Lorne SteinbergSAP AG ADRSAPDON'T BUYApr 07, 2025

No longer holds, started to scale back in August/September of 2025. Concerns of computational power moving into reasoning. Company is probably working feverishly on that, but it's in the penalty box.

Great chart. Decent runway in front of it. King of enterprise application software in Europe, and widely held over there. Big into supply chains. Reported yesterday and blew it out of the park. Up 13% YTD. Buy in thirds here around $277, low $260s, and low $250s. Yield is 0.9%.

They benefit from any technology change as they consult clients. So, gen-AI will be a strong tailwind. Has owned this in the past. Is confident in the CEO. Is definitely on his radar.

A year ago, few wanted a European software company, but that's why it's popped so much. Still owns it, though took some profits. You can buy it now, buy more at $130 then more in the $120s.

Very large European software company. They do enterprise software, putting in big systems for very large corporations. A very solid company. Very good company, but wouldn’t be his top pick.

A "Steady Eddie". It is not really cheap. If you own it, look for an opportunity to take profits if you get nervous about the market cycle.

Enterprise software, and one of the very early movers into software as a service. They also were very early in the move into Cloud-based computing. Stock has been rallying recently even though the euro has been weak. This would be a good, long term hold. 2.5% dividend yield.