| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 17% | 6.93% | 6.93% |
Distillate Capital's Q1 2026 letter focuses on how market volatility creates opportunities through systematic rebalancing. Despite modest market declines, wide dispersion in individual stock returns allowed the firm to rotate out of appreciated, expensive names into cheaper alternatives, increasing underlying free cash flows at the portfolio level. The firm demonstrates that fundamentals, not valuation multiples, drive long-term returns, citing historical data showing earnings growth as the primary driver of S&P 500 performance since 1900. Their value strategy outperformed by focusing on the cheapest quintile of stocks based on free cash flow yields, which have historically delivered superior returns. Key risks include rich market valuations, technological uncertainty, budget deficit inflation, and geopolitical turmoil. The firm added significantly to Salesforce, viewing it as attractively valued after falling from 40-50x to 11x free cash flow multiples. Their U.S. FSV strategy now trades at its cheapest level ever, both absolutely and relatively, while maintaining quality metrics through low debt and stable cash flows.
Fundamentals drive long-term returns, and systematic rebalancing from expensive to cheaper stocks based on free cash flow yields can generate superior fundamental growth at the portfolio level, leading to outperformance over time.
The firm expects fundamentals to continue driving returns over the long term, as they have historically. They plan to continue taking advantage of market turmoil through systematic rebalancing to benefit their value-driven strategies. While they acknowledge various risks, they remain focused on owning a diversified portfolio with much better valuation, less debt, greater cash flow stability, and superior fundamental growth.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 13 2026 | 2026 Q1 | CRM, MSFT | free cash flow, fundamentals, large cap, Quality, rebalancing, value | - | Distillate Capital leveraged Q1 market volatility to systematically rebalance from expensive to cheap stocks, increasing portfolio free cash flows. Their value strategy focuses on fundamentals over multiples, with historical data showing the cheapest quintile significantly outperforming. Despite market risks, they see opportunities in quality names like Salesforce trading at attractive valuations after recent declines. |
| Jan 18 2026 | 2025 Q4 | 000660.KS, 005930.KS, BMY, CAH, CSCO, ELV, FFIV, FI, HCA, JBHT, JNJ, LOW, MO, MPC, MRK, REGN, TEL, TMUS, UBER, VST | FCF, fundamentals, international, Quality, rebalancing, small caps, valuation, value | - | U.S. markets ended 2025 with another 20% gain driven by valuation expansion, leaving stocks historically expensive. Distillate's value strategies significantly outperformed on fundamentals despite lagging headline returns. The firm sees compelling opportunities in quality stocks trading at attractive valuations while maintaining defensive positioning amid record market multiples and widespread optimism that historically signals future headwinds. |
| Oct 16 2025 | 2025 Q3 | AAPL, ABBV, ACN, ADBE, ADP, ALGN, CMCSA, COST, CRM, EPAM, FIX, IT, JNJ, LRCX, MSFT, UNH, UNP, VST, VTRS, WMT | AI, Benchmarks, Concentration, free cash flow, Quality, valuation, value |
CRM US ADBE US ACN US IT US |
Distillate Capital warns that AI-driven market concentration has created extreme valuations reminiscent of the TMT bubble. Their systematic value strategy trades at half the valuation of benchmarks while growing cash flows faster through disciplined rebalancing. They find opportunities in overlooked quality companies outside current market leadership, positioning for when valuation expansion inevitably reverses. |
| Jun 30 2025 | 2025 Q2 | 3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP | Japan, liquidation, real estate, REIT, small cap, Specialty Pharma, spinoffs, value | - | Halvio Capital delivered 6.72% returns by capitalizing on April volatility to build positions in deeply undervalued Japanese companies and specialty situations. The concentrated portfolio emphasizes profitable businesses trading below intrinsic value with substantial downside protection through excess cash or undervalued assets, particularly benefiting from ongoing Japanese corporate reforms and liquidation scenarios. |
