11/18/25 - $payc - Consolidating into othersPaycom Software, Inc.NYSE:PAYCVROCKSTAR11/18/25 :: VROCKSTAR :: PAYC Consolidating into others - We're in the season where the big $ is made. 2H of 4Q and 1H of 1Q. Weird stuff always seems to happen "now", if you've not already noticed. - I still like PAYC so i'll leave it as a "buy" and do think it works in time - But realistically I'm looking to own the "best" of a particular sector and perhaps if I can't decide (as was the case w/ NVDA and TSM coming into the year), i'll own both - I think the recent DLO results highlighted that this will be my "payments" or payment-adjacent+ (as is the case w/ PAYC) exposure name of most interest - It grows at 2.5x PAYC - PE is 15x 2025 (vs. 16x for PAYC) and what i'd consider (in the case of DLO) best in class mgmt (btw i think payc mgmt is actually A-tier too) - Then you add in DLO's one-of-one emerging market status and that 6 of the 7 mag7s work with them and they're growing w/ each account. ppl this past q "didn't like the take rate" - but honestly... it's going lower... get used to it... and the top line will continue to compound >20% and they'll throw off a ton of cash - v hard to replicate what DLO has built, for now - so while ultimately payments, software etc. is a v difficult thing to own and I think ETH "eats" it all, i don't think the mkt sees any of this rn and i think the setup for DLO to outperform into 2026 given it's $3bn mcap is great. - gl to the payc holders, take a look at DLO and lmk V