微软被评为B/C级，因其软件质量“尚可”且与同行相比长期上行空间较低，尽管拥有强大的分销优势。
逐段跳播
所以，我们今天要做的是，我们准备了一个分级列表。实际上我们有两个分级列表。所以，首先，我们将讨论最大的 7 家公司，正如你在这里看到的。此外，我们还有一些额外的。所以，我们将讨论最大的 7 家，比如 Meta、Google、Microsoft 这些公司。
So, what we'll do today, um, we have a tier list prepared. We actually have two tier lists. So, for one, we will talk about um the max 7 companies as you can see here. Plus, we have some extras. So, we will talk about the Max 7s like you know, Meta, Google, Microsoft, those those sorts of companies.
而且总的来说，我认为 Sean，当我们报道 Microsoft 时，你有很多这样的循环交易，这也是一家我们可能会列出的公司，也许我们应该接下来做那个。我认为当我们在那一集中做研究时，我们只是坐在那里试图弄清楚在这些循环交易中资金到底流向哪里，这非常困难。
and just generally you have a lot of these circular deals I think Sean when we covered Microsoft um which is also a company that we will list maybe we should do that one next um I think when we did the research in the episode, we were just sitting there trying to figure out where money is actually going in all of these circular deals and it was incredibly difficult.
所以，也许我接下来从那家公司开始，Microsoft。我得说，我很久以前就推荐过它。我认为之后股价上涨得相当不错。我们没有拥有它。我们没有为投资组合购买它。
Um, so maybe I'd start with that company next, Microsoft. Um, I got to say I pitched it a while ago. Um, I think the stock went up quite nicely afterwards, too. Um, we didn't own it. We we didn't buy it for the um, for the portfolio.
我认为如果我们完全不带偏见，有充分的理由也把它放在 S 级。就我个人而言，这只是我的直觉，所以请给我一个更中立的观点，各位。我认为我会把它放在 B 和 C 级之间。我认为这在某种程度上是不公平的，因为它是一家多元化的公司。
它也有很多我们谈到的优势。但你有一个软件套件，基本上“足够好”在过去 10 年或 20 年里一直是它的口号。基本上，他们提供的很多工具都是捆绑销售的，这之所以有效，是因为对于企业客户来说，他们可以使用 Teams 而不是 Slack，因为这已经足够好了。
在人工智能时代，软件会变得越来越好，而且更容易构建。Microsoft 拥有巨大的分销优势，这是人工智能中最重要的因素之一，然而，如果我把他们与 Amazon 和 Google 相比，我就是不认为他们处于同一水平，如果你问我 30 年后我更愿意拥有哪家公司。
I think there's a good case to make if we are just completely unbiased. Um, to also put it in the S tier. Personally, and it's just my gut feeling, so please um, give me a more neutral view, guys. I think I would put it between B and C tier. And I think that's unfair to some extent because it's a diversified company. It also has a lot of the advantages that we talk about. But you have a software suite where basically good enough has been you know the mantra for the last 10 10 years or 20 years. Basically a lot of the tools that they offer they sell in bundles and it works because for enterprise customers they can just use teams over Slack because that's good enough. Um in times of AI where software will become better and better and it's way easier to build it. um Microsoft has this huge distribution advantage which is one of the most important things in AI and yet if I compare them to to Amazon and Google I just don't see them at the same level if you ask me 30 years out which company would I rather own.
所以，是的，我想我会把它放在 B 级，也许是这两者的混合，你们告诉我它应该放在哪里。哦，你们告诉我它是 S 级，因为它是你见过的最好的公司。
Um so yeah I think I'll put it let's say Btier maybe maybe a mix of those two and you guys tell me where where it should go. Oh you guys tell me it's ST because it's the best company you ever see you've ever seen.
>> 从我的角度来看，我认为你说得完全正确，Daniel。我的意思是，对我来说，我从未拥有过这家公司的原因，尽管它显然是一个巨大的复利机器，是因为我真的不怎么使用它的任何产品，就像你提到的 Teams。
我从不使用，我使用 Zoom 或 Google Meets。但是，你知道，我确实认为你关于分销的观点非常重要。而且我不知道，也许他们会想办法改进他们的一些产品，让它们不仅仅是足够好，而是实际上比所有其他产品好得多。
而且如果他们拥有这种分销优势，你知道，显然他们将能够比一些小型初创公司更快地让更多用户看到那个产品。但是，是的，我认为 B 或 C 对我来说也完全合理。我不认为它与 Alphabet 或 Google 或抱歉 Amazon 处于同一水平。
>> I mean from my standpoint I think you're you're completely correct there Daniel. I mean, um, for me, the reason that I've never owned the business, even though obviously it's been this massive compounder, is I just don't really use like any of its products, you know, like you mentioned Teams there. We I I never use I use Zoom or I use Google Meets. Um, but, you know, I I do think that your point there on the distribution, that's really important. And I don't know, maybe they'll figure out how to improve some of their products and get them, you know, not just being good enough, but actually like much much better than everything else. And if because they have that distribution advantage, you know, obviously they're going to be able to get that product in front of more eyes a lot quicker than, you know, some small startup's going to be able to. Um, but yeah, I I I uh I think B or C makes complete sense to me as well. I that that that's I don't think it's at the same it's quite at the same level as either uh Alphabet or Google or sorry uh Amazon.
>> 天哪，我不知道。是的，对我来说，Microsoft 可能是最接近我两个坚定选择之一的，Microsoft 和 Nvidia 是最接近的。[笑声] 我认为他们会做得很好。我不认为他们会受到大规模颠覆。
但是，我不认为他们具有与 Google 和 Amazon 相同的持久性和上行潜力。所以，是的，我对 Microsoft 目前的状况感到满意。
>> God, I don't know. Yeah, Microsoft to me is the one that probably Microsoft and Nvidia are the closest to being in my two hard piles. [laughter] Like I I think it I think they'll do well. Like I don't see I don't see them getting massively disrupted. Um but I I I don't see the same durability um and and upside potential as as Google and Amazon. So yeah, I think I'm I'm happy with with Microsoft where it is.
所以对我来说，在 30 年的时间框架内，我的意思是，我得看看我们的列表，各位，我们能把它放在 SpaceX 下面吗？我认为那太苛刻了，但否则我们几乎把它放在 Microsoft 和 Meta 之上，我们是不是犯了一个错误？
so for me and video 30-year time frame I mean I got to look at our list here guys can we put it below SpaceX I think that's just harsh but otherwise we put it almost above Microsoft and Meta did we make a mistake here
这个频道对 $MSFT 的历次判断
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