Snowflake: great asset, fully discounted

The mechanism is duration. A multiple is a claim on a terminal growth rate, and at these levels the implied duration is longer than any enterprise software franchise has historically sustained without a re-rating. The comparison is the evidence. Peers with similar growth and margin profiles trade materially lower, and the gap has widened rather than narrowed over the last two quarters without a corresponding change in fundamentals. The position: no call. This is a name I want to own and not at this level, so there is nothing locked here and nothing for the record to grade. If the entry improves I will say so in a piece that does carry a call. What breaks this is a re-acceleration in the weak cohort. Renewal behaviour has inflected before on a single product release, and one good release would invalidate the cohort argument entirely.