A diary of the thought process behind my investment decisions
Added To Amdocs
I added to my Amdocs position. They are trading at 8.3 times projected 2013 free cash flow and are planning to repurchase 9% of shares outstanding by then. That would put them at 7.5 times projected free cash flow. They have a truly recurring revenue model with high switching costs and long contract lengths. 80% of their business is recurring.