Here is a link:
From skipping down to the end, looks like he concludes…"As mentioned earlier, I think this is a reasonable entry point into the shares of this high-quality growth franchise. It isn’t cheap, but as in some many fields of endeavor, the best is rarely cheap. I think there’s plenty of positive alpha available here for investors.
also a fan of alpha
It is worth noting that the company’s CEO essentially said that it is not feasible to prepare a growth forecast beyond a quarter, and the company, based on its hyper growth in 2017, chose to make a conservative outlook… for no other reason but that 2017 was a very strong year.
There are two aspects of the Arista conference call that I think is worth mentioning.
Cisco wants to kill this company. Anything management says is being listened to by the competition - so it plays its cards close to its vest. There is nothing wrong with that.
Name a publicly traded tech company with a female CEO and a female CFO. I can think of many with one or the other but very few where both are females.
Now take a look at a list of the analysts on the call. You can see them listed on the transcript here if you scroll to the end:
Women invest differently from men - they trade much less frequently. Is it possible that they are more conservative in their outlook?
My sense is that the market has not picked up on this aspect of Arista.
For more info LouAnn Lofton’s book Warren Buffett Invests Like a Girl: And Why You Should, Too is worth reading.
Maybe I am crazy but I think you have to take this into account when evaluating the outlook presented by management - Men are from Mars, Women are from Venus.
Frank - long BRK.B, long ANET, see profile for all holdings