Today's video I'm trying a little longer than usual. Join the club at https://www.overlookedalpha.com Ad-