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> He'd be trying to convert his holdings at the top of a value curve, right? Not necessarily. He just has to believe that the return on his investment will be
by sdrothrock 9y ago
> He'd be trying to convert his holdings at the top of a value curve, right?
Not necessarily. He just has to believe that the return on his investment will be greater (financially, in good will, in results) than the same money would be in Microsoft.
- jstanley 9y ago> he must believe that the upside of Microsoft is limited enough, at least over the time horizon he's concerned about, to start cashing in Microsoft stock. How is that different? If he expects to get a greater return elsewhere, that's because the upside of Microsoft is limited enough, over the time horizon he's concerned about.
- sdrothrock 9y ago"at the top of a value curve" indicates to me that OP is expressing that he is imagining Gates seeing Microsoft's value as a line that will curve downward after this, or at least flatten out. I could be completely wrong. So what I was trying to express to OP is that while Microsoft's value may not sink (that is, now is not at the top of any curve), the value of the investment may be rising faster in various measures than the same money in Microsoft would be.