Striking to see SentinelOne fall off the top 10 list.

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Jamin, you stated:

"When the dust settles, investors will get back to picking (currently most are risk-off waiting for macro factors to play out). And in my opinion the key attribute to filter for when picking is which companies will actually get to 20-30% FCF margins."

In your view, which companies will meet that 20-30% FCF margin filter?



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Can you add cash on the books to your excel sheet?

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Any reason the mega caps like alphabet are excluded from your analysis? They would be interesting point of comparison

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Seems like there's really a bifurcated SaaS market, with investors having become discerning vs. assuming all SaaS is great.

- The top-quartile, which (to a non-software person) looks like its largely comprises of those cos that are are widely held as 'great' (SNOW, TEAM, DDOG, CRWD, etc) which are still trading at >10x NTM Sales. Investors are willing to pay healthily (vs. insanely) for the future FCF here...

- The rest, trading at a median of <6x, which are back to the 2015-19 range - albeit nearer the bottom. You could argue that makes sense given economic questions, higher discount rates, investor psychology, reduced growth prospects (i.e. if focusing on FCF now), etc.

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