The speed at which the tech industry moves makes it hard for almost any business to create an enduring competitive position. (NASDAQ: MSFT) is a major exception, as evidenced by its multidecade ride to a market capitalization that's now well above $2 trillion.

In the three years ended in late September, shareholders have seen some wild swings in Microsoft's stock valuation. The price has gone from $200 per share to $350 per share, and the software giant is now sitting a bit below that all-time high, partly thanks to a recent sell-off in the tech-heavy Nasdaq Composite index.

There's no surefire way to know exactly what will happen to the stock over the next few years. But Microsoft's growth strategy and its recent momentum provide some great hints in that regard.

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Source Fool.com