# INTU
* Highest-quality business relative to current valuation.
* Dominant positions in TurboTax, Credit Karma and QuickBooks.
* Very high switching costs.
* AI likely strengthens rather than disrupts the moat.
* Trades well below the premium multiple many investors were willing to pay a few years ago.
# CRM
* Cheapest on traditional metrics.
* Strong FCF generation.
* Market still somewhat skeptical because growth slowed from its hypergrowth era.
* If growth reaccelerates even modestly, multiple expansion could add to returns.
# MSFT
* Probably the safest choice.
* Azure + AI + Office + Windows remains an incredible combination.
* However, the market already recognizes this, so the valuation discount isn't huge.
* Excellent risk-adjusted return, but not the biggest "value" among the four.
# NOW
* Arguably the best business of the group operationally.
* But the stock rarely gets cheap.
* You're paying a premium for exceptional execution and long runway.
* I'd only call it a value play after a significant correction.
If I were deploying fresh capital today looking for the best mix of **quality + upside from valuation**, I'd lean:
**INTU > CRM > MSFT > NOW**
For pure quality regardless of valuation:
**NOW ≈ MSFT > INTU > CRM**
The interesting thing is that INTU is probably the only one here where you can reasonably argue you're buying a top-tier software compounder without paying an extreme premium.