Microsoft (MSFT, Financial) continued to generate solid double-digit top-line, and operating earnings growth. The Company's all-encompassing portfolio of "hybrid" cloud solutions is compelling for customers as IT organizations vacillate between on-premises and off-premises (and then likely on-premises again). For example, Microsoft 365 has added an array of features to make remote work easier, yet, as customer applications grow in compute intensity, those customers' on-premises and edge computing topologies retain or grow in importance. Microsoft's strategic pivot to be more customer-friendly and collaborative will sustain its growth and returns for several more years so we are happy with our position.
From David Rolfe (Trades, Portfolio)'s Wedgewood Funds fourth-quarter 2020 shareholder letter.
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