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Slack (WORK) is a "Buy" in my opinion. After scouring through SaaS for something that might resemble a reasonable valuation, this is one of the better opportunities. Competition from Microsoft Teams (MSFT) is overstated in my view, and it seems like the market still doesn't quite understand what Slack does that adds value to its users. In this article, I argue that the market is large enough for multiple players, and if investors were to dig deeper into how Slack works, they'd find a durable competitive moat. Yes, they don't