Boring on Purpose
Five of the six names that entered the book on August 12 are technology companies riding some version of the AI buildout. The sixth sells car and home insurance.
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From the research desk
Beyond the score.
Inside the thesis.
The businesses, the numbers, and the questions that matter. Long-form analysis with room for the case against.
Cisco, of All Things
Cisco spent the better part of two decades as the stock that proved buying great companies at the wrong price doesn't work. It grew single digits,...
Read the analysisThe Highest Score in the Room
Nothing about Fortinet is flashy. The company sells network security: firewalls at every size from branch office to data center, increasingly...
Read the analysisThe Margin Between Two Liquids
A refinery is a machine for buying one liquid and selling several more expensive ones, and a refining stock is a leveraged bet on the gap between...
Read the analysisThe Network Is the Bottleneck
The GPUs get the headlines. But a training cluster is tens of thousands of accelerators trying to act like one computer, and the thing that...
Read the analysisSilicon's Final Exam
Correction, August 16: an earlier version of this piece said Teradyne entered the model portfolio at the May rebalance and was its newest...
Read the analysisFifty-Five Times Trailing, Fourteen Times Forward
Hewlett Packard Enterprise trades at about 55 times the earnings it just reported and about 14 times the earnings analysts expect next. That...
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