Microsoft's Black Box Magic Works on Investors

Microsoft Chief Executive Officer Satya Nadella isn't one for straightforward communications. On Thursday night, when analysts plied him with politely worded questions about the change in Microsoft's business model, they were treated to classic bits of cryptic wisdom such as this one:

And it's not just verbal. The company's financial reporting under him has become so opaque that it makes it hard to judge the ambitious transformation Nadella is leading. But maybe markets don't always need to know how the sausages are made when they like the output and the chef. In investing, like in politics and life, trust still plays a role.