850 billion can be broken down by: * Long term customers gained * Goodwill created * New products All of this reduces to "discounted future revenue". Say yo

850 billion can be broken down by: * Long term customers gained * Goodwill created * New products All of this reduces to "discounted future revenue". Say you have a 10 year target on MSFT. Do you think MSFT will make $850 billion dollars more in the next ten years than they did in the last ten years? MSFT revenue has doubled in the last ten years. Even if it does not grow at all, they will earn around $1T in the next ten years as compared to (about) $800 billion in the last ten. Edit: and if you DO think it will grow then perhaps $850B of value is perhaps the top line.