Adobe might look fairly valued at 24x earnings but it's not, it's trading at 37x GAAP earnings & the multiple contraction will likely continue.
Would you rather buy Adobe for 37x growing 10% or Microsoft for 32x growing 15%?
Microsoft's moat is wayyy more resilient than Adobe's.
I'm honestly not even that interested in Adobe. Google Suite and Microsoft's applications are already challenging their products.
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