE TECH TITAN IS PRETTY

00:00:37.637 --> 00:00:37.670
THE TECH TITAN IS PRETTY
CONSISTENT

00:00:37.670 --> 00:00:37.837
THE TECH TITAN IS PRETTY
CONSISTENT AT

00:00:37.837 --> 00:00:37.937
THE TECH TITAN IS PRETTY
CONSISTENT AT THIS

00:00:37.937 --> 00:00:38.304
THE TECH TITAN IS PRETTY
CONSISTENT AT THIS POINT

00:00:38.304 --> 00:00:38.471
THE TECH TITAN IS PRETTY
CONSISTENT AT THIS POINT IN

00:00:38.471 --> 00:00:38.605
CONSISTENT AT THIS POINT IN

00:00:38.605 --> 00:00:39.072
CONSISTENT AT THIS POINT IN
TERMS

00:00:39.072 --> 00:00:39.305
CONSISTENT AT THIS POINT IN
TERMS OF

00:00:39.305 --> 00:00:39.639
CONSISTENT AT THIS POINT IN
TERMS OF RAISING

00:00:39.639 --> 00:00:39.939
CONSISTENT AT THIS POINT IN
TERMS OF RAISING THE

00:00:39.939 --> 00:00:40.240
CONSISTENT AT THIS POINT IN
TERMS OF RAISING THE DIVIDEND

00:00:40.240 --> 00:00:40.273
CONSISTENT AT THIS POINT IN
TERMS OF RAISING THE DIVIDEND BY

00:00:40.273 --> 00:00:40.340
TERMS OF RAISING THE DIVIDEND BY

00:00:40.340 --> 00:00:40.673
TERMS OF RAISING THE DIVIDEND BY
A

00:00:40.673 --> 00:00:41.274
TERMS OF RAISING THE DIVIDEND BY
A SIMILAR

00:00:41.274 --> 00:00:41.307
TERMS OF RAISING THE DIVIDEND BY
A SIMILAR PERCENTAGE

00:00:41.307 --> 00:00:41.441
A SIMILAR PERCENTAGE

00:00:41.441 --> 00:00:41.574
A SIMILAR PERCENTAGE
ALSO

00:00:41.574 --> 00:00:41.775
A SIMILAR PERCENTAGE
ALSO THE

00:00:41.775 --> 00:00:42.308
A SIMILAR PERCENTAGE
ALSO THE STOCK

00:00:42.308 --> 00:00:42.442
A SIMILAR PERCENTAGE
ALSO THE STOCK HAS

00:00:42.442 --> 00:00:42.609
A SIMILAR PERCENTAGE
ALSO THE STOCK HAS SURGED

00:00:42.609 --> 00:00:43.243
A SIMILAR PERCENTAGE
ALSO THE STOCK HAS SURGED A

00:00:43.243 --> 00:00:43.276
A SIMILAR PERCENTAGE
ALSO THE STOCK HAS SURGED A LOT.

00:00:43.276 --> 00:00:43.743
ALSO THE STOCK HAS SURGED A LOT.

00:00:43.743 --> 00:00:44.010
ALSO THE STOCK HAS SURGED A LOT.
IT'S

00:00:44.010 --> 00:00:44.377
ALSO THE STOCK HAS SURGED A LOT.
IT'S UP

00:00:44.377 --> 00:00:44.711
ALSO THE STOCK HAS SURGED A LOT.
IT'S UP NOW

00:00:44.711 --> 00:00:45.378
ALSO THE STOCK HAS SURGED A LOT.
IT'S UP NOW ABOUT

00:00:45.378 --> 00:00:46.613
ALSO THE STOCK HAS SURGED A LOT.
IT'S UP NOW ABOUT 40%

00:00:46.613 --> 00:00:46.880
ALSO THE STOCK HAS SURGED A LOT.
IT'S UP NOW ABOUT 40% IN

00:00:46.880 --> 00:00:46.913
ALSO THE STOCK HAS SURGED A LOT.
IT'S UP NOW ABOUT 40% IN 2021.

00:00:46.913 --> 00:00:47.047
IT'S UP NOW ABOUT 40% IN 2021.

00:00:47.047 --> 00:00:47.247
IT'S UP NOW ABOUT 40% IN 2021.
STILL

00:00:47.247 --> 00:00:47.347
IT'S UP NOW ABOUT 40% IN 2021.
STILL KIRK

00:00:47.347 --> 00:00:48.081
IT'S UP NOW ABOUT 40% IN 2021.
STILL KIRK HAS

00:00:48.081 --> 00:00:48.448
IT'S UP NOW ABOUT 40% IN 2021.
STILL KIRK HAS A

00:00:48.448 --> 00:00:48.481
IT'S UP NOW ABOUT 40% IN 2021.
STILL KIRK HAS A BUY

00:00:48.481 --> 00:00:49.015
STILL KIRK HAS A BUY

00:00:49.015 --> 00:00:49.315
STILL KIRK HAS A BUY
THE

00:00:49.315 --> 00:00:49.582
STILL KIRK HAS A BUY
THE LONG-TERM

00:00:49.582 --> 00:00:49.749
STILL KIRK HAS A BUY
THE LONG-TERM THESIS

00:00:49.749 --> 00:00:50.617
STILL KIRK HAS A BUY
THE LONG-TERM THESIS AROUND

00:00:50.617 --> 00:00:50.884
THE LONG-TERM THESIS AROUND

00:00:50.884 --> 00:00:50.950
THE LONG-TERM THESIS AROUND
DOUBLE-DIGIT

00:00:50.950 --> 00:00:51.684
THE LONG-TERM THESIS AROUND
DOUBLE-DIGIT TOP

00:00:51.684 --> 00:00:51.785
THE LONG-TERM THESIS AROUND
DOUBLE-DIGIT TOP AND

00:00:51.785 --> 00:00:52.018
THE LONG-TERM THESIS AROUND
DOUBLE-DIGIT TOP AND BOTTOM

00:00:52.018 --> 00:00:52.052
THE LONG-TERM THESIS AROUND
DOUBLE-DIGIT TOP AND BOTTOM LINE

00:00:52.052 --> 00:00:52.519
DOUBLE-DIGIT TOP AND BOTTOM LINE

00:00:52.519 --> 00:00:53.119
DOUBLE-DIGIT TOP AND BOTTOM LINE
GROWTH

00:00:53.119 --> 00:00:53.520
DOUBLE-DIGIT TOP AND BOTTOM LINE
GROWTH REMAINS

00:00:53.520 --> 00:00:53.553
DOUBLE-DIGIT TOP AND BOTTOM LINE
GROWTH REMAINS INTACT.

00:00:53.553 --> 00:00:53.686
GROWTH REMAINS INTACT.

00:00:53.686 --> 00:00:53.720
GROWTH REMAINS INTACT.
BACK

00:00:53.720 --> 00:00:53.887
GROWTH REMAINS INTACT.
BACK TO

00:00:53.887 --> 00:00:55.922
GROWTH REMAINS INTACT.
BACK TO YOU

00:00:55.922 --> 00:00:55.955
GROWTH REMAINS INTACT.
BACK TO YOU ALL.

00:00:55.955 --> 00:00:56.056
BACK TO YOU ALL.

