Very good points. The key as you note is that this is a...

Very good points. The key as you note is that this is a 'wonderful company', but is this a 'fair price'? The valuation does seem high, though easy to put forward a bull case (all valuations are high, the rising tide of cloud will definitely lift this boat, etc) or a bear case (growth uncertain, 3% yield with high payout ratio is too expensive). It'd be interesting to unpack the porters assessment, particularly in terms of their narrow focus (essentially Microsoft is their growth engine) versus some of their competitors whom have broader range of tech suppliers (Azure, Google, etc).