Autodesk, Inc.

“Autodesk combines durable workflow entrenchment, high margins, strong free cash flow, and a long reinvestment runway in design, construction, and manufacturing software. The business quality is clearly above average and the risk of permanent capital loss appears low, but management does not merit a premium multiple after the controls episode and the stock is not so cheap that execution stops mattering. At the current price, the balance of quality, durability, and valuation supports a long-term buy rating, best approached through disciplined tranche buying rather than aggressive concentration.”