CRM — long thesis
Thesis
Residual CRM position following partial liquidation. The position is a small remnant (~$76 market value) from what was a larger position that was systematically reduced due to Citi PT downgrade, extended enterprise renewal cycles, and approaching May 27 earnings binary risk. The stock is well below cost basis and the fundamental picture hasn't improved — this is a cleanup position that should be fully exited rather than held through the earnings binary.
Triggers
Entry: Already held — adopted into thesis management
Exit: Exit fully at next available session. The position is too small to meaningfully contribute to portfolio returns and carries asymmetric downside risk into May 27 earnings. If earnings produce a beat-and-raise, there is no meaningful upside capture at this position size.
Invalidation: Stock rallies above $200 with strong pre-earnings guidance or analyst upgrades reversing the Citi downgrade — but even then, the position size is too small to justify holding through binary risk.