| Mar 31 2025 | 2025 Q1 | ABBV, AMZN, CI, CME, ELV, EPAM, JNJ, META, MPC, MRK, MSFT, NTAP, ON, ORCL, PYPL, SCCO, TMUS, VRSN, VST, VTRS | AI, free cash flow, Leverage, Market Concentration, Quality, tariffs, uncertainty, valuation | - | Distillate Capital navigates market uncertainty through quality and valuation discipline, outperforming during Q1's decline. Drawing parallels to 2000, the firm sees opportunity in extreme valuation dispersion while major risks from tariffs, AI profitability questions, and unsustainable government spending create market fragility. Their focus on stable cash flows and low leverage positions them for potential outperformance. |
| Dec 31 2024 | 2024 Q4 | ABT, ADBE, AMGN, AVGO, BKNG, BMY, CI, CRM, CSCO, CVS, DKS, ELV, GDDY, HCA, HII, MO, PG, QRVO, TMUS, UNH, WSM | cash flow, fundamentals, large cap, Quality, risk, valuation, value | - | Distillate's large cap value strategy lagged in 2024 as expensive mega-cap stocks drove market returns through valuation expansion rather than fundamental growth. The firm maintains valuation discipline, achieving a record 5.8% free cash flow yield premium over the S&P 500's 3.5%. Management sees significant concentration risk in the 15 largest stocks and expects their value approach to outperform when markets refocus on fundamentals. |
| Oct 20 2024 | 2024 Q3 | ABBV, ABNB, AMAT, AVGO, BMY, CSCO, CVS, ETSY, FIS, HD, HUM, LMT, MCK, PH, PYPL, QCOM, TMUS, TOL, UNH, WSM | free cash flow, large cap, Quality, risk management, valuation, value | - | Distillate outperformed in Q3 as market rotation favored value over expensive megacap growth. With 40% of S&P 500 trading above 30x P/E and top 15 stocks at 72% premium, valuation risk is extreme. Portfolio maintains 5.6% free cash flow yield versus market's 3.5% by avoiding expensive names and focusing on quality companies at attractive valuations. |
| Jul 25 2024 | 2024 Q2 | AAPL, AMZN, AVGO, BMY, COST, CVS, DKS, ETSY, GOOGL, HD, LLY, META, MSFT, NTAP, NVDA, ORCL, QCOM, TSLA, WMT, WSM | AI, Concentration, free cash flow, large cap, Quality, valuation, value | - | Distillate significantly underperformed in Q2 as AI-driven concentration dominated markets, with just 7 stocks driving two-thirds of S&P 500 gains. Despite lagging, the firm's free cash flow yield hit record highs relative to benchmarks. Management draws parallels to late 1990s bubble dynamics while maintaining strict valuation discipline and long-term focus. |
| Apr 15 2024 | 2024 Q1 | AAPL, AMAT, AMZN, BABA, CSCO, DBX, DKS, ETSY, FANG, GOOGL, HUM, META, MSFT, MSTR, NVDA, RHI, SMCI, TOL, UNH, WSM | AI, China, free cash flow, large cap, Quality, technology, Valuations, value | - | Distillate warns of NVIDIA's bubble-like valuations while maintaining record value premiums across their strategies. Their large-cap fund yields 6.6% versus the S&P 500's 4.1%, focusing on quality companies with low debt and consistent cash flows. International opportunities, particularly Chinese consumer names like Alibaba, offer attractive risk-adjusted returns outside the AI frenzy. |
| Jan 24 2024 | 2023 Q4 | AAPL, AMGN, AMZN, AVGO, BMY, CSCO, GDDY, GOOGL, HRL, JBL, LRCX, META, MSFT, NVDA, OC, PG, QCOM, TSLA, V, WSM | Concentration, free cash flow, large cap, Quality, valuation, value | - | Distillate Capital maintains their disciplined value approach, achieving a 6.9% free cash flow yield versus 4.5% for the S&P 500 by avoiding richly valued mega-caps. Despite underperforming in 2023's concentrated market, they see significant risks in current concentration levels and continue finding attractive opportunities in overlooked parts of the market while emphasizing quality and fundamental stability. |
| Nov 10 2023 | 2023 Q3 | 036570.KS, 6857.T, 9988.HK, AAP, AAPL, AMGN, AMP, AMZN, AN, AON, AVGO, AVY, BLDR, CF, CSX, CVS, DHR, ETSY, GOOGL, IPG, ITX.MC, JBL, LKQ, MC.PA, META, MPC, MSFT, NVDA, OC, OMC, PCAR, PRIO3.SA, PYPL, ROG.SW, SMCI, TEP.PA, TSLA, VSCO | Credit Stress, free cash flow, large cap, Mega Caps, risk management, selectivity, value | - | Distillate Capital advocates selective value investing to avoid two key risks: debt-heavy small caps facing rising interest costs and expensive mega-cap stocks with lofty growth expectations. Their strategy achieves a 7.3% free cash flow yield by focusing on quality companies with strong fundamentals and low leverage, positioning for long-term outperformance through disciplined risk management. |
