The last time we saw a slide deck from Cole Wilcox, of Longboard Asset Management, the firm was arguing that Tesla is the new Apple, and the stock was headed up to $200 a share.

Now the Longboard is out with a new "next Apple" to share with the market. It's the old Apple, actually — Microsoft.

In its presentation, Longboard says the current perception that Microsoft is, well, soft, is ignoring the success of Office 365, their top cloud business, and the potential earning power of Windows plus Android hybrid devices.