Apr. 9 at 10:31 PM
$NET $CRWD $PANW In his book "The Most Important Thing", Howard Marks points out that above average returns require second-level thinking. If you trade with the herd, you will get average-results, at best.
First level thinking:
"Claude has a cybersecurity offering that is cheap and efficient for checking for software attack vulnerabilities, this might take share, or pricing power, from existing vendors"
Second level thinking:
"Over 80% of enterprise software attacks aren't even malware related, so how impactful is this even?", "The entire cybersecurity TAM is growing at 10.4%", "If the speed of threat actors finding, and attempting to exploit, vulnerabilities increases exponentially, the network and moat strength of top vendors will also increase exponentially, making them that much harder to disrupt and their ARR that more sticky", "A huge value proposition of cybersecurity vendors is dynamic crisis response and intervention, via partnership, not just spotting an attack"
