DM Monthly Report – Feb 2020

MANAGER OF THE DECADE?  DM’s equity management process lists four events which will prompt a full position review, with liquidation of the holding in question a possible outcome. One of these triggers is a change in corporate management and, in early 2014, Microsoft presented us with such an inflection point.

Leading up to that time, investors had grown weary of the company’s direction, believing that its executive team had fallen a step behind the rapidly evolving tech space, while allowing a dysfunctional corporate culture to manifest in which business silos competed ruthlessly with one another and teams actively avoided collaboration.

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