The Value Thesis

Adobe: The Stock Is Cheap, But the Business Is Changing

Adobe stock looks cheap after a 70% decline, but the real question is whether AI, Firefly, Creative Cloud and Acrobat can protect free cash flow and…

May 19 • Arda Solmaz

8

3

3

Tencent: The Business Behind the Narrative

Deep Dive #11

May 9 • Arda Solmaz

14

3

3

HubSpot Q1 2026: A Strong Quarter, But The AI Question Is Still Hard

HubSpot reported a strong quarter. For most companies, that would be enough.

May 7 • Arda Solmaz

7

1

February 2026

Salesforce Valuation Analysis: 13x Free Cash Flow

A look at current valuation, stock-based compensation trends, and the AI strategy

Feb 9 • Arda Solmaz

6

4

Gartner: A Valuation Reset

Slower Contract Value Growth and AI

Feb 3

1

1

January 2026

Gartner: The 7.5% Equity Bond

Jan 31, 2026, Updated View

Jan 31 • Arda Solmaz

2

1

UnitedHealth After the Crash: The 3 Paths From Here

UnitedHealth fell almost 20% in a single day.

Jan 28 • Arda Solmaz

1

3

The Trade Desk (TTD)

Bottom line: amazing business, real moat, but the stock looks pricier than it seems because a big chunk of “profit” is paid out to employees in stock…

Jan 25 • Arda Solmaz

2

1

The Watchlist #2

2026 has started with more geopolitical noise than where we left 2025.

Jan 20 • Arda Solmaz

2

5

December 2025

Nike Q2 FY26 Earnings

Quarterly Review #3

Dec 19, 2025 • Arda Solmaz

2

1

IRES REIT: Buying Dublin Apartments for 60 Cents on the Euro

Deep Dive #10

Dec 14, 2025 • Arda Solmaz

3

lulemon Earnings Q3 2025 Results

Quarterly Review #2

Dec 12, 2025 • Arda Solmaz

1