...and what they are not doing is investing in original intellectual properties.

Actually I think that entire phrase is a contradiction in terms, at least in terms of how Microsoft can invest in something. Invest, in their case, means buy, and once something has proven itself worth buying it's no longer original.

Take a look at Halo. Microsoft bought Bungie in 2000. Bungie developed three Halo games and Microsoft published them. Now Bungie has been spun off, and Microsoft kept Halo.

Is Halo an "original" intellectual property now? Microsoft no longer has an "investment" in Bungie, which is going to do one more Halo game (ODST) and then move on to other things. Knowing Bungie, those "other things" are probably underway as we speak, and the latest podcast mentions things that may not be mentioned. These unmentionables are (drumroll please) original intellectual properties that Microsoft has not invested in, and presumably did not want to invest in. Instead, they kept Halo.

UPDATE: Microsoft is reorganizing Rare now, too. Rare has created aan "original IP" for Microsoft-- namely, Viva Pinata. PDZ was a sequel, but it doesn't look like it's getting another sequel anytime soon.