| Jul 13 2023 | 2023 Q2 | AAP, AAPL, ABBV, AMZN, AVGO, BMY, CSCO, CVS, DHR, FTNT, GIS, GOOGL, JBL, META, MSFT, NVDA, TSLA, UNH | AI, Concentration, Mega Cap, Quality, technology, valuation, value | - | Distillate's value strategy lagged in Q2 as seven mega-cap stocks drove most market gains while trading at rich 40x free cash flow multiples. The manager maintains discipline by avoiding expensive names and focusing on quality companies with stable cash flows at attractive 6.9% yields, viewing current concentration as unsustainable and calling for patient capital allocation. |
| Apr 14 2023 | 2023 Q1 | AAPL, ADBE, AMZN, CI, CVS, FIS, FTNT, GOOGL, JBL, JNJ, META, MO, MSFT, NVDA, PM, SWKS, TMUS, TSLA, UNH, V | Banking, inflation, Leverage, Quality, rates, technology, value | - | Distillate's value-focused strategy lagged in Q1 due to concentrated gains in five large unowned tech stocks but benefited from avoiding leveraged banks during sector turmoil. The firm maintains disciplined focus on attractively valued, low-debt companies with stable cash flows, achieving 7.0% portfolio free cash flow yield versus 4.8% market average while remaining optimistic about current opportunities. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
ValueDistillate systematically rotates out of expensive names and reinvests into cheaper ones to increase underlying free cash flows at the portfolio level. This rebalancing benefit explains the outperformance of free-cash-flow-based value strategies over time. The cheapest 20% of stocks have significantly outperformed the most expensive ones based on free cash flow yields. |
Free Cash Flow Rebalancing Valuation Fundamentals Outperformance |
QualityThe firm focuses on companies with low debt levels and stable underlying free cash flows to limit downside risk. Their strategy systematically seeks to avoid lower quality stocks that have either high leverage or low free cash profitability, particularly in the small cap space where there are alarmingly large numbers of unprofitable and heavily indebted companies. |
Low Debt Cash Flow Stability Risk Management Selectivity Fundamentals | |
| 2025 Q4 |
Specialty ChemicalsFund made significant investments in chemical distributors Azelis and IMCD, viewing current industry weakness as creating attractive long-term opportunities. Managers see these as high-quality, asset-light business models with strong free cash flow generation and acquisition capabilities. |
Chemical Distribution Azelis IMCD Cyclical Value |
Telecom InfrastructureUnited Internet's 5G network investment proved successful as the company now sits as a decisive player in potential industry consolidation. The position generated around 100% returns and demonstrates the value of contrarian investing in infrastructure buildouts. |
5G Network Consolidation Infrastructure Germany | |
ValueManagers pursue anti-cyclical value investing, buying unloved stocks in segmented markets. They believe current momentum-driven markets create opportunities in undervalued sectors while expensive segments show bubble characteristics. |
Contrarian Cyclical Undervalued Anti-cyclical Momentum | |
| 2025 Q3 |
ValueThe manager emphasizes systematic value investing through free cash flow analysis, highlighting their strategy's superior valuation metrics compared to benchmarks. They focus on finding quality companies trading at attractive levels while avoiding the valuation risks present in current market leadership. |
Free Cash Flow Valuation Rebalancing Quality Fundamentals |
AIThe letter discusses the AI bubble's impact on market concentration and valuations, noting how AI-related stocks have driven the S&P 500 to extreme concentration levels. The manager views this as creating opportunities in non-AI stocks that have been left behind. |
Bubble Concentration Technology Valuation Market Leadership | |
QualityQuality is emphasized as a key factor in stock selection, particularly in small and mid-cap investing where many companies are unprofitable. The manager's strategies focus on companies with stable cash flows and low debt levels to reduce risk. |
Cash Flow Stability Debt Levels Profitability Risk Management Selectivity | |
| 2025 Q2 |
JapanJapan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition. |
Value Corporate Reform Real Estate Cash Buybacks |
ValueThe portfolio focuses on profitable companies trading significantly below intrinsic value with substantial downside protection through excess cash or undervalued assets. The manager emphasizes buying at attractive prices with strong return hurdles rather than timing market bottoms. |
Discount Intrinsic Value Downside Protection Cash Assets | |
