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No. of Recommendations: 24
Getting an accurate sense of TAM helps to see where on the S-curve of adoption of the products are. Captaniccs is the best person I know to explain this essential part of investing. I believe he would say we are at the bottom of the hockey stick in each of these companies.

Thanks for the kind words and, yes, being on the leading edge of the various technologies and the expanding adoption of the internet, most of it is "at the bottom of the hockey stick." But please remember that the "S" curve is more about the technology than about individual company stock price. In the same technology there are winners and losers as in the case of teleconferencing: Zoom, WebEx, Skype, Teams, etc. You have to find "the" leader.


I don’t think I have any great ability to state the matter of how to separate the various tech that provide security simply. With my limited ability I over simplify; but, this is how I see it:

Zs and NET protect information in transit, when moving from one point to another.

Fastly’s Secure@edge and CRWD are providing a layer positioned at the source where they, for lack of a better word, filter information for potential security issues.

OKTA measures Identity of the person whose attempting entry.


You are highlighting the reason I don't like to invest in security. There is no leader in such a fragmented technology. There is no "General Security Corp." that covers it all. And unlike most other technologies in security there is an army of smart and effective adversaries looking for holes to exploit. Every time you write a piece of code you create potential bugs and security risks that are often only found after the product ships and hackers discover them.

Put another way, there are easier technologies to figure out for investing purposes. Find the clear mission statement: Zoom - teleconferencing, Livongo - reduce the cost of healthcare, Fastly - best in class CDN, Apple - best human interface, DocuSign - document management. There is no best in class security, it's too complicated.

Denny Schlesinger
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