194. February 2026 Mailbag

We open the February 2026 mailbag to answer your questions on how to handle the psychological toll of the "SaaS apocalypse" and when it actually makes sense to buy the dip. We also discuss how to assess relative risk in a portfolio, dive deep into the differences between SentinelOne and CrowdStrike (including thoughts on stock-based compensation), and reveal the "falling knife" software stocks we are most tempted to buy right now, including ServiceNow and Salesforce.

00:51 First Friday Update

02:03 Mailbag Fear in Downturns

03:56 DCA and SaaS Selloff

06:15 Deploying Cash Rules

08:43 Add to Winners Not Losers

15:49 Risk in Portfolios

20:31 Position Sizing Examples

23:28 SentinelOne Profitability Debate

28:35 SentinelOne vs CrowdStrike

30:44 Cybersecurity Basket Strategy

31:42 M&A and Buyout Odds

33:12 CareTrust REIT Update

35:00 Discord Falling Knife Picks

35:35 ServiceNow Case

37:44 PayPal Options and CEO Risk

38:33 Salesforce AI and Valuation

42:50 How We Add Positions

47:28 Enphase and Gut Conviction

50:19 Secular Trends and EV Lesson

52:05 QuantumScape Battery Bet

52:37 Wrap Up and Where to Ask

Companies mentioned: ASML, CRM, CRWD, CTRE, ENPH, NOW, PYPL, QS, S, TSLA, TSM

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