$Cadence Design(CDNS)$ Over the last 10 years Cadence Design CDNS grew:
• Revenue by 11% pa
• FCF per share by 21% pa
• Share price by 31% pa

LESSONS: Margin and multiple expansion boosts share price growth above revenue growth.
Look for fairly valued businesses with operating leverage.
We believe the AI boom is very different simply because it has been evolving for years already with proven success, and also predominantly in very profitable, cash generative best-in-class technology businesses.
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