Hi bnh, thanks for your reply. Yes, the strategy is laid out - that’s why I still have my position and said I like their big vision.
It’s just that I feel my other companies have a much sharper profile and are easier for me to get a grip on - I can only assume that it’s the same for some potential customers. Cloudflare’s product portfolio is so broad and they are throwing out new products with such an immense pace that they don’t fit in a clear category.
But I like when I have a sharp picture of where my company will be in 5 years. NET plays on many fields and this makes me nervous. The lack of real progress to be profitable contributes to that.
Regarding my comment about R2 - not to long ago and this was one of the main drivers behind the NET narrative and the huge increase in share price. On the call Matthew Prince said this:
”And I think that Zero Trust is very much going to be the story of the next few years to come.”
If zero trust is the main revenue contributor in the next few years, then it’s even more important to talk about FedRAMP and raise awareness about their offering. And he said:
“But when a customer is considering going on their Zero Trust journey, if we’re in that consideration, we love our win rates in that.”
The main players are still Palo Alto and Zscaler - that’s what he said here. If NET’s product is much better - as they say whenever possible - why is that? So when the main story in the next years is security, there are competitors like ZS with a clear and sharp profile, proven product, profitable, highest FedRAMP… not as innovative and maybe not as durable. That’s why I hold both. I will let them fight it out in my portfolio 
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Hannes