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.
All 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.
Research Reports
Updated February 2026. After a 43% twelve-month decline to ~$191, we analyze why fear has created opportunity. Q3 FY26 delivered record 35.5% margins, $1.4B AI ARR growing 114%, and the $5.6B Army contract. With 47–70% upside at ~15x forward P/E, we rate CRM a BUY.
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.
Educational Resources
Benjamin Graham introduced margin of safety as the cornerstone of intelligent investing. We examine how to apply this timeless concept across equities, real estate, and venture capital today.
Not all competitive advantages are created equal. A systematic framework for evaluating the durability and width of economic moats across different industries.
A practical guide to the primary valuation methodologies we use, including discounted cash flow analysis, comparable company analysis, and asset-based approaches.
Why the best investments are those where operational expertise — customer introductions, technology improvements, and strategic partnerships — can drive meaningful value creation.
Market Commentary
Our quarterly assessment of market conditions, signals we are observing, and how we are positioning across Perseus strategies heading into year-end.
A candid review of the first half of 2024 — what worked, where we were early, and how our investment framework informed our decision-making throughout the period.
Our annual letter discussing portfolio positioning and why we believe active, operationally-engaged investing remains the most compelling approach to building long-term wealth.
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We welcome conversations with those who share our interest in disciplined value investing and active value creation.
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