Investment Thesis
Adobe (ADBE) is an unquestionable leader in not one but two separate sectors, namely digital media and digital marketing.
I recently noted that:
[Adobe is] an impressive company, which has successfully diversified away from a pure-play document editing into an overarching digital software experience.
[...] With Adobe, it was always [...] challenging. And even today, if asked, I could certainly highlight many positives, and make an extremely compelling bullish call.
Nevertheless, despite the run-up on its shares, or better yet, given the recent run-up on its shares, I contend that investors