From John Hempton (Bronte Capital): I recently purchased a subscription to Microsoft 365 Office Home Premium for AUD12 per month - and I just received my first invoice. It came by traditional snail-mail from Singapore to Australia. I can't even begin to grasp the level of management dysfunction that allows a tech giant to put a piece of dead tree through a printing press, into an envelope and onto a jet plane every month to give an unwanted receipt for an amount equal to three coffees. This is more than a decade after Bill Gates said that the internet was central to everything that they were going to do. My view: Microsoft's new offerings that I have tried are all hard to use (when compared with Google etc), I think they are ripe for disrupting by both the new-tech giants and the agile start ups who move fast and without fear.