00:00:56.056 --> 00:00:56.156
BACK TO YOU ALL.
>>

00:00:56.156 --> 00:00:56.256
BACK TO YOU ALL.
>> JOSH,

00:00:56.256 --> 00:00:56.322
BACK TO YOU ALL.
>> JOSH, THANKS

00:00:56.322 --> 00:00:57.123
BACK TO YOU ALL.
>> JOSH, THANKS FOR

00:00:57.123 --> 00:00:57.157
BACK TO YOU ALL.
>> JOSH, THANKS FOR THAT

00:00:57.157 --> 00:00:57.290
>> JOSH, THANKS FOR THAT

00:00:57.290 --> 00:00:57.424
>> JOSH, THANKS FOR THAT
MIKE,

00:00:57.424 --> 00:00:57.590
>> JOSH, THANKS FOR THAT
MIKE, PUT

00:00:57.590 --> 00:00:57.690
>> JOSH, THANKS FOR THAT
MIKE, PUT THIS

00:00:57.690 --> 00:00:58.124
>> JOSH, THANKS FOR THAT
MIKE, PUT THIS CHANGE

00:00:58.124 --> 00:00:58.558
>> JOSH, THANKS FOR THAT
MIKE, PUT THIS CHANGE IN

00:00:58.558 --> 00:00:58.591
>> JOSH, THANKS FOR THAT
MIKE, PUT THIS CHANGE IN CONTEXT

00:00:58.591 --> 00:00:58.691
MIKE, PUT THIS CHANGE IN CONTEXT

00:00:58.691 --> 00:00:58.758
MIKE, PUT THIS CHANGE IN CONTEXT
FOR

00:00:58.758 --> 00:00:59.159
MIKE, PUT THIS CHANGE IN CONTEXT
FOR US

00:00:59.159 --> 00:00:59.559
MIKE, PUT THIS CHANGE IN CONTEXT
FOR US FOR

00:00:59.559 --> 00:00:59.592
MIKE, PUT THIS CHANGE IN CONTEXT
FOR US FOR MICROSOFT

00:00:59.592 --> 00:00:59.692
FOR US FOR MICROSOFT

00:00:59.692 --> 00:00:59.759
FOR US FOR MICROSOFT
>>

00:00:59.759 --> 00:00:59.893
FOR US FOR MICROSOFT
>> PART

00:00:59.893 --> 00:01:00.126
FOR US FOR MICROSOFT
>> PART OF

00:01:00.126 --> 00:01:00.994
FOR US FOR MICROSOFT
>> PART OF AN

00:01:00.994 --> 00:01:01.261
FOR US FOR MICROSOFT
>> PART OF AN ONGOING

00:01:01.261 --> 00:01:01.428
FOR US FOR MICROSOFT
>> PART OF AN ONGOING STORY

00:01:01.428 --> 00:01:01.628
>> PART OF AN ONGOING STORY

00:01:01.628 --> 00:01:01.828
>> PART OF AN ONGOING STORY
WHERE

00:01:01.828 --> 00:01:02.062
>> PART OF AN ONGOING STORY
WHERE MICROSOFT

00:01:02.062 --> 00:01:02.695
>> PART OF AN ONGOING STORY
WHERE MICROSOFT HAS

00:01:02.695 --> 00:01:02.829
>> PART OF AN ONGOING STORY
WHERE MICROSOFT HAS JUST

00:01:02.829 --> 00:01:02.996
>> PART OF AN ONGOING STORY
WHERE MICROSOFT HAS JUST PLENTY

00:01:02.996 --> 00:01:03.329
WHERE MICROSOFT HAS JUST PLENTY

00:01:03.329 --> 00:01:03.463
WHERE MICROSOFT HAS JUST PLENTY
OF

00:01:03.463 --> 00:01:03.663
WHERE MICROSOFT HAS JUST PLENTY
OF PROFITS

00:01:03.663 --> 00:01:04.064
WHERE MICROSOFT HAS JUST PLENTY
OF PROFITS AND

00:01:04.064 --> 00:01:04.197
WHERE MICROSOFT HAS JUST PLENTY
OF PROFITS AND CASH

00:01:04.197 --> 00:01:04.564
WHERE MICROSOFT HAS JUST PLENTY
OF PROFITS AND CASH FLOW

00:01:04.564 --> 00:01:05.198
WHERE MICROSOFT HAS JUST PLENTY
OF PROFITS AND CASH FLOW TO

00:01:05.198 --> 00:01:05.231
WHERE MICROSOFT HAS JUST PLENTY
OF PROFITS AND CASH FLOW TO GO

00:01:05.231 --> 00:01:05.632
OF PROFITS AND CASH FLOW TO GO

00:01:05.632 --> 00:01:05.665
OF PROFITS AND CASH FLOW TO GO
AROUND

00:01:05.665 --> 00:01:05.999
AROUND

00:01:05.999 --> 00:01:06.066
AROUND
AND

00:01:06.066 --> 00:01:06.166
AROUND
AND TO

00:01:06.166 --> 00:01:06.332
AROUND
AND TO BE

00:01:06.332 --> 00:01:06.766
AROUND
AND TO BE A

00:01:06.766 --> 00:01:07.233
AROUND
AND TO BE A CONSISTENT

00:01:07.233 --> 00:01:07.267
AROUND
AND TO BE A CONSISTENT BOOSTER

00:01:07.267 --> 00:01:07.367
AND TO BE A CONSISTENT BOOSTER

00:01:07.367 --> 00:01:07.834
AND TO BE A CONSISTENT BOOSTER
OF

00:01:07.834 --> 00:01:08.001
AND TO BE A CONSISTENT BOOSTER
OF THE

00:01:08.001 --> 00:01:08.234
AND TO BE A CONSISTENT BOOSTER
OF THE DIVIDEND,

00:01:08.234 --> 00:01:08.501
AND TO BE A CONSISTENT BOOSTER
OF THE DIVIDEND, IT

00:01:08.501 --> 00:01:09.002
AND TO BE A CONSISTENT BOOSTER
OF THE DIVIDEND, IT HAS

00:01:09.002 --> 00:01:09.035
AND TO BE A CONSISTENT BOOSTER
OF THE DIVIDEND, IT HAS BEEN

00:01:09.035 --> 00:01:09.202
OF THE DIVIDEND, IT HAS BEEN

00:01:09.202 --> 00:01:09.436
OF THE DIVIDEND, IT HAS BEEN
AROUND

00:01:09.436 --> 00:01:09.869
OF THE DIVIDEND, IT HAS BEEN
AROUND A

00:01:09.869 --> 00:01:10.370
OF THE DIVIDEND, IT HAS BEEN
AROUND A 10%

00:01:10.370 --> 00:01:11.004
OF THE DIVIDEND, IT HAS BEEN
AROUND A 10% ANNUAL

00:01:11.004 --> 00:01:11.404
OF THE DIVIDEND, IT HAS BEEN
AROUND A 10% ANNUAL RATE

00:01:11.404 --> 00:01:11.571
OF THE DIVIDEND, IT HAS BEEN
AROUND A 10% ANNUAL RATE OF

00:01:11.571 --> 00:01:12.072
AROUND A 10% ANNUAL RATE OF

00:01:12.072 --> 00:01:12.372
AROUND A 10% ANNUAL RATE OF
DIVIDEND

00:01:12.372 --> 00:01:12.405
AROUND A 10% ANNUAL RATE OF
DIVIDEND INCREASES

00:01:12.405 --> 00:01:12.605
DIVIDEND INCREASES

00:01:12.605 --> 00:01:12.739
DIVIDEND INCREASES
IN

00:01:12.739 --> 00:01:12.972
DIVIDEND INCREASES
IN TERMS

00:01:12.972 --> 00:01:14.007
DIVIDEND INCREASES
IN TERMS OF

00:01:14.007 --> 00:01:14.140
DIVIDEND INCREASES
IN TERMS OF BUYBACKS,

00:01:14.140 --> 00:01:14.741
DIVIDEND INCREASES
IN TERMS OF BUYBACKS, IT'S

00:01:14.741 --> 00:01:14.908
DIVIDEND INCREASES
IN TERMS OF BUYBACKS, IT'S AN

00:01:14.908 --> 00:01:15.108
IN TERMS OF BUYBACKS, IT'S AN

00:01:15.108 --> 00:01:15.909
IN TERMS OF BUYBACKS, IT'S AN
EFFECTIVE

00:01:15.909 --> 00:01:16.042
IN TERMS OF BUYBACKS, IT'S AN
EFFECTIVE BUYBACK

00:01:16.042 --> 00:01:16.276
IN TERMS OF BUYBACKS, IT'S AN
EFFECTIVE BUYBACK BECAUSE

00:01:16.276 --> 00:01:16.309
IN TERMS OF BUYBACKS, IT'S AN
EFFECTIVE BUYBACK BECAUSE THEY

00:01:16.309 --> 00:01:16.876
EFFECTIVE BUYBACK BECAUSE THEY

00:01:16.876 --> 00:01:17.043
EFFECTIVE BUYBACK BECAUSE THEY
ARE

00:01:17.043 --> 00:01:17.177
EFFECTIVE BUYBACK BECAUSE THEY
ARE SHRINKING

00:01:17.177 --> 00:01:17.677
EFFECTIVE BUYBACK BECAUSE THEY
ARE SHRINKING THE

00:01:17.677 --> 00:01:17.977
EFFECTIVE BUYBACK BECAUSE THEY
ARE SHRINKING THE SHARE

00:01:17.977 --> 00:01:18.011
EFFECTIVE BUYBACK BECAUSE THEY
ARE SHRINKING THE SHARE FLOATS

00:01:18.011 --> 00:01:18.144
ARE SHRINKING THE SHARE FLOATS

00:01:18.144 --> 00:01:18.411
ARE SHRINKING THE SHARE FLOATS
DOWN

00:01:18.411 --> 00:01:18.945
ARE SHRINKING THE SHARE FLOATS
DOWN BY

00:01:18.945 --> 00:01:19.145
ARE SHRINKING THE SHARE FLOATS
DOWN BY 10%

00:01:19.145 --> 00:01:19.712
ARE SHRINKING THE SHARE FLOATS
DOWN BY 10% SINCE

00:01:19.712 --> 00:01:19.979
ARE SHRINKING THE SHARE FLOATS
DOWN BY 10% SINCE AROUND

00:01:19.979 --> 00:01:20.013
ARE SHRINKING THE SHARE FLOATS
DOWN BY 10% SINCE AROUND 2013.

00:01:20.013 --> 00:01:20.246
DOWN BY 10% SINCE AROUND 2013.

