Insights & Resources
Explore our thinking on value investing, operational value creation, and market dynamics. We share our research and perspectives on the topics that inform our own investment process.
Research Reports
Updated February 25, 2026 with Q4 FY2026 earnings. Record $11.2B revenue (+12% YoY), massive $3.81 EPS beat, and Agentforce ARR surging to $800M (+169%). At ~$180 with 62–83% upside at ~14x forward P/E, we reiterate STRONG BUY with increased conviction.
February 2026. The world's largest pure-play cybersecurity company printed a clean beat-and-raise — 33% NGS ARR growth, $16B RPO, $780M revenue guidance raise — yet dropped 8% on a mechanical EPS miss from CyberArk acquisition dilution. At ~41x forward P/E vs. 5-year avg ~55x, we rate PANW a BUY with $210 base target (+40%) and $250 bull case (+67%).
February 2026. With $1.3 trillion in AUM and record Q4 2025 results, Blackstone trades at a 36% discount to historical averages after a 32% correction. AI infrastructure positioning, dominant private wealth franchise, and nearly $200B in dry powder create compelling 37–60% upside. BUY with $180 base target.
Investment Insights
Investors frequently anchor to purchase prices, 52-week highs, and analyst targets. We examine how this cognitive bias creates systematic mispricings and how disciplined value investors can exploit them, with five detailed post-COVID case studies.
From GameStop to Palantir, we dissect six herding episodes through information cascades, momentum chasing, social contagion, and passive flow concentration. Includes a five-step contrarian framework and an in-depth analysis of Palantir’s 3,400% reflexivity-driven ascent.
Investors sell winners too quickly and hold losers too long, costing 3–4% annually. We trace this bias from Kahneman and Tversky through five post-COVID case studies — Meta, Intel, 2022 bonds, Chinese tech, and Boeing — and present a five-step framework for breaking free.
Markets systematically overshoot in both directions, generating a 5–10% annualized contrarian premium. We examine six post-COVID case studies — from the 2022 energy euphoria to the Liberation Day panic of April 2025 — and present a five-step framework for exploiting overreaction-driven mispricings.
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Get in TouchAll content is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Perseus is not a registered investment adviser. Please consult a qualified financial professional before making investment decisions. View full disclosures.