At 40 times earnings, there is a 0% chance that Microsoft stock will produce wealth for someone over the next 10 years to meet their needs, Cole Smead says That’s Cole Smead, president of Smead Capital Management, explaining in a CNBC interview on Thursday how “young, dumb” investors have created a “total nightmare” in the current climate. Smead went on to say that these nosebleed valuation levels are an example of a “stock market failure” at the hands of these inexperienced millennials who have gotten lured in to taking oversized risks in equities for the first time in their lives....