00:01:20.246 --> 00:01:21.681
DOWN BY 10% SINCE AROUND 2013.
NOT

00:01:21.681 --> 00:01:21.948
DOWN BY 10% SINCE AROUND 2013.
NOT JUST

00:01:21.948 --> 00:01:23.750
DOWN BY 10% SINCE AROUND 2013.
NOT JUST OFFSETTING

00:01:23.750 --> 00:01:24.150
DOWN BY 10% SINCE AROUND 2013.
NOT JUST OFFSETTING THE

00:01:24.150 --> 00:01:24.184
DOWN BY 10% SINCE AROUND 2013.
NOT JUST OFFSETTING THE DELUSION

00:01:24.184 --> 00:01:24.384
NOT JUST OFFSETTING THE DELUSION

00:01:24.384 --> 00:01:24.484
NOT JUST OFFSETTING THE DELUSION
FROM

00:01:24.484 --> 00:01:24.918
NOT JUST OFFSETTING THE DELUSION
FROM SHARE

00:01:24.918 --> 00:01:25.151
NOT JUST OFFSETTING THE DELUSION
FROM SHARE BASE

00:01:25.151 --> 00:01:25.552
NOT JUST OFFSETTING THE DELUSION
FROM SHARE BASE COMPENSATION

00:01:25.552 --> 00:01:25.585
NOT JUST OFFSETTING THE DELUSION
FROM SHARE BASE COMPENSATION AND

00:01:25.585 --> 00:01:25.752
FROM SHARE BASE COMPENSATION AND

00:01:25.752 --> 00:01:25.919
FROM SHARE BASE COMPENSATION AND
PLENTY

00:01:25.919 --> 00:01:26.252
FROM SHARE BASE COMPENSATION AND
PLENTY LEFT

00:01:26.252 --> 00:01:26.352
FROM SHARE BASE COMPENSATION AND
PLENTY LEFT TO

00:01:26.352 --> 00:01:26.453
FROM SHARE BASE COMPENSATION AND
PLENTY LEFT TO INVEST

00:01:26.453 --> 00:01:26.953
FROM SHARE BASE COMPENSATION AND
PLENTY LEFT TO INVEST IN

00:01:26.953 --> 00:01:26.986
FROM SHARE BASE COMPENSATION AND
PLENTY LEFT TO INVEST IN THE

00:01:26.986 --> 00:01:27.187
PLENTY LEFT TO INVEST IN THE

00:01:27.187 --> 00:01:27.220
PLENTY LEFT TO INVEST IN THE
BUSINESS

00:01:27.220 --> 00:01:27.353
BUSINESS

00:01:27.353 --> 00:01:27.420
BUSINESS
THEY

00:01:27.420 --> 00:01:27.654
BUSINESS
THEY ARE

00:01:27.654 --> 00:01:27.787
BUSINESS
THEY ARE IN

00:01:27.787 --> 00:01:28.421
BUSINESS
THEY ARE IN A

00:01:28.421 --> 00:01:28.655
BUSINESS
THEY ARE IN A UNIQUE

00:01:28.655 --> 00:01:29.022
BUSINESS
THEY ARE IN A UNIQUE SPOT

00:01:29.022 --> 00:01:29.189
BUSINESS
THEY ARE IN A UNIQUE SPOT AND

00:01:29.189 --> 00:01:29.355
THEY ARE IN A UNIQUE SPOT AND

00:01:29.355 --> 00:01:29.556
THEY ARE IN A UNIQUE SPOT AND
THEY'VE

00:01:29.556 --> 00:01:30.123
THEY ARE IN A UNIQUE SPOT AND
THEY'VE BEEN

00:01:30.123 --> 00:01:30.590
THEY ARE IN A UNIQUE SPOT AND
THEY'VE BEEN VERY

00:01:30.590 --> 00:01:30.957
THEY ARE IN A UNIQUE SPOT AND
THEY'VE BEEN VERY SHAREHOLDER

00:01:30.957 --> 00:01:31.157
THEY'VE BEEN VERY SHAREHOLDER

00:01:31.157 --> 00:01:31.191
THEY'VE BEEN VERY SHAREHOLDER
FRIENDLY

00:01:31.191 --> 00:01:31.324
FRIENDLY

00:01:31.324 --> 00:01:31.558
FRIENDLY
EVEN

00:01:31.558 --> 00:01:31.658
FRIENDLY
EVEN THOUGH

00:01:31.658 --> 00:01:31.858
FRIENDLY
EVEN THOUGH IT'S

00:01:31.858 --> 00:01:32.225
FRIENDLY
EVEN THOUGH IT'S NOT

00:01:32.225 --> 00:01:32.459
FRIENDLY
EVEN THOUGH IT'S NOT ANY

00:01:32.459 --> 00:01:32.625
FRIENDLY
EVEN THOUGH IT'S NOT ANY LONGER

00:01:32.625 --> 00:01:32.792
EVEN THOUGH IT'S NOT ANY LONGER

00:01:32.792 --> 00:01:32.992
EVEN THOUGH IT'S NOT ANY LONGER
REALLY

00:01:32.992 --> 00:01:33.293
EVEN THOUGH IT'S NOT ANY LONGER
REALLY MUCH

00:01:33.293 --> 00:01:33.726
EVEN THOUGH IT'S NOT ANY LONGER
REALLY MUCH OF

00:01:33.726 --> 00:01:34.094
EVEN THOUGH IT'S NOT ANY LONGER
REALLY MUCH OF A

00:01:34.094 --> 00:01:34.127
EVEN THOUGH IT'S NOT ANY LONGER
REALLY MUCH OF A YIELD

00:01:34.127 --> 00:01:34.260
REALLY MUCH OF A YIELD

00:01:34.260 --> 00:01:34.360
REALLY MUCH OF A YIELD
IT'S

00:01:34.360 --> 00:01:34.561
REALLY MUCH OF A YIELD
IT'S STILL

00:01:34.561 --> 00:01:34.794
REALLY MUCH OF A YIELD
IT'S STILL EVEN

00:01:34.794 --> 00:01:35.862
REALLY MUCH OF A YIELD
IT'S STILL EVEN AT

00:01:35.862 --> 00:01:36.062
REALLY MUCH OF A YIELD
IT'S STILL EVEN AT THE

00:01:36.062 --> 00:01:36.296
REALLY MUCH OF A YIELD
IT'S STILL EVEN AT THE NEW

00:01:36.296 --> 00:01:36.463
REALLY MUCH OF A YIELD
IT'S STILL EVEN AT THE NEW RATE

00:01:36.463 --> 00:01:36.629
IT'S STILL EVEN AT THE NEW RATE

00:01:36.629 --> 00:01:36.996
IT'S STILL EVEN AT THE NEW RATE
IT'S

00:01:36.996 --> 00:01:37.530
IT'S STILL EVEN AT THE NEW RATE
IT'S 1%

00:01:37.530 --> 00:01:37.564
IT'S STILL EVEN AT THE NEW RATE
IT'S 1% YIELD.

00:01:37.564 --> 00:01:37.664
IT'S 1% YIELD.

