INTU · investment memo
Four distinct questions, one field each. A price is not a thesis: the trigger below forces a re-underwrite and freezes further purchases — it is never an automatic sell.
A daily close below $284.81 triggers a mandatory re-underwrite and freezes further purchases. It is not an automatic sell unless a separate fundamental invalidation condition has been breached.
Not stated. This name has no falsifiable invalidation conditions on file, so it cannot be risk-monitored. That is a gap in the research, not a clean bill of health — recorded rather than hidden.
Named cause: the DIY unit decline becomes structural, and the replacement revenue is human-delivered. The units are already falling and management's stated response is to compete on price for the under-$50k cohort and monetise elsewhere — i.e. it is conceding the DIY price point rather than defending it. The CEO's own defence against agent disintermediation is *"no matter how good software becomes, many customers want a human expert they trust"* — which is a real argument and also an admission that the moat has moved from software to labour. Intuit is simultaneously integrating Anthropic's Cla