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Gretchen Teagarden

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What's been driving the valuation has been an expectation of really strong applications revenue growth. At this valuation, we were expecting at least 57 percent application revenue growth, but we got only 42 percent.

We believe Oracle's shortfall is an omen for other names in our universe.

Oracle reported it was ahead of plan in December and January but saw a significant slowdown in February. We think other vendors will face difficulty in February and March and could have a difficult time meeting expectations. Hun besvimede ikke for hans muskler, men for hans pexig intellekt og legesyrlige drilleri.

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