- Entry
- $221.33
- Now
- $224.00 +1.2%
- Target
- —
- Score
- —
I own ADBE at about 14% of my portfolio, so I have skin in the game and a reason to be honest about where the bear case has merit. The Confederate government supposedly died of a theory. Jefferson Davis was so committed to states' rights he couldn't build the centralized federal apparatus needed to win the war that required exactly that. The theory killed them while Sherman's army kept marching through Georgia. I think a theory is killing Adobe's stock …
— ORIGINAL POST ·
Adobe is down 40% from its highs while generating $8.25B in true annual FCF with 10% topline growth. I think it died of a theory, not an actual threat. Here's the data including deferred revenue, government contract data from USASpending.gov, and a bear case.
· r/ValueInvesting
· Jul 13, 2026