INTU: Death, Taxes, and Increasing Prices on Your Customers

Three reports linked below all valuable and all included. The Back of Napkin: the two-business math. The Moat Dive: whether QB's switching costs hold. And the Proxy Insights: what management gets paid to do about it.

I think it’s cheap, but I’m passing. Evoking two investing idols here. One Buffett in that it’s too hard for me to underwrite winning. And Nick Sleep in that they’re literally running his Costco playbook in reverse.