I agree with you. There is no way MSFT can grow 50% a year. MSFT is super overpriced from every angle. The Market cp. to sales raio is 14. Oracle is 6, Intel is 4.9, IBM is 1.4 and TXN is 2.0. PE ratio based on expected 1998 earning is close to 40. One thing MSFT is different from the others: No competition. There is no other companies in the US have the same monopoly power. That's why the investors are willing to pay the high premium for the stock. You just cannot fight with the majority investors. I regreted I sold my shares at 118. I have being waited for 6 months. The stock have never dipped below 120. This is why the stock is not a good candidate to short even the price is very irrational. Many people said the stock was overpriced since it went public in 1985. However, the long-term trend is always up. The stock appreciates over 12000% over12 years.