Fortinet, Inc.

“Fortinet is a genuinely exceptional compounder — ASIC-anchored moat, 80% gross margins, 33% FCF margins, $6.3B deferred revenue, net cash balance sheet, and a founder still running the business with 14-15% skin in the game — but at $106B market cap and ~47x trailing FCF, the stock prices in perfection with no buffer for execution risk, cyclicality, or the structural threat of cloud-native security architectures displacing hardware-centric firewalls; the right move is to track it and buy aggressively on a 25-35% correction to the $95-$110 range.”