If Microsoft were smart, they'd use the free cash flow that they throw off to outright buy businesses in areas outside of tech that are run by really bright peo

If Microsoft were smart, they'd use the free cash flow that they throw off to outright buy businesses in areas outside of tech that are run by really bright people. Imagine Microsoft going conglomerate. With the right capital allocation they could be an awesome company. Unfortunately, they probably lack such visionary ideas and will end up throwing good money after bad while their FCF gradually declines as they're made irrelevant. A slow and sad death. Look at Henry Singleton as a bright leader of a tech company who allocated capital well enough to grow shareholder value by expanding into non-tech areas like insurance.