Garrett Dunton

[William @Will_iam_001]

🚨BREAKING NEWS🚨
Marco Rubio called radical Islam a global threat to the entire world
American Muslims are furious and outraged!
👉Are you still standing with Marco?
A..Yes👍
B..No👎

[American AF 🇺🇸 @iAnonPatriot]

How tf has nobody from the Biden administration been arrested for allowing this..!?

This was treason.

[Adriann - @a_d_r_i_a_nn]

Everyone keeps calling $ZS "mature" - as if a company compounding revenue at 35%+ over five years belongs in the same conversation as a utility stock.

I want to push back, because I think this framing misreads what the next chapter actually looks like.

Two things shifted the calculus for me recently.

ZAgent first. The agentic AI layer Zscaler just launched isn't a marketing exercise - it's an attempt to embed the platform deeper into enterprise workflows by automating threat response and zero-trust enforcement decisions. If adoption sticks, it raises switching costs substantially. The best cybersecurity moats are built on operational dependency, not just product quality, and an AI layer actively managing enterprise security posture creates exactly that stickiness. FCF per share should improve as these workflows reduce manual intervention and support overhead - at Zscaler's scale, that's not a trivial number.

RedCanary second. I've been thinking about this acquisition in terms of what it does to detection surface area. RedCanary's MDR capability adds a human-plus-machine layer that CRWD and PANW have been building internally for years. Zscaler is buying it - which has capital allocation implications. Not FCF neutral near-term, but the strategic rationale holds: they're acquiring recurring-revenue MDR relationships and folding them into a zero-trust architecture that's structurally harder to replicate at speed.

Now the valuation question. PANW and CRWD have re-rated aggressively. PANW's EV/EBITDA would make a traditional value screen flinch. CRWD, post the 2024 outage recovery, has priced in fairly ambitious growth resumption. ZS hasn't re-rated as much relative to either - which is arguably where the opportunity sits on a comparative basis.

I'm not suggesting ZS is cheap on P/E or P/B. It isn't. But for a platform-stage SaaS business, the relevant metric is free cash flow trajectory as the model matures. Zscaler's FCF margin has been expanding. If ZAgent drives net revenue retention higher and compresses cost-to-serve - which is what agentic automation is supposed to do structurally - the FCF inflection looks more interesting than the current EV/FCF multiple implies on a static read.

ROIC has been improving as the business scales. That's the metric that separates compounders from growers. Revenue growing 35% while consuming capital at the same rate isn't building intrinsic value - it's just getting bigger. The FCF conversion trend at Zscaler suggests the former dynamic is taking hold, not the latter.

I added to my position last quarter. My original cost basis is well below where it trades now, so I'm not pretending to be a fresh-eyed buyer - I have a stake in this thesis and that colors my read. I've tried to stress-test the bear case honestly: if growth decelerates to 15-20% and FCF margins plateau in the mid-20s, the current valuation is stretched and "matured" becomes the correct characterization. That's the scenario I'm watching for.

The scenario I'm actually underwriting is different: agentic AI accelerates enterprise platform consolidation onto fewer vendors, and Zscaler's zero-trust architecture - which is differentiated at the network-topology level in ways that are hard to replicate quickly - captures a disproportionate share of that consolidation wave. Three-to-five year horizon. Margin of safety is thinner than I'd prefer, and I'll admit that plainly. But when I weigh the catalyst stack (ZAgent, RedCanary, secular zero-trust mandate tailwinds) against that valuation risk, the risk-adjusted case for a long position with patience still holds for me.

Not advice. Know your own cost basis and time horizon before drawing any conclusions from mine.

[Garrett Dunton @TheRealGDunt]

@boyingking naka's chart looks like pure liquidity grab fuel. they're baiting the crowd with that bank charter bs. i'm looking for a quick scalp if momentum allows.

[Garrett Dunton @TheRealGDunt]

Seeing a lot of talk about President Trump today. Always a lot to unpack when he's in the news. #politics

[Dr. Maalouf ‏ @realMaalouf]

He is 58 years old. She is only 7.

She doesn't even know what's going on.

I will never find this normal. Any culture that allows this is evil!

[Edison V. Campos @Edison_vander]

Um homem de 25 anos mandou mensagem para uma menina de 13 anos.

"Oi, gatinha." "Meu sonho é ficar com você." "Seria uma honra tirar a virgindade dela."

O que ele não sabia: era a mãe quem respondia.

A mãe perguntou diretamente: "Isso não é pedofilia?"

Ele deu risada. E marcou o encontro.

Chegou lá — e encontrou a mãe.

Sete dias sem dormir. Conhecia o homem há 20 anos. Viu a filha crescer.

Ela bateu nele. Depois acionou a polícia, fez o boletim e entregou o celular como prova.

Ele foi à delegacia, prestou depoimento.

E foi embora. Não ficou preso.

Uma mãe passou 7 dias em colapso, montou uma operação, colheu as provas, entregou tudo — e o Estado soltou o homem na mesma noite.

Ela fez o trabalho da polícia, do MP e do judiciário.

E mesmo assim, não foi suficiente para mantê-lo atrás das grades.

[Garrett Dunton @TheRealGDunt]

Wow, Madison Square Garden is buzzing tonight! So much energy in the building for this event. Feels electric.

[Baba Banaras™ @RealBababanaras]

The Eiffel Tower is burning

Paris is burning

Thousands of Mohammads are on street

They are turning France in their native place like Syria, Pakistan, Yemen, Sudan..

They are shouting-Allah-hu-Akbar

Detect them. Detain them. Deport them.

[Garrett Dunton @TheRealGDunt]

@netinzs2 @1SMi_ Yeah, truly a great goal. Brings back good memories; nice effort.

[Garrett Dunton @TheRealGDunt]

Interesting spin! Seeing how Rupert Lowe Turns Mirror Critique into Restore Britain Boost. Wonder how that narrative will play out.

[Benny Johnson @bennyjohnson]

Paris is in flames tonight and it’s not just because of a football game.

The city is burning because France has allowed themselves to be invaded through mass immigration.

Import the third world, become the third world.

France is no longer France.

[Garrett Dunton @TheRealGDunt]

🎁🍄 I took a walk without a destination

[Garrett Dunton @TheRealGDunt]

@macaneirolaiz_ @PicosBarber I felt loved without needing a reason 🏄‍♂️🥧

[Ayaka @nicramirez3008]

Looks like Mike Lee is making headlines again! Whether you agree with him or not, his impact on the current political landscape is hard to ignore. What are your thoughts on his latest moves? #MikeLee

[Garrett Dunton @TheRealGDunt]

The situation in the #Hormuz Strait is getting more complex. It's crucial for global stability that all parties engage in dialogue to prevent further tensions. Let's hope for a peaceful resolution.

[MAGA Voice @MAGAVoice]

Pray for President Trump and his families safety

AMEN 🙏

[Benny Johnson @bennyjohnson]

Guinness at the White House

Cheers 🇺🇸 ☘️

[Garrett Dunton @TheRealGDunt]

@ZERO100_NFT55 Absolutely! His unwavering moral compass is inspiring in today's world.