00:01:37.664 --> 00:01:37.831
IT'S 1% YIELD.
THE

00:01:37.831 --> 00:01:37.897
IT'S 1% YIELD.
THE VALUATION

00:01:37.897 --> 00:01:38.164
IT'S 1% YIELD.
THE VALUATION IS

00:01:38.164 --> 00:01:38.798
IT'S 1% YIELD.
THE VALUATION IS SO

00:01:38.798 --> 00:01:38.832
IT'S 1% YIELD.
THE VALUATION IS SO HIGH

00:01:38.832 --> 00:01:38.932
THE VALUATION IS SO HIGH

00:01:38.932 --> 00:01:39.165
THE VALUATION IS SO HIGH
THE

00:01:39.165 --> 00:01:39.365
THE VALUATION IS SO HIGH
THE ONLY

00:01:39.365 --> 00:01:39.632
THE VALUATION IS SO HIGH
THE ONLY QUESTION

00:01:39.632 --> 00:01:40.033
THE VALUATION IS SO HIGH
THE ONLY QUESTION IS

00:01:40.033 --> 00:01:40.767
THE VALUATION IS SO HIGH
THE ONLY QUESTION IS FROM

00:01:40.767 --> 00:01:40.800
THE VALUATION IS SO HIGH
THE ONLY QUESTION IS FROM TIME

00:01:40.800 --> 00:01:41.935
THE ONLY QUESTION IS FROM TIME

00:01:41.935 --> 00:01:42.135
THE ONLY QUESTION IS FROM TIME
TO

00:01:42.135 --> 00:01:42.302
THE ONLY QUESTION IS FROM TIME
TO TIME,

00:01:42.302 --> 00:01:42.502
THE ONLY QUESTION IS FROM TIME
TO TIME, MICROSOFT

00:01:42.502 --> 00:01:42.669
THE ONLY QUESTION IS FROM TIME
TO TIME, MICROSOFT SEEMS

00:01:42.669 --> 00:01:42.836
THE ONLY QUESTION IS FROM TIME
TO TIME, MICROSOFT SEEMS LIKE

00:01:42.836 --> 00:01:43.436
TO TIME, MICROSOFT SEEMS LIKE

00:01:43.436 --> 00:01:43.703
TO TIME, MICROSOFT SEEMS LIKE
IT'S

00:01:43.703 --> 00:01:43.937
TO TIME, MICROSOFT SEEMS LIKE
IT'S EVERYONE'S

00:01:43.937 --> 00:01:44.270
TO TIME, MICROSOFT SEEMS LIKE
IT'S EVERYONE'S FAVORITE

00:01:44.270 --> 00:01:44.304
TO TIME, MICROSOFT SEEMS LIKE
IT'S EVERYONE'S FAVORITE FOR

00:01:44.304 --> 00:01:44.437
IT'S EVERYONE'S FAVORITE FOR

00:01:44.437 --> 00:01:44.571
IT'S EVERYONE'S FAVORITE FOR
EVERY

00:01:44.571 --> 00:01:44.737
IT'S EVERYONE'S FAVORITE FOR
EVERY REASON

00:01:44.737 --> 00:01:45.105
IT'S EVERYONE'S FAVORITE FOR
EVERY REASON AND

00:01:45.105 --> 00:01:45.605
IT'S EVERYONE'S FAVORITE FOR
EVERY REASON AND IT

00:01:45.605 --> 00:01:46.139
IT'S EVERYONE'S FAVORITE FOR
EVERY REASON AND IT GETS

00:01:46.139 --> 00:01:46.172
IT'S EVERYONE'S FAVORITE FOR
EVERY REASON AND IT GETS CROWDED

00:01:46.172 --> 00:01:46.406
EVERY REASON AND IT GETS CROWDED

00:01:46.406 --> 00:01:46.539
EVERY REASON AND IT GETS CROWDED
AND

00:01:46.539 --> 00:01:46.706
EVERY REASON AND IT GETS CROWDED
AND THERE'S

00:01:46.706 --> 00:01:47.006
EVERY REASON AND IT GETS CROWDED
AND THERE'S NOT

00:01:47.006 --> 00:01:47.907
EVERY REASON AND IT GETS CROWDED
AND THERE'S NOT A

00:01:47.907 --> 00:01:48.074
EVERY REASON AND IT GETS CROWDED
AND THERE'S NOT A NEAR-TERM

00:01:48.074 --> 00:01:48.274
AND THERE'S NOT A NEAR-TERM

00:01:48.274 --> 00:01:48.441
AND THERE'S NOT A NEAR-TERM
CATALYST

00:01:48.441 --> 00:01:48.775
AND THERE'S NOT A NEAR-TERM
CATALYST BUT

00:01:48.775 --> 00:01:48.908
AND THERE'S NOT A NEAR-TERM
CATALYST BUT IT'S

00:01:48.908 --> 00:01:49.142
AND THERE'S NOT A NEAR-TERM
CATALYST BUT IT'S NOT

00:01:49.142 --> 00:01:49.309
AND THERE'S NOT A NEAR-TERM
CATALYST BUT IT'S NOT PAID

00:01:49.309 --> 00:01:49.476
AND THERE'S NOT A NEAR-TERM
CATALYST BUT IT'S NOT PAID TO

00:01:49.476 --> 00:01:49.609
CATALYST BUT IT'S NOT PAID TO

00:01:49.609 --> 00:01:49.742
CATALYST BUT IT'S NOT PAID TO
STAY

00:01:49.742 --> 00:01:50.009
CATALYST BUT IT'S NOT PAID TO
STAY OUT

00:01:50.009 --> 00:01:50.210
CATALYST BUT IT'S NOT PAID TO
STAY OUT OF

00:01:50.210 --> 00:01:50.443
CATALYST BUT IT'S NOT PAID TO
STAY OUT OF IT

00:01:50.443 --> 00:01:50.577
CATALYST BUT IT'S NOT PAID TO
STAY OUT OF IT FOR

00:01:50.577 --> 00:01:50.777
CATALYST BUT IT'S NOT PAID TO
STAY OUT OF IT FOR ANY

00:01:50.777 --> 00:01:51.144
CATALYST BUT IT'S NOT PAID TO
STAY OUT OF IT FOR ANY PERIOD