Specialty PharmaCipher Pharmaceuticals represents a capital-light specialty pharma opportunity with high margins, strong cash generation, and growth potential through the ParaPRO acquisition. The company operates in niche dermatology markets with limited competition. |
Dermatology High Margins Cash Generation Niche Markets Acquisitions | |
LiquidationNet Lease Office Properties is undergoing an orderly liquidation following its spinoff from W.P. Carey, selling assets at good valuations and returning proceeds to shareholders. The company has eliminated debt and maintains a net cash position. |
Spinoff Asset Sales Debt Paydown Cash Return REIT | |
| 2025 Q1 |
TariffsPresident Trump announced significant tariffs on April 2nd with an effective rate around 23%, marking levels not seen in a century. The potential tariff impact on GDP is enormous, creating inflationary pressures and economic uncertainty. The scale puts markets in uncharted territory with complex follow-on impacts including potential wealth declines and consumption effects. |
Trade Policy Inflation Economic Policy Import Duties GDP Impact |
AIMajor uncertainty around whether AI technology will deliver profits to justify enormous investments. Progress is slowing despite massive spending, DeepSeek challenged capital intensity assumptions with low-cost models, and profitability concerns are mounting as companies like OpenAI struggle with revenue versus costs. Microsoft's pullback from data center investments signals potential overcapacity concerns. |
Data Centers Technology Investment Profitability Capital Intensity Overcapacity | |
ValuationCurrent market dynamics closely resemble March 2000 with extreme valuation dispersion between largest and smallest stocks. The S&P 500's free cash yield has declined while Distillate's strategy has achieved record valuation spreads. The firm's U.S. FSV strategy trades at 6.2% free cash yield versus 3.7% for the S&P 500, creating significant opportunity for differentiation. |
Free Cash Flow Enterprise Value Market Concentration Dispersion Opportunity | |
QualityFocus on companies with stable cash flows and low leverage as key differentiators during uncertain times. The strategy filters out highly leveraged companies and those with unstable cash flow profiles. Quality measures proved effective during the pandemic when traditional beta metrics failed to protect capital. |
Cash Flow Stability Leverage Financial Strength Risk Management Durability | |
| 2024 Q4 |
ValueThe letter extensively discusses valuation disparities between expensive mega-cap stocks and the rest of the market. Distillate's strategy focuses on high-quality companies at attractive valuations, with their portfolio offering a 5.8% free cash flow yield versus the S&P 500's 3.5%. The firm emphasizes being disciplined on valuation and avoiding expensive stocks. |
Valuation Free Cash Flow Enterprise Value Yield Premium |
QualityThe strategy emphasizes fundamental stability and cash flow quality as key criteria for stock selection. Distillate filters for companies with stable cash flow profiles and strong balance sheets, avoiding highly leveraged or fundamentally unstable companies. Their process seeks to identify where quality and value overlap. |
Fundamental Stability Cash Flow Balance Sheet Leverage Stability | |
Risk AppetiteThe letter discusses significant valuation risk concentrated in the largest stocks, with the top 15 mega-cap stocks trading at an 83% premium to the rest of the market. The manager expresses caution about the disconnect between prices and fundamentals, particularly in expensive mega-cap names where enormous success is already priced in. |
Valuation Risk Concentration Premium Disconnect Caution | |
| 2024 Q3 |
ValuationThe market shows extreme valuation risk with the S&P 500 trading at expensive levels historically. Current trailing free cash flow yield of 3.2% ranks in just the 13th percentile of history. Over 40% of the S&P 500 trades at NTM P/E over 30x, similar to 2000 bubble conditions. |
Free Cash Flow P/E Ratios Enterprise Value Market Cap Yield |
QualityFocus on quality companies with stable cash flows and low leverage. The strategy avoids unprofitable stocks and high debt levels that plague small cap indexes. Portfolio maintains superior fundamental stability scores versus benchmarks. |
Cash Flow Stability Leverage Debt Profitability Fundamentals | |
ValueStrategy targets attractively valued businesses trading at significant discounts. Portfolio's free cash flow yield remains at 5.6% while S&P 500 has declined to 3.5%. Valuation differential versus market is near historic highs. |
