Microsoft has one more shot at a role in smart phone software through its deployment on Nokia phones. Nokia is still the global market share leader in cell phones. Maybe it will work out, but this is hard to envision great success in the area coming on the heels of so much disappointment in missed opportunity in this important and visible category.

The loss was not bad luck. It was bad analysis.

When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

As an investor my job is to figure out what will happen rather than what should happen.

In the real world, illiquid assets carry a discount.

What is uncertain is how much further the bubble can expand, and what might pop it.

Microsoft has one more shot at a role in smart phone software through its deployment on Nokia phones. Nokia is still the global market share leader in cell phones. Maybe it will work out, but this is hard to envision great success in the area coming on the heels of so much disappointment in missed opportunity in this important and visible category.