$50 billion in cash reserves means they've got a lot of time to figure something out going forwards. Lots of cash + some very stable covering their fixed costs

$50 billion in cash reserves means they've got a lot of time to figure something out going forwards. Lots of cash + some very stable covering their fixed costs + big research division = seemingly a pretty safe buy with some upside. On the flip side, the only reason Microsoft has $50 billion in cash reserves is that their CEO failed in his valiant attempt to use it to buy Yahoo. I've got to believe there are more promising companies to invest in, even over the 10-year horizon you mention.