FTNT - Fortinet Inc.

Largest position (22%), no clear opinion on earnings, will hold through earnings; long-term beneficiary of cybersecurity refresh cycle but current price is expensive

Extended after big run; if pullback to $145, could be a buy with stop at recent low.

Fortinet is a fortress with high interest coverage (140x), able to survive a bad year.

Already doubled since last bullish call. Cybersecurity tailwinds from IBM's report (budget prioritization). Largest portfolio position at 23%.

Cybersecurity company with a history of aggressive buybacks only when the stock is low, demonstrating excellent capital allocation and shareholder focus.

Cybersecurity demand is accelerating due to AI, and the sector is only starting to grow. He has doubled his capital on Fortinet and continues to hold, seeing it as a long-term play.

Stock doubled from $75 to $150, now expensive but not egregiously overvalued. Long-term cybersecurity leader with AI tailwind. No longer buying but holding for long-term.

Believes guidance is too low, expects higher revenue growth from AI-driven refresh cycle, views Wall Street as too conservative, and opts for long-term

Creator is extremely bullish on Fortinet's long-term prospects due to AI-driven refresh cycle, but believes the stock is currently expensive. He will not buy or sell at current levels, but will hold and potentially buy more if valuation becomes cheaper.

Fortinet provides next-generation firewalls and network security that are essential before AI protection can be implemented. With thousands of federal offices upgrading networks, they will need new firewalls and network security infrastructure, leading to more government access, more subscriptions, and larger infrastructure cycles.