Historical positionEquityEnterprise Software
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CRWD

CrowdStrike

Portfolio weight

Not currently held

This position has been exited. The analysis below is kept as a record of the reasoning at the time and is not maintained as current research. See the Decision Log for the full decision history.

Exited on valuation and narrative saturation

CrowdStrike is still considered a great business. The issue was valuation and narrative saturation rather than execution.

The security thesis had become consensus and the business traded at a demanding valuation. When a story is that widely understood, there is little left for me to be early about.