Steve Ballmer

I'm going to give you three reasons. Reason number one, and it's material. Bill and I always, so Bill and I, and then me and Bill, when I became CEO, we always were trying to tell people, don't get our stock price too high. Don't have too big expectations for us. We never wanted people to feel like they got cheated buying our stock.

Partly, probably, we're trying to lower the expectations on ourselves. I never thought of it that way. I don't think Bill did, but essentially, that was part of it. We do this financial analyst meeting every July. We always warn people, don't get too excited. That's one. As part of that whole theme, Bill never went to a quarterly analyst call, and I never went to a quarterly analyst call.

Partly, probably, we're trying to lower the expectations on ourselves. I never thought of it that way. I don't think Bill did, but essentially, that was part of it. We do this financial analyst meeting every July. We always warn people, don't get too excited. That's one. As part of that whole theme, Bill never went to a quarterly analyst call, and I never went to a quarterly analyst call.

If you really think about it, part of morale is the stock price. It is. And it took me a while to realize that, but I then never broke my pattern. It's sort of like going to the newspaper every day. You don't sell stock every day, so you really should only care what the stock price is when you sell stock. But people go every day and it's kind of like, oh, did my team win last night?

If you really think about it, part of morale is the stock price. It is. And it took me a while to realize that, but I then never broke my pattern. It's sort of like going to the newspaper every day. You don't sell stock every day, so you really should only care what the stock price is when you sell stock. But people go every day and it's kind of like, oh, did my team win last night?

It's like going to the sports section and say, how did the Clips do last night? And So talking more regularly to investors and talking with not a pie-eyed, but a realistic view, guidance, we gave no guidance. I had to fight people. They wanted to give guidance. I didn't want to give guidance. Why? Just deliver the results you get. I mean, you know, there was a bit of a Buffett style. Totally.

It's like going to the sports section and say, how did the Clips do last night? And So talking more regularly to investors and talking with not a pie-eyed, but a realistic view, guidance, we gave no guidance. I had to fight people. They wanted to give guidance. I didn't want to give guidance. Why? Just deliver the results you get. I mean, you know, there was a bit of a Buffett style. Totally.

I mean, this thing going on because Bill and Warren were very good friends and Warren didn't go to quarterly calls, I don't think. But, you know, he's Warren. I don't even know if they do quarterly calls. I don't think they do. Yeah. So they do the annual meeting, obviously. Yeah. Um, so that's a, that's a, let's call that a first reason.

I mean, this thing going on because Bill and Warren were very good friends and Warren didn't go to quarterly calls, I don't think. But, you know, he's Warren. I don't even know if they do quarterly calls. I don't think they do. Yeah. So they do the annual meeting, obviously. Yeah. Um, so that's a, that's a, let's call that a first reason.

A second reason is yes, I did take over when the stock was ridiculously too highly priced. Yep. But that normalized within a year or two. The bubble burst that normalizes some, but it creates sort of another narrative about, about things. Yeah. Um, so that I'd say is, well, no, I'll give you four reasons then.

A second reason is yes, I did take over when the stock was ridiculously too highly priced. Yep. But that normalized within a year or two. The bubble burst that normalizes some, but it creates sort of another narrative about, about things. Yeah. Um, so that I'd say is, well, no, I'll give you four reasons then.

Next, I was hardcore about telling people I'm going to spend to do the things we need to do to succeed. That's not what Wall Street likes to hear. No, but I was viewed as a spender. And I was much louder on this than Satya is, on anything financial, because that's kind of how I'm programmed. He's programmed a little differently. And Amy is more balanced.

Next, I was hardcore about telling people I'm going to spend to do the things we need to do to succeed. That's not what Wall Street likes to hear. No, but I was viewed as a spender. And I was much louder on this than Satya is, on anything financial, because that's kind of how I'm programmed. He's programmed a little differently. And Amy is more balanced.

I mean, she'll talk about balance, and I would say...

I mean, she'll talk about balance, and I would say...

And so I had no credibility in terms of what some investors wanted to hear. And my actions... We're consistent with that. It's not like they were inconsistent. And then lastly, people did worry about the future of a couple of our franchises, most notably Windows. So you get all these things, narrative, transition from high price, some issue about franchises and me being a big spender.

And so I had no credibility in terms of what some investors wanted to hear. And my actions... We're consistent with that. It's not like they were inconsistent. And then lastly, people did worry about the future of a couple of our franchises, most notably Windows. So you get all these things, narrative, transition from high price, some issue about franchises and me being a big spender.

no wonder the stock stayed flat. And by the end of my tenure, it was even bothering me. Yeah. When did it start to bother you? Towards the end. I mean, at some point, I just got too tired. But by then, it was also probably hard for me to reset that dialogue, for me to go to investors and say, I'm a changed man. I'm not going to spend anymore. Nobody was going to believe that shit.

no wonder the stock stayed flat. And by the end of my tenure, it was even bothering me. Yeah. When did it start to bother you? Towards the end. I mean, at some point, I just got too tired. But by then, it was also probably hard for me to reset that dialogue, for me to go to investors and say, I'm a changed man. I'm not going to spend anymore. Nobody was going to believe that shit.

It just wouldn't have believe that, right? I mean, you can't come in and say, well, I've been a certain way for about 35 years, or 30 years, but I'm a, hey, I'm a new man.