00:01:51.144 --> 00:01:51.177
CATALYST BUT IT'S NOT PAID TO
STAY OUT OF IT FOR ANY PERIOD OF

00:01:51.177 --> 00:01:51.311
STAY OUT OF IT FOR ANY PERIOD OF

00:01:51.311 --> 00:01:51.544
STAY OUT OF IT FOR ANY PERIOD OF
TIME

00:01:51.544 --> 00:01:51.678
STAY OUT OF IT FOR ANY PERIOD OF
TIME IN

00:01:51.678 --> 00:01:52.178
STAY OUT OF IT FOR ANY PERIOD OF
TIME IN THE

00:01:52.178 --> 00:01:53.379
STAY OUT OF IT FOR ANY PERIOD OF
TIME IN THE LAST

00:01:53.379 --> 00:01:53.913
STAY OUT OF IT FOR ANY PERIOD OF
TIME IN THE LAST DECADE

00:01:53.913 --> 00:01:54.314
STAY OUT OF IT FOR ANY PERIOD OF
TIME IN THE LAST DECADE OR

00:01:54.314 --> 00:01:54.347
STAY OUT OF IT FOR ANY PERIOD OF
TIME IN THE LAST DECADE OR SO.

00:01:54.347 --> 00:01:54.447
TIME IN THE LAST DECADE OR SO.

00:01:54.447 --> 00:01:54.581
TIME IN THE LAST DECADE OR SO.
>>

00:01:54.581 --> 00:01:56.015
TIME IN THE LAST DECADE OR SO.
>> NO

00:01:56.015 --> 00:01:56.049
TIME IN THE LAST DECADE OR SO.
>> NO DOUBT.

00:01:56.049 --> 00:01:56.216
>> NO DOUBT.

00:01:56.216 --> 00:01:56.349
>> NO DOUBT.
SILVIA,

00:01:56.349 --> 00:01:56.783
>> NO DOUBT.
SILVIA, HOW

00:01:56.783 --> 00:01:57.183
>> NO DOUBT.
SILVIA, HOW MUCH

00:01:57.183 --> 00:01:57.317
>> NO DOUBT.
SILVIA, HOW MUCH DO

00:01:57.317 --> 00:01:57.617
>> NO DOUBT.
SILVIA, HOW MUCH DO YOU

00:01:57.617 --> 00:01:57.784
>> NO DOUBT.
SILVIA, HOW MUCH DO YOU WEIGH

00:01:57.784 --> 00:01:57.917
SILVIA, HOW MUCH DO YOU WEIGH

00:01:57.917 --> 00:01:58.785
SILVIA, HOW MUCH DO YOU WEIGH
CASH

00:01:58.785 --> 00:01:58.985
SILVIA, HOW MUCH DO YOU WEIGH
CASH RETURN

00:01:58.985 --> 00:01:59.519
SILVIA, HOW MUCH DO YOU WEIGH
CASH RETURN TO

00:01:59.519 --> 00:01:59.552
SILVIA, HOW MUCH DO YOU WEIGH
CASH RETURN TO SHAREHOLDER

00:01:59.552 --> 00:01:59.752
CASH RETURN TO SHAREHOLDER

00:01:59.752 --> 00:02:00.053
CASH RETURN TO SHAREHOLDER
DECISIONS

00:02:00.053 --> 00:02:00.386
CASH RETURN TO SHAREHOLDER
DECISIONS LIKE

00:02:00.386 --> 00:02:00.420
CASH RETURN TO SHAREHOLDER
DECISIONS LIKE THIS?

00:02:00.420 --> 00:02:00.920
DECISIONS LIKE THIS?

00:02:00.920 --> 00:02:01.154
DECISIONS LIKE THIS?
DO

00:02:01.154 --> 00:02:01.254
DECISIONS LIKE THIS?
DO YOU

00:02:01.254 --> 00:02:01.521
DECISIONS LIKE THIS?
DO YOU GO

00:02:01.521 --> 00:02:01.688
DECISIONS LIKE THIS?
DO YOU GO AFTER

00:02:01.688 --> 00:02:01.955
DECISIONS LIKE THIS?
DO YOU GO AFTER COMPANIES

00:02:01.955 --> 00:02:01.988
DECISIONS LIKE THIS?
DO YOU GO AFTER COMPANIES THAT

00:02:01.988 --> 00:02:02.355
DO YOU GO AFTER COMPANIES THAT

00:02:02.355 --> 00:02:02.489
DO YOU GO AFTER COMPANIES THAT
ARE

00:02:02.489 --> 00:02:02.655
DO YOU GO AFTER COMPANIES THAT
ARE LOOKING

00:02:02.655 --> 00:02:02.922
DO YOU GO AFTER COMPANIES THAT
ARE LOOKING TO

00:02:02.922 --> 00:02:03.056
DO YOU GO AFTER COMPANIES THAT
ARE LOOKING TO BUY

00:02:03.056 --> 00:02:03.690
DO YOU GO AFTER COMPANIES THAT
ARE LOOKING TO BUY BACK

00:02:03.690 --> 00:02:03.857
DO YOU GO AFTER COMPANIES THAT
ARE LOOKING TO BUY BACK THEIR

00:02:03.857 --> 00:02:05.658
ARE LOOKING TO BUY BACK THEIR

00:02:05.658 --> 00:02:05.725
ARE LOOKING TO BUY BACK THEIR
STOCKS

00:02:05.725 --> 00:02:05.792
ARE LOOKING TO BUY BACK THEIR
STOCKS AND

00:02:05.792 --> 00:02:05.859
ARE LOOKING TO BUY BACK THEIR
STOCKS AND YOU

00:02:05.859 --> 00:02:06.025
ARE LOOKING TO BUY BACK THEIR
STOCKS AND YOU BUY

00:02:06.025 --> 00:02:06.059
ARE LOOKING TO BUY BACK THEIR
STOCKS AND YOU BUY MICROSOFT

00:02:06.059 --> 00:02:06.126
ARE LOOKING TO BUY BACK THEIR
STOCKS AND YOU BUY MICROSOFT ON

00:02:06.126 --> 00:02:06.292
STOCKS AND YOU BUY MICROSOFT ON

00:02:06.292 --> 00:02:06.693
STOCKS AND YOU BUY MICROSOFT ON
THIS

00:02:06.693 --> 00:02:06.726
STOCKS AND YOU BUY MICROSOFT ON
THIS NEWS?

