I gave a hold rating for Guidewire Software (NYSE: GWRE ) previously, as I thought the valuation was too expensive at 16x NTM revenue. I would say the setup has shifted meaningfully. There is an increasing sign of growing cloud adoptionI’m a fundamental, valuation-driven investor with a strong focus on identifying businesses that have the potential to scale over time and unlock massive terminal value. My investment approach centers around understanding the core economics of a business—its competitive moat, ...