《The AI Agent Problem No One's Pricing In Yet》
CRWD 为推广模块采用而提供价格让利；因估值偏高而减持，但因趋势向好而保留在观察名单中。
这就是为什么 CrowdStrike 在谈 Falcon Flex。他们本质上是在向这些客户提供价格让步，以促使他们采用更多模块，
This is why you have CrowdStrike talking about the Falcon Flex. They're essentially providing price concessions to these customers to adopt more of their modules,
不过，估值仍然重要，所以这就是我们决定减持 Palo Alto 和 CrowdStrike 的原因。估值看起来就是非常高、非常拉伸。但这并不代表它被移出观察名单。由于这一趋势，它们并没有被完全清出投资组合。
Valuation does still matter, though, so that's why we decided to trim Palo Alto and CrowdStrike. Valuations just look very high, very stretched. But it's not off the watchlist.
They're not out of the portfolio entirely because of this trend.