Pumice Capital | Substack

The secret superpower that Nvidia, Shopify and Microsoft all share

Why leadership quality is the most underrated driver of shareholder value

Nov 25, 2025 • Pumice Capital

Recent posts

Who is The Trade Desk, why is the market valuing the company at five-year lows, and why we see TTD as a long-term compounder worth owning

Nov 16, 2025 • Pumice Capital

Cloudflare Q3 FY25 | Growing its Enterprise muscle; Accelerating Into the AI Cycle

Cloudflare reported a stellar Q3 FY25 result, posting NRR of 119% — the highest it’s been in nearly 3 years — and reinforcing confidence in the…

Nov 3, 2025 • Pumice Capital

Why We’re Bullish on Zscaler

Deep dive on Zscaler’s growth durability, competitive moats, and valuation

Sep 1, 2025 • Pumice Capital

Zscaler: Zero Trust, or Zero Differentiation?

A deep dive into Zscaler’s evolution, $277b market opportunity, and the competitive threats challenging its role as the control point in Zero Trust…

Aug 12, 2025 • Pumice Capital

Is Cloudflare Too Perfectly Priced? Strategic Analysis and Investment Deep Dive ($NET)

In-depth equity research on Cloudflare’s strategic platform ambitions, competitive threats, and long-term investment case

Jul 29, 2025 • Pumice Capital

Confluent (CFLT) Stock Analysis - Powering the Real-Time Revolution as the Enterprise Central Nervous System

In-depth analysis exploring CFLT's competitive moat, strategic positioning, and potential to capture outsized growth in the mission-critical real-time…

Jun 14, 2025 • Pumice Capital

Pumice Capital

Pumice Capital publishes deeply researched, high-conviction insights focused on identifying durable competitive moats and asymmetric upside opportunities in technology.