This article is excerpted from a letter by MOI Global instructor Michael Shearn, portfolio manager of Compound Money Fund, LP.
During the second quarter, we doubled our position in Appian (APPN) at an average cost basis of $26.50 per share. We believe the company’s growing customer adoption rate will accelerate future revenues.
There is strong demand for software development, but relatively few people who can develop software. Appian believes the solution is to multiply the effectiveness of software developers. Appian’s platform can accelerate software developers’ speed by up to 20 times, producing custom software in far less time.
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About The Author: Michael Shearn
Michael Shearn founded Time Value of Money, LP, a private investment firm, in 1996, to devote his attention to selecting and researching stocks and private investments. He launched the Compound Money Fund, LP, a concentrated value fund, in 2007. Shearn serves on the Investment Committee of Southwestern University, which oversees the school's $250 million endowment. He is also a member of the Advisory Board for the University of Texas MBA Investment Fund. Shearn graduated magna cum laude from Southwestern University, a small liberal arts college in Georgetown, Texas, with a BA in business, with an emphasis in accounting and finance. He lives with his wife and two daughters in Austin, Texas.
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