6/4/24 - $hpe - unexciting, letting the pitch go by/ pass

6/4/24 - HPE - a more complicated dell. 14x adjusted (for capital stack) earnings looks cheap, but you've got to overcome a 2 yr trough - so unless you have a view that the entire street will change this view on a single quarter in a jobs week (as alluded to in my CRWD post), i'd just let this pitch go by. all else equal, i'd expect a positive reaction, but just look at put: "$hpe/DELL" into tradingview - and you'll quickly figure out what's up. this is impossible tape to buy the second tier names, of basically anything unless they generate massive growth and massive cash yields and are lagging for stupid factors like "size" (e.g. don't get the passive flows) or prior hiccups (that have been resolved, but the street is being cautious for now). i'd not necessarily put HPE in either of these buckets given results have basically delivered as expected and the EV is over 30 bn. this could be an interesting play perhaps 2H or '25, but i find it uninteresting in the current-frame-context.

gl to holders. lmk if i've overlooked anything obvious in the above logic.

-V