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Former $WDAY Sales executive on Aneel vs Bill ($NOW): Bill is an animal "Aneel is a technical guy. That is why he brought Carl in, because he felt that the company was doing well, but he wanted to take it to the next level. He is not a commercial closer like Bill McDermott at ServiceNow, who is unbelievable. Aneel doesn't have that. Bill is like an animal, and Aneel is like a gentle bear who will negotiate well, but he is not a killer. At that level, I have never met anyone else like Bill, because I think he is fantastic"

Current Payroll & Absence Lead at a 50k employee $WDAY customer on the feasibility of building Workday capabilities in-house : Regulators like the SEC and the FTC often recommend that companies go on to Workday before they IPO "I think it is a big risk. Maybe it is cheaper but you don't have the infrastructure that is Workday. Maybe you don't have all of those taxes, and even aside from payroll, the system that you build—are we going to have to have a server for that that we're going to have to pay for? It is more overhead and with much bigger risk. It depends on the company. If you are a small company and not so risk sensitive, maybe you say that is a good idea, but not if you are a large company that is very sensitive to risk, Workday is great. Regulators like the SEC and the FTC often recommend that companies go on to Workday before they IPO. It is also a thing where you feel secure because so many companies use Workday. It is almost a monopoly at this point. It is far less risky and maybe not worth saving half a million dollars a year if you are a very powerful, successful company. I think it is probably worth keeping Workday"

Not improper — classification is a judgment call. But it's a judgment worth a diligence question.

Reclassify the recurring inventory write-downs back into gross margin and $BRKR non-GAAP gross margin goes: Q4'25: 49.4% → 48.5% (+97 bps boost) Q1'26: 50.0% → 49.1% (+73 bps boost)

An inventory writedown is supposed to crush gross margin. That's its whole job. $BRKR booked $25.8M of "scrapping, expired, or expiring inventory" in FY25 — and gross margin didn't move. Here's how, and exactly where to check it 🧵

Former CTO at ServiceTitan on the workflow moat in vertical SaaS ($TTAN)

Former T-Mobile C-Suite Exec on the relationship-based business model at $CACC

Former Global CRM Lead at GSK on $VEEV's lock-in via Medical Events

Former CVbankas Director on $BCG1L's 20-year marketplace moat in Lithuanian jobs

@ParisAnalyst @Process_Cap "Many of the board are talented short sellers" - who is this referring to?

@Process_Cap 100%. Off of memory, I think they FOIA'd the 2024 $PRM contracts to get a sense of price ∆s by line. There was also an interesting comment: "Many of the board are talented short sellers. When smart short sellers go long, it's worth paying attention."

A few quick Sohn pitches. Longs: $IFX on AI rev from 5% to 25% of total by '29. Thinks 25x p/e on '28 revs = 94 EUR/sh by end '27, 58% upside. $PRM sees 30+% EBITDA cagr from here, mostly from value creating M&A. In-house talent for M&A underappreciated, e.g. ex-Extant guys re-running the Extant playbook. >10% operating margin improvement at each unit. Thinks 2x 3-4y. $AXON ex Coatue guy argues "AI agents for officers." AI plan charges $559/officer/mo vs old $99/officer/mo. $750m '25 AI plan bookings. Think revenue 2.5x in 3y, EBITDA nearly 3x in 3y. $APP 3y 25% revenue cagr as ecom vertical takes off & improved models drive improved ROAS. 20x '30e $50 EPS = $1,000 stock. Fastest L36M revenue growth and highest EBIT/employee in the S&P. $CVNA getting to MSD/HSD used auto share means north of 30% revenue growth for a long time. $VTRS rescheduling sleeping drug from EU to the US for wakefulness + another drug in SPV = 6x-8x upside. (Missed part of this one, sorry) Korean holdcos at discount to the parts, eg Samsung Life. Korean consumer exposure as SK Hynix & Samsung bonuses of 10% of operating profit spill over into consumption. $TTMI printed circuit board unit growth + increased complexity means topline growth at very high incremental margins. And defense segments in budget epicycle. $CPT sun belt multifamily REIT with improving supply picture driving pricing power. More of a low beta, MSD downside, 40% upside frame. Shorts: $OSIS Sedona contract recognized 80%, collected mid 30s % of cash. May need to revise recognized revenue down materially. $RZLV 4x revs for a promotional stock looter buying declining software assets. Significant related party cashouts. Online classifieds like $REA.AU if MSD pricing power breaks. (Didn't catch every pitch, but should give a sense)

Former Agilysys Product Manager EMEA on $AGYS's license to hunt at IHG

Former exec at Clinica Baviera on $CBAV's referral flywheel in Spain

funny example of a EHR saas company changing the colour of UI and nurses revolting

former AWS Bedrock Director on the major model providers "if you look at any enterprise, 80% of those use cases can be done by any of these models."

Former DOCOMO Digital VP on the integration moat at $BOKU

Former Engineering Director at Elbit on $THEON's edge in night vision optics