Mark Cash

We're positive on the acquisition and are maintaining our current fair value estimate on Cisco for now.

We believe Palo Alto Networks is an attractive investment in cybersecurity.

A strong brand and sticky services businesses combine to ward off competitive threats.

We are increasing our fair value estimate for the narrow-moat firm.

The narrow-moat firm showed strength across all business segments and provided strong guidance for next quarter.

We are encouraged by HP's execution and road map, but a highly competitive marketplace will cap long-term excess economic returns.

We don't think the firm's long-term growth strategy will adequately offset challenges within core business segments.