ADBE and ASML cases are very different in my opinion. ASML is a 100% monopoly.
The only area of enterprise software that I am comfortable investing in at the moment is cyber. There is too much uncertainty with the rest. I’m not able to predict how much disruption AI will cause with any degree of certainty.
nicely written. The piece on not selling Evolution inspite of performance degradation of the underlying business hits home hard. Thank you for the honesty.
Thanks!
I might have missed this but did you take a look at adbe? Seems it's like the ASML play.
And re ASML, now that the multiples are back are you reconsidering
ADBE and ASML cases are very different in my opinion. ASML is a 100% monopoly.
The only area of enterprise software that I am comfortable investing in at the moment is cyber. There is too much uncertainty with the rest. I’m not able to predict how much disruption AI will cause with any degree of certainty.
nicely written. The piece on not selling Evolution inspite of performance degradation of the underlying business hits home hard. Thank you for the honesty.
Thank you for the feedback. We learn more from our losers than our winners.
Fantastic letter. Thanks for sharing!
Thank you for reading and the feedback 👍
Congrats on the strong performance! I enjoy reading your material. I hope you have a banger 2026.
Thanks for reading and the feedback. Here’s to a profitable 2026 for us all.