00:02:06.726 --> 00:02:06.893
THIS NEWS?

00:02:06.893 --> 00:02:07.127
THIS NEWS?
>>

00:02:07.127 --> 00:02:07.560
THIS NEWS?
>> YEAH,

00:02:07.560 --> 00:02:07.861
THIS NEWS?
>> YEAH, I

00:02:07.861 --> 00:02:07.894
THIS NEWS?
>> YEAH, I DO.

00:02:07.894 --> 00:02:07.994
>> YEAH, I DO.

00:02:07.994 --> 00:02:08.128
>> YEAH, I DO.
I

00:02:08.128 --> 00:02:08.261
>> YEAH, I DO.
I HOLD

00:02:08.261 --> 00:02:08.495
>> YEAH, I DO.
I HOLD ON

00:02:08.495 --> 00:02:08.728
>> YEAH, I DO.
I HOLD ON TO

00:02:08.728 --> 00:02:09.028
>> YEAH, I DO.
I HOLD ON TO MICROSOFT

00:02:09.028 --> 00:02:09.095
>> YEAH, I DO.
I HOLD ON TO MICROSOFT ON

00:02:09.095 --> 00:02:09.195
>> YEAH, I DO.
I HOLD ON TO MICROSOFT ON THE

00:02:09.195 --> 00:02:09.429
I HOLD ON TO MICROSOFT ON THE

00:02:09.429 --> 00:02:09.863
I HOLD ON TO MICROSOFT ON THE
NEWS

00:02:09.863 --> 00:02:10.096
I HOLD ON TO MICROSOFT ON THE
NEWS AND

00:02:10.096 --> 00:02:10.296
I HOLD ON TO MICROSOFT ON THE
NEWS AND CERTAINLY

00:02:10.296 --> 00:02:10.597
I HOLD ON TO MICROSOFT ON THE
NEWS AND CERTAINLY BUY

00:02:10.597 --> 00:02:10.630
I HOLD ON TO MICROSOFT ON THE
NEWS AND CERTAINLY BUY MICROSOFT

00:02:10.630 --> 00:02:10.763
NEWS AND CERTAINLY BUY MICROSOFT

00:02:10.763 --> 00:02:10.864
NEWS AND CERTAINLY BUY MICROSOFT
EVERY

00:02:10.864 --> 00:02:10.930
NEWS AND CERTAINLY BUY MICROSOFT
EVERY TIME

00:02:10.930 --> 00:02:11.064
NEWS AND CERTAINLY BUY MICROSOFT
EVERY TIME WE

00:02:11.064 --> 00:02:11.364
NEWS AND CERTAINLY BUY MICROSOFT
EVERY TIME WE HAVE

00:02:11.364 --> 00:02:11.464
NEWS AND CERTAINLY BUY MICROSOFT
EVERY TIME WE HAVE A

00:02:11.464 --> 00:02:11.664
NEWS AND CERTAINLY BUY MICROSOFT
EVERY TIME WE HAVE A DIP

00:02:11.664 --> 00:02:12.031
NEWS AND CERTAINLY BUY MICROSOFT
EVERY TIME WE HAVE A DIP IN

00:02:12.031 --> 00:02:12.198
NEWS AND CERTAINLY BUY MICROSOFT
EVERY TIME WE HAVE A DIP IN THE

00:02:12.198 --> 00:02:12.365
EVERY TIME WE HAVE A DIP IN THE

00:02:12.365 --> 00:02:12.632
EVERY TIME WE HAVE A DIP IN THE
NASDAQ

00:02:12.632 --> 00:02:12.899
EVERY TIME WE HAVE A DIP IN THE
NASDAQ AND

00:02:12.899 --> 00:02:13.199
EVERY TIME WE HAVE A DIP IN THE
NASDAQ AND IT'S

00:02:13.199 --> 00:02:13.266
EVERY TIME WE HAVE A DIP IN THE
NASDAQ AND IT'S ONE

00:02:13.266 --> 00:02:13.466
EVERY TIME WE HAVE A DIP IN THE
NASDAQ AND IT'S ONE OF

00:02:13.466 --> 00:02:13.700
EVERY TIME WE HAVE A DIP IN THE
NASDAQ AND IT'S ONE OF THE

00:02:13.700 --> 00:02:13.733
EVERY TIME WE HAVE A DIP IN THE
NASDAQ AND IT'S ONE OF THE NAMES

00:02:13.733 --> 00:02:13.867
NASDAQ AND IT'S ONE OF THE NAMES

00:02:13.867 --> 00:02:14.334
NASDAQ AND IT'S ONE OF THE NAMES
THAT

00:02:14.334 --> 00:02:14.734
NASDAQ AND IT'S ONE OF THE NAMES
THAT PULLS

00:02:14.734 --> 00:02:14.767
NASDAQ AND IT'S ONE OF THE NAMES
THAT PULLS BACK.

00:02:14.767 --> 00:02:14.934
THAT PULLS BACK.

00:02:14.934 --> 00:02:16.870
THAT PULLS BACK.
THEY'VE

00:02:16.870 --> 00:02:16.936
THAT PULLS BACK.
THEY'VE INCREASED

00:02:16.936 --> 00:02:17.103
THAT PULLS BACK.
THEY'VE INCREASED THE

00:02:17.103 --> 00:02:17.137
THAT PULLS BACK.
THEY'VE INCREASED THE DIVIDEND

00:02:17.137 --> 00:02:17.237
THEY'VE INCREASED THE DIVIDEND

00:02:17.237 --> 00:02:17.837
THEY'VE INCREASED THE DIVIDEND
10%

00:02:17.837 --> 00:02:18.037
THEY'VE INCREASED THE DIVIDEND
10% TO

00:02:18.037 --> 00:02:18.138
THEY'VE INCREASED THE DIVIDEND
10% TO 11%

00:02:18.138 --> 00:02:18.371
THEY'VE INCREASED THE DIVIDEND
10% TO 11% EVERY

00:02:18.371 --> 00:02:18.638
THEY'VE INCREASED THE DIVIDEND
10% TO 11% EVERY YEAR

00:02:18.638 --> 00:02:18.771
THEY'VE INCREASED THE DIVIDEND
10% TO 11% EVERY YEAR FOR

00:02:18.771 --> 00:02:18.938
THEY'VE INCREASED THE DIVIDEND
10% TO 11% EVERY YEAR FOR THE

00:02:18.938 --> 00:02:19.072
10% TO 11% EVERY YEAR FOR THE

00:02:19.072 --> 00:02:19.272
10% TO 11% EVERY YEAR FOR THE
LAST

00:02:19.272 --> 00:02:20.039
10% TO 11% EVERY YEAR FOR THE
LAST 12

00:02:20.039 --> 00:02:20.073
10% TO 11% EVERY YEAR FOR THE
LAST 12 YEARS.

