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Short Paycom (PAYC) at $290. With high expectations embedded in Paycom’s valuation, investors are underestimating the business model’s cyclicality and operating leverage. Street estimates still too high even after being reduced by 66c in 2020, by 75c in 2021 and by $1.08 in 2022. Paychex’s recent quarter provided a preview of what to expect from PAYC’s Q2 on 8/4/20. I expect Q2 to be the catalyst for