Free Cash Flow Discount Undervalued Yield Cheap | |
| 2024 Q2 |
AIAI enthusiasm has driven extraordinary concentration in market returns, with just 7 stocks accounting for two-thirds of the S&P 500's gains. The manager draws parallels to the late 1990s internet bubble, noting that while AI could be transformational like the internet, business models must develop to support the capital deployed and share prices the market is willing to pay. |
Artificial Intelligence Technology Valuation Concentration Bubble |
ValueDistillate maintains strict valuation discipline despite significant underperformance, with their free cash flow yield now at a record high relative to the S&P 500. The manager emphasizes that valuation matters over the long-term and that extreme concentration and valuation disparity present critical risks to avoid while taking advantage of situations left behind. |
Free Cash Flow Valuation Discipline Long-term Yield | |
QualityThe strategy focuses on companies with stable cash flow generation and limited leverage, particularly important in small cap investing where debt burdens are typically higher. Distillate's approach seeks to avoid unprofitable and highly leveraged stocks that bog down benchmarks. |
Cash Flow Stability Leverage Debt Fundamentals Screening | |
| 2024 Q1 |
AINVIDIA has become the dominant AI story with market cap rising to nearly $2.5 trillion from $350 billion. The manager draws parallels to Cisco during the tech bubble, noting similar valuations and warning of downside risks if AI expectations are not met. While optimistic about AI's transformative potential, they emphasize the difficulty of predicting long-term winners. |
NVIDIA Semiconductors Valuations Technology Growth |
ValuationsThe S&P 500's free cash flow yield has fallen to 4.1% from 5.6% in October 2022, heavily influenced by rich valuations among mega-cap stocks. Distillate's strategy maintains a 6.6% free cash flow yield, representing a record 61% premium to the S&P 500. The manager emphasizes finding attractive value opportunities outside the most expensive names. |
Free Cash Flow Yield Premium Margin of Safety Quality | |
ChinaChinese stocks offer attractive valuations with companies like Alibaba and JD.com trading at roughly 40% of market cap in projected free cash flows. The strategy focuses on consumer-oriented businesses rather than highly leveraged state-owned enterprises, positioning for China's transition toward greater household consumption. |
Alibaba Consumer Valuations Cash Flow Positioning | |
| 2023 Q4 |
ValueThe fund emphasizes finding attractive valuations by avoiding richly valued mega-cap stocks and focusing on parts of the market with better free cash flow yields. Their U.S. FSV strategy achieves a 6.9% free cash flow yield versus 4.5% for the S&P 500, representing the largest premium since launch. |
Free Cash Flow Valuation Premium Yield Dispersion |
QualityThe strategy emphasizes quality through fundamental stability and low leverage, investing in stocks with stable cash generation profiles and low debt levels. This quality focus helps avoid the debt and profitability issues hampering broader benchmarks. |
Fundamental Stability Low Leverage Cash Generation Debt Avoidance | |
| 2023 Q3 |
ValueManager emphasizes selective value investing by avoiding expensive mega-cap stocks and focusing on quality companies with attractive free cash flow yields. The strategy achieves a 7.3% FCF yield versus 4.9% for the S&P 500, comparable to post-financial crisis levels. |
Free Cash Flow Valuation Selectivity Quality Yield |
Credit StressSignificant concern about elevated debt levels among small-cap companies combining with higher interest rates to substantially eat into profits. Manager highlights leverage as a critical variable for capital protection in the current environment. |
Debt Leverage Interest Rates Small Caps Credit | |
Risk AppetiteManager advocates avoiding two major risks: high debt levels in small caps and stretched valuations in large expensive stocks. Strategy focuses on capital preservation through selectivity and avoiding richly valued mega-cap names. |
Risk Management Selectivity Capital Preservation Mega Caps Avoidance | |
| 2023 Q2 |
ValueManager emphasizes avoiding richly valued mega-cap stocks that are trading at 40x free cash flow while focusing on the remaining 494 S&P stocks that offer more attractive 5.1% free cash yields. The strategy targets high quality stocks at attractive valuations with a 6.9% free cash yield versus 4.5% for the overall S&P 500. |
