Microsoft is now down 23% YTD and trading at around 21x forward earnings.

That’s not just a pullback - it’s a reset in expectations.

The last time sentiment broke like this, it took 16 years to reclaim previous highs.

Same company. Very different starting point.

The real question isn’t whether Microsoft is a great business.

It’s whether we’re about to see:

• Multiple expansion again or

• A period of valuation compression

That’s where returns are decided.

I’ll be breaking this down properly - including where I’d actually buy - in this week’s Buy / Hold / Avoid.