00:02:20.073 --> 00:02:20.173
LAST 12 YEARS.

00:02:20.173 --> 00:02:20.240
LAST 12 YEARS.
THE

00:02:20.240 --> 00:02:20.440
LAST 12 YEARS.
THE $60

00:02:20.440 --> 00:02:21.274
LAST 12 YEARS.
THE $60 BILLION

00:02:21.274 --> 00:02:21.608
LAST 12 YEARS.
THE $60 BILLION BUYBACK,

00:02:21.608 --> 00:02:21.774
LAST 12 YEARS.
THE $60 BILLION BUYBACK, THEY

00:02:21.774 --> 00:02:22.609
THE $60 BILLION BUYBACK, THEY

00:02:22.609 --> 00:02:22.909
THE $60 BILLION BUYBACK, THEY
HAVE

00:02:22.909 --> 00:02:23.042
THE $60 BILLION BUYBACK, THEY
HAVE $130

00:02:23.042 --> 00:02:23.877
THE $60 BILLION BUYBACK, THEY
HAVE $130 BILLION

00:02:23.877 --> 00:02:23.910
THE $60 BILLION BUYBACK, THEY
HAVE $130 BILLION OFCASH

00:02:23.910 --> 00:02:24.043
HAVE $130 BILLION OFCASH

00:02:24.043 --> 00:02:24.210
HAVE $130 BILLION OFCASH
SO

00:02:24.210 --> 00:02:24.544
HAVE $130 BILLION OFCASH
SO THIS

00:02:24.544 --> 00:02:24.811
HAVE $130 BILLION OFCASH
SO THIS IS

00:02:24.811 --> 00:02:24.944
HAVE $130 BILLION OFCASH
SO THIS IS A

00:02:24.944 --> 00:02:25.211
HAVE $130 BILLION OFCASH
SO THIS IS A QUALITY

00:02:25.211 --> 00:02:25.245
HAVE $130 BILLION OFCASH
SO THIS IS A QUALITY COMPANY

00:02:25.245 --> 00:02:25.545
SO THIS IS A QUALITY COMPANY

00:02:25.545 --> 00:02:25.678
SO THIS IS A QUALITY COMPANY
WITH

00:02:25.678 --> 00:02:25.812
SO THIS IS A QUALITY COMPANY
WITH LOADS

00:02:25.812 --> 00:02:26.412
SO THIS IS A QUALITY COMPANY
WITH LOADS OF

00:02:26.412 --> 00:02:26.446
SO THIS IS A QUALITY COMPANY
WITH LOADS OF CASH

00:02:26.446 --> 00:02:26.579
WITH LOADS OF CASH

00:02:26.579 --> 00:02:27.180
WITH LOADS OF CASH
THEY

00:02:27.180 --> 00:02:27.580
WITH LOADS OF CASH
THEY ARE

00:02:27.580 --> 00:02:27.814
WITH LOADS OF CASH
THEY ARE INCREASING

00:02:27.814 --> 00:02:28.214
WITH LOADS OF CASH
THEY ARE INCREASING SHAREHOLDER

00:02:28.214 --> 00:02:28.681
THEY ARE INCREASING SHAREHOLDER

00:02:28.681 --> 00:02:28.715
THEY ARE INCREASING SHAREHOLDER
VALUE.

00:02:28.715 --> 00:02:29.249
VALUE.

00:02:29.249 --> 00:02:29.382
VALUE.
INCREASING

00:02:29.382 --> 00:02:29.682
VALUE.
INCREASING EPS

00:02:29.682 --> 00:02:29.782
VALUE.
INCREASING EPS AND

00:02:29.782 --> 00:02:30.016
VALUE.
INCREASING EPS AND PAYING

00:02:30.016 --> 00:02:30.183
VALUE.
INCREASING EPS AND PAYING OUT

00:02:30.183 --> 00:02:30.350
INCREASING EPS AND PAYING OUT

00:02:30.350 --> 00:02:30.483
INCREASING EPS AND PAYING OUT
SOME

00:02:30.483 --> 00:02:30.683
INCREASING EPS AND PAYING OUT
SOME CASH

00:02:30.683 --> 00:02:31.284
INCREASING EPS AND PAYING OUT
SOME CASH TO

00:02:31.284 --> 00:02:31.584
INCREASING EPS AND PAYING OUT
SOME CASH TO THE

00:02:31.584 --> 00:02:31.618
INCREASING EPS AND PAYING OUT
SOME CASH TO THE MARKET.

00:02:31.618 --> 00:02:31.951
SOME CASH TO THE MARKET.

00:02:31.951 --> 00:02:32.285
SOME CASH TO THE MARKET.
I

00:02:32.285 --> 00:02:32.552
SOME CASH TO THE MARKET.
I ALSO

00:02:32.552 --> 00:02:32.819
SOME CASH TO THE MARKET.
I ALSO THINK

00:02:32.819 --> 00:02:32.986
SOME CASH TO THE MARKET.
I ALSO THINK THAT

00:02:32.986 --> 00:02:33.553
SOME CASH TO THE MARKET.
I ALSO THINK THAT MICROSOFT

00:02:33.553 --> 00:02:33.586
SOME CASH TO THE MARKET.
I ALSO THINK THAT MICROSOFT IS

00:02:33.586 --> 00:02:33.753
I ALSO THINK THAT MICROSOFT IS

00:02:33.753 --> 00:02:33.820
I ALSO THINK THAT MICROSOFT IS
LOOKING

00:02:33.820 --> 00:02:33.853
I ALSO THINK THAT MICROSOFT IS
LOOKING TO

00:02:33.853 --> 00:02:34.387
I ALSO THINK THAT MICROSOFT IS
LOOKING TO DO

00:02:34.387 --> 00:02:34.687
I ALSO THINK THAT MICROSOFT IS
LOOKING TO DO IN

00:02:34.687 --> 00:02:34.854
I ALSO THINK THAT MICROSOFT IS
LOOKING TO DO IN THE

00:02:34.854 --> 00:02:35.155
I ALSO THINK THAT MICROSOFT IS
LOOKING TO DO IN THE FUTURE

00:02:35.155 --> 00:02:35.188
I ALSO THINK THAT MICROSOFT IS
LOOKING TO DO IN THE FUTURE IS

00:02:35.188 --> 00:02:35.321
LOOKING TO DO IN THE FUTURE IS

00:02:35.321 --> 00:02:35.955
LOOKING TO DO IN THE FUTURE IS
SUPER

00:02:35.955 --> 00:02:35.989
LOOKING TO DO IN THE FUTURE IS
SUPER INTERESTING.

00:02:35.989 --> 00:02:36.122
SUPER INTERESTING.

