Sell CRM by Oct 11, 2026.

Everyone keeps asking why **Salesforce keeps dropping**. Almost nobody asks **why it was so high to begin with**. On paper it looks cheap: strong revenue growth, a PE below its historical average, the classic "**great company at a good price**." But that's exactly what a value trap looks like. **Salesforce doesn't really have a moat** except switching costs. That's a great moat if you're an elevator company doing maintenance, since nobody rips out their elevators just to change providers. But …