Investment Thesis
Slack Technologies (WORK) is the pioneer of collaboration software. It is one of the leaders in a growing category and has an excellent margin profile. The demand for collaboration software products is evident in Slack's metrics of unmatched revenue retention and rapid growth. However, we see a trifecta of risks which when combined are, in our opinion, existential for the company and are the reason for our bearish view. In order of decreasing importance 1) Slack is facing competition which will, at best, significantly harm its growth prospects, 2) Slack is