3/4/26 - $veev - Dip buying but long biasVeeva Systems Inc Class ANYSE:VEEVVROCKSTAR3/4/26 :: VROCKSTAR :: VEEV Dip buying but long bias - high quality co, good mgmt - SaaS getting bid today, but VEEV just as exposed to seat-based conundrum as other CRMs. - i don't buy the "system of record" moat anymore given AI agents can API-query-to-death any of these databases and move details. however, the deterministic and compliance-nuanced industry that VEEV operates in likely provides a good cover ST - what came up last Q was salesforce's attacking veev's customers - so given valuation isn't obvious (4% fcf mgn ex. SBC is "good" but again - terminal value question for all these names), whereas pre SaaS apocalypse this would be an easier buy (but unlikely trading at this valuation). - all else equal, i think a down 10-15% move would be a good swing dip buy - if it goes up... so be it, don't need to own it - let's see. V