Please stay tuned for important disclosure information at the conclusion of this episode.

Hi.

Hello. Hello, I'm Dave Sikara, co-host of the weekly podcast, The Morning Filter.

Today I'm joined by Dan Romanov, senior equity analyst on our technology team, who covers the software space.

Today is Wednesday, May 20th, and we're conducting a bonus episode of our podcast to conduct a deep dive into our analysis and valuation of Microsoft.

Now, Microsoft stock peaked in October 2025, but it sold off pretty significantly since then,

having been caught up in the broad decline

in all of the different software stocks.

As of today, Microsoft is a five-star rated stock, our highest risk-adjusted stock rating, and

it trades at nearly a 30% discount to our intrinsic valuation.

In fact, by market capitalization, this is the greatest differentiation between our valuation

in the marketplace today.

Thank you very much, Dan, for joining us here today.

Sure, Dave.

Thanks.

Happy to be here.

Well, we all know Microsoft.

We're all familiar.

We've all used Microsoft Word.

We've all used Microsoft Excel.

We've all certainly made slide decks know, slide decks and PowerPoint,

but there's a lot more to Microsoft than just Office. So I was hoping maybe just start us off today

...