00:02:36.122 --> 00:02:36.489
SUPER INTERESTING.
THEY

00:02:36.489 --> 00:02:36.723
SUPER INTERESTING.
THEY ARE

00:02:36.723 --> 00:02:37.290
SUPER INTERESTING.
THEY ARE MAKING

00:02:37.290 --> 00:02:37.757
SUPER INTERESTING.
THEY ARE MAKING HUGE

00:02:37.757 --> 00:02:37.790
SUPER INTERESTING.
THEY ARE MAKING HUGE INVESTMENTS

00:02:37.790 --> 00:02:38.224
THEY ARE MAKING HUGE INVESTMENTS

00:02:38.224 --> 00:02:38.558
THEY ARE MAKING HUGE INVESTMENTS
IN

00:02:38.558 --> 00:02:38.691
THEY ARE MAKING HUGE INVESTMENTS
IN THE

00:02:38.691 --> 00:02:39.292
THEY ARE MAKING HUGE INVESTMENTS
IN THE CLOUD

00:02:39.292 --> 00:02:39.692
THEY ARE MAKING HUGE INVESTMENTS
IN THE CLOUD AND

00:02:39.692 --> 00:02:39.726
THEY ARE MAKING HUGE INVESTMENTS
IN THE CLOUD AND CYBERSECURITY

00:02:39.726 --> 00:02:39.993
IN THE CLOUD AND CYBERSECURITY

00:02:39.993 --> 00:02:40.326
IN THE CLOUD AND CYBERSECURITY
AND

00:02:40.326 --> 00:02:40.660
IN THE CLOUD AND CYBERSECURITY
AND ARTIFICIAL

00:02:40.660 --> 00:02:40.693
IN THE CLOUD AND CYBERSECURITY
AND ARTIFICIAL INTELLIGENCE.

00:02:40.693 --> 00:02:40.793
AND ARTIFICIAL INTELLIGENCE.

00:02:40.793 --> 00:02:40.860
AND ARTIFICIAL INTELLIGENCE.
SO

00:02:40.860 --> 00:02:41.594
AND ARTIFICIAL INTELLIGENCE.
SO THEY

00:02:41.594 --> 00:02:41.761
AND ARTIFICIAL INTELLIGENCE.
SO THEY ARE

00:02:41.761 --> 00:02:41.928
AND ARTIFICIAL INTELLIGENCE.
SO THEY ARE ADAPTING

00:02:41.928 --> 00:02:42.228
AND ARTIFICIAL INTELLIGENCE.
SO THEY ARE ADAPTING WITH

00:02:42.228 --> 00:02:42.629
AND ARTIFICIAL INTELLIGENCE.
SO THEY ARE ADAPTING WITH THE

00:02:42.629 --> 00:02:43.496
SO THEY ARE ADAPTING WITH THE

00:02:43.496 --> 00:02:43.530
SO THEY ARE ADAPTING WITH THE
TIMES.

00:02:43.530 --> 00:02:43.763
TIMES.

00:02:43.763 --> 00:02:44.264
TIMES.
INNOVATION

00:02:44.264 --> 00:02:44.564
TIMES.
INNOVATION AND

00:02:44.564 --> 00:02:44.597
TIMES.
INNOVATION AND DISRUPTION.

00:02:44.597 --> 00:02:44.731
INNOVATION AND DISRUPTION.

00:02:44.731 --> 00:02:44.931
INNOVATION AND DISRUPTION.
IT'S

00:02:44.931 --> 00:02:45.331
INNOVATION AND DISRUPTION.
IT'S A

00:02:45.331 --> 00:02:45.565
INNOVATION AND DISRUPTION.
IT'S A GREAT,

00:02:45.565 --> 00:02:46.132
INNOVATION AND DISRUPTION.
IT'S A GREAT, SOLID

00:02:46.132 --> 00:02:46.166
INNOVATION AND DISRUPTION.
IT'S A GREAT, SOLID COMPANY.

00:02:46.166 --> 00:02:46.399
IT'S A GREAT, SOLID COMPANY.

00:02:46.399 --> 00:02:46.666
IT'S A GREAT, SOLID COMPANY.
WHEN

00:02:46.666 --> 00:02:46.766
IT'S A GREAT, SOLID COMPANY.
WHEN WE

00:02:46.766 --> 00:02:46.866
IT'S A GREAT, SOLID COMPANY.
WHEN WE THINK

00:02:46.866 --> 00:02:46.966
IT'S A GREAT, SOLID COMPANY.
WHEN WE THINK ABOUT

00:02:46.966 --> 00:02:47.367
IT'S A GREAT, SOLID COMPANY.
WHEN WE THINK ABOUT WHAT

00:02:47.367 --> 00:02:47.400
IT'S A GREAT, SOLID COMPANY.
WHEN WE THINK ABOUT WHAT MIGHT

00:02:47.400 --> 00:02:47.567
WHEN WE THINK ABOUT WHAT MIGHT

00:02:47.567 --> 00:02:47.600
WHEN WE THINK ABOUT WHAT MIGHT
HAPPEN

00:02:47.600 --> 00:02:47.967
WHEN WE THINK ABOUT WHAT MIGHT
HAPPEN TO

00:02:47.967 --> 00:02:48.535
WHEN WE THINK ABOUT WHAT MIGHT
HAPPEN TO THE

00:02:48.535 --> 00:02:48.835
WHEN WE THINK ABOUT WHAT MIGHT
HAPPEN TO THE MARKET,

00:02:48.835 --> 00:02:49.002
WHEN WE THINK ABOUT WHAT MIGHT
HAPPEN TO THE MARKET, COMPANIES

00:02:49.002 --> 00:02:49.135
HAPPEN TO THE MARKET, COMPANIES

00:02:49.135 --> 00:02:49.302
HAPPEN TO THE MARKET, COMPANIES
LIKE

00:02:49.302 --> 00:02:49.769
HAPPEN TO THE MARKET, COMPANIES
LIKE MICROSOFT

00:02:49.769 --> 00:02:50.303
HAPPEN TO THE MARKET, COMPANIES
LIKE MICROSOFT AND

00:02:50.303 --> 00:02:50.537
HAPPEN TO THE MARKET, COMPANIES
LIKE MICROSOFT AND APPLE,

00:02:50.537 --> 00:02:50.570
HAPPEN TO THE MARKET, COMPANIES
LIKE MICROSOFT AND APPLE, AMAZON

00:02:50.570 --> 00:02:50.703
LIKE MICROSOFT AND APPLE, AMAZON

00:02:50.703 --> 00:02:51.171
LIKE MICROSOFT AND APPLE, AMAZON
THAT

00:02:51.171 --> 00:02:51.304
LIKE MICROSOFT AND APPLE, AMAZON
THAT ARE

00:02:51.304 --> 00:02:51.638
LIKE MICROSOFT AND APPLE, AMAZON
THAT ARE FLOODED

00:02:51.638 --> 00:02:51.871
LIKE MICROSOFT AND APPLE, AMAZON
THAT ARE FLOODED WITH

00:02:51.871 --> 00:02:52.138
LIKE MICROSOFT AND APPLE, AMAZON
THAT ARE FLOODED WITH CASH

00:02:52.138 --> 00:02:52.172
LIKE MICROSOFT AND APPLE, AMAZON
THAT ARE FLOODED WITH CASH ARE

00:02:52.172 --> 00:02:52.939
THAT ARE FLOODED WITH CASH ARE

00:02:52.939 --> 00:02:53.039
THAT ARE FLOODED WITH CASH ARE
VERY