When I started investing in MSFT in the 1980's, I was afraid to invest too much money because I'd never before invested in a stock with a P/E of 50.
I've watched it grow, split, grow, split, grow and maintain the P/E and the growth rate. While I see tremendous potential in their new set-top and distribution channel investments, I think they are just fine for 1998 and I think I'm Foolish enough now to be sure NOT to sell or short a decent stock. And this is a VERY decent stock.
Or course, if something happened to Bill....
Meantime, I'm just waiting for the next split announcement.
I'm the same way. I've been a heavy investor in MSFT since 1987. During the whole time, many people were putting the company down. Arguments ranging from "every great company eventually falls like IBM" and "there's no way they can continue to grow at last year's pace".
All I can say to these arguments is well IBM and their mainframes have been around since the beginning of time. Microsoft and their PC (Windows) empire has only been around less than 10 years and the real growth only started 2-3 years ago. (I discount 1974 - 1986 since they were not a publically traded company).
Also, I'll believe MS can't sustain their growth when Microsoft's earnings ACTUALLY FALL SHORT.
In the meantime, I too am just waiting patiently for the next stock split announcement.
One more thing: Microsoft is building buildings in Redmond Washington like a company that plans to be around for more than a couple more years.