Travis Hoium

Price earnings multiple on a trailing basis is 15.

That's cheaper than the market overall.

But on a forward basis, that PE multiple is just 11%.

Jason, is this a falling knife and this is, hey, this is a disruption happening and we're going to watch this stock grind lower for the next decade as the business deteriorates?

Or are we getting this all wrong and professionals are going to continue using Adobe a decade or two from now?

Their operating margins have not really felt a pinch since 2018.

The operating margin is up from 31.5% to 36.6%.

If there's pricing pressure, which is just one of the areas you would feel at first, they're not feeling it yet.

It was arguably a value stock at the beginning of the year.

Let's talk about another one that is potentially under threat, that is Intuit.

This is a company that's making

Tax preparation, TurboTax, that's the thing that they're known for the most.

But the drawdown with their stock is 60%, and that's in just a matter of months.

So is this one of these cases where disruption is coming for them and we're not going to see it until maybe tax season 2027?

Or are we getting into value territory with shares trading for 16 times forward earnings estimates, Lou?

You don't like paying for Intuit once a year?

I've never understood that.

Why?

Why is it that once a year it seems like I get like a $50 bill from the IRS for something that I forgot to put into TurboTax?

Why didn't you just tell me that in the first place?