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The thrust of the investment opportunity I see is simple - Dell Technologies (DELL) trades very cheap on a Sum-Of-The-Parts basis.
At the moment, Dell Technologies owns:
Its legacy business - what we'll call 'core' Dell - which provides IT hardware, software, and service solutions, including its namesake PCs along with servers and storage hardware;
As of the end of fiscal 2019 (February 1), 80.5% of VMWare (VMW) (note that all ownership percentages come from p. 143 of the Dell 10-K);