Valuation Free Cash Flow Selectivity Risk Reward |
QualityStrategy emphasizes fundamental stability through cash flow consistency, low leverage, and strong balance sheets. The manager screens for companies with stable cash flow generation profiles and avoids highly leveraged situations, particularly important given rising interest rates. |
Stability Balance Sheets Leverage Cash Flow | |
AIManager acknowledges AI enthusiasm driving market gains but warns about uncertainty in early-stage innovation and rich valuations pricing in significant optimism. Draws parallels to internet bubble, noting difficulty in predicting winners while technological disruption often hurts incumbents more than helps. |
Innovation Disruption Uncertainty Bubble | |
| 2023 Q1 |
ValueDistillate focuses on investing in diversified portfolios of stocks that are attractively valued on free cash flows. The firm's U.S. FSV strategy achieves a 7.0% free cash flow yield compared to 4.8% for the S&P 500, highlighting substantial valuation advantages across all strategies. |
Free Cash Flow Valuation Selectivity Yield Enterprise Value |
QualityThe firm emphasizes companies with little debt and consistently generate cash flows, focusing on fundamental stability. Their strategies show significantly lower leverage ratios and higher cash flow stability scores compared to benchmarks. |
Debt Leverage Stability Cash Flow Balance Sheet | |
Credit StressBanking sector pressures from Silicon Valley Bank and Signature Bank collapses highlighted risks of high leverage and maturity mismatches. Distillate benefits from avoiding banking stocks where enormous leverage creates unfavorable risk/reward skew. |
Banking Leverage Deposits Regional Banks Financial System | |
RatesThe Federal Reserve's sharp interest rate increases to combat inflation have sparked fears about the path of rates. Current 10-year yields look reasonable in historical context, and the firm is less concerned about exact near-term rate movements than many investors. |
Interest Rates Federal Reserve Inflation Monetary Policy Bond Yields |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 16, 2025 | Fund Letters | Thomas Cole | ACN US | Accenture Plc | Information Technology | IT Consulting & Services | Bull | NYSE | AI, cloud, Consulting, diversification, growth, IT services, Margins, valuation | Login |
| Oct 16, 2025 | Fund Letters | Thomas Cole | IT US | Gartner, Inc. | Information Technology | Research & Consulting Services | Bull | NYSE | Consulting, growth, Margins, recurring revenue, research, stability, valuation | Login |
| Oct 16, 2025 | Fund Letters | Thomas Cole | CRM US | Salesforce, Inc. | Information Technology | Application Software | Bull | NYSE | cash flow, cloud, efficiency, growth, Margins, Software, valuation | Login |
| Oct 16, 2025 | Fund Letters | Thomas Cole | ADBE US | Adobe Inc. | Information Technology | Application Software | Bull | NASDAQ | AI, digital media, growth, Margins, Software, Subscription, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| CRM | Salesforce was the largest added-to position in the quarter and typifies the type of opportunity we are seeing. While the company has previously traded at levels we consider very expensive, 40-50x NTM FCF, that multiple has now dropped to around 11x while underlying free cash per share has grown solidly. The stock fell amid worries about how AI might impact it in the longer term even though fundamentals remain strong. While we do not know what the future holds, the company is trading at a valuation at which it can buy back nearly 10% of its stock each year. If fundamentals keep growing even modestly, the company will in theory be able to buy back all its equity in just a few years. This is reminiscent of Microsoft 15 years ago when fears of competition from free Google products and management concerns rendered it similarly cheap. It proved to be a significant opportunity at the time to buy a well entrenched technology player with annuity characteristics, and Salesforce today has many of the same attributes. |
| MSFT | This is reminiscent of Microsoft 15 years ago when fears of competition from free Google products and management concerns rendered it similarly cheap. It proved to be a significant opportunity at the time to buy a well entrenched technology player with annuity characteristics, and Salesforce today has many of the same attributes. |
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