There is so much wrong with this letter that it's hard to know where to start.<p>Let's start with the idea that they've invested a lot (13 billion+) or that they're depending a lot (undisclosed).
Maybe this is a lot for you and me, but MS has 80 billion lying around in cash, after the investment.<p>Thats not the capital they have access to - its the bit of the capital they haven't got around to investing yet.<p>Secondly there's this perpetual idea that everything in tech is a bubble. Sure some is. Maybe you're old enough to remember the dot-com bubble? You know, when that internet-fad thing went away? Or the iPhone bubble? Or the Facebook bubble?<p>The bubble isn't investing in the primary tech - it's investing in the millions of startups test appear to first exploit that tech.<p>To the letter author - here's Satya's real letter;<p>We continue to invest in the future. Those investments are bearing fruit. (BTW, if you have other ideas for seeing returns on $billion investments, please let us know. We're swimming in cash, and have few ideas on where to put it.)