$Snowflake (SNOW.US)$ is a good example of second derivative...

$Snowflake (SNOW.US)$ is a good example of second derivative:

Story not getting worse and maybe even improving.

Numbers not going down and maybe even improving.

Risk / reward doesn't matter near-term but uninteresting longer-term.

Ran more bullish upside case for kicks (attached). Growing net product rev additions each year despite much larger scale / increased competition, and giving them credit for higher incremental margins (ie efficiency) than they historically have generated.