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Monday, November 9, 2026

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Exploring SaaS survival in the agentic era — $PANW vs $DDOG. Both sit on critical telemetry. Both expose MCP. On paper they look alike. They aren’t. Model labs have a real reason to build their own observability collectors. Coding agents write and ship code; to get better they need production feedback. Own the host telemetry, close the loop. That same incentive is much weaker for cybersecurity endpoint agents. Finding beacons and writing better code are different jobs. Building a Falcon- or Cortex-class sensor estate is years of trust, labeled attacks, and compliance — not a natural side quest for a model lab. Then there’s the screen. Datadog doesn’t own where developers live. They already live in Cursor / Claude Code / Copilot. So those agents pull Datadog in over MCP. The data plane stays sticky; the UI gets shared. Palo Alto usually does own where the SOC lives. The shift starts in the security console — cases, playbooks, response. In a PANW shop, Cortex is the main workplace. Claude can sit on top in a multi-vendor stack. That’s the risk but not the base case. Same idea — agents need the pipes. What’s different is who tries to own the collector, and who already owns the desk. Thoughts welcome. Full Part 3 write-up for Convequity subscribers is on its way.

Investor Letters

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STRL: 80 new electricians a week

Sterling’s $4.1 billion backlog faces Texas permitting risk after a governor proposed a moratorium, while Connexion, Capital Asset Planning…

STRL $7.6B
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Roblox: Capture This Moment

Roblox’s Q3 FY26 DAUs fell year over year for the first time, while bookings declined 12% to $1.7 billion.

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TSOH Investment Research 2 clicks

DoorDash and Google

DoorDash and Google.

DASH $79B
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 8 clicks
FND · long

FLOOR & DECOR HLDGS

Floor & Decor operates 281 warehouse-format stores selling hard-surface flooring and accessories nationwide.

FND $5.6B
Value Investors Club 1 click

Vicor Update, Part Four

Vicor’s Federal Circuit hearing put Foxconn’s disputed patent license under pressure, reinforcing its AI server royalty model and licensing…

VICR $6.8B
CV's Substack 3 clicks

NEW POSITION: Google LEAPS

Alphabet bought long-dated GOOGL calls after a 12.6% earnings drop, betting AI monetization and distribution overcome capex pressure and…

GOOGL $3.5T
Hated Moats 1 click

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