Via Mini-Microsoft I found the article Microsoft Investment Requires Too Much Patience - Barron's which contains the following excerpt

Some of the issues that worry analysts:

1. It was clear from the presentation that many of the growth prospects will take 5-10 years to bear fruit.
2. The company overspends ("nothing would delight analysts more than a nice big round of cost-cutting.")
3. The businesses MSFT says it's entering (e.g. advertising and consumer electronics) are far more cut-throat than its current mix.
4. Microsoft's focus on building internet infrastructure rather than building sites that bring in users is "backward."
5. Bill Gates's plan to pass control of product development to Ray Ozzie "will not be a smooth one."

RE: Item #4, it seems weird for analysts to say Microsoft shouldn’t invest in building internet infrastructure but instead on building websites. What do they think you need to build the websites? It’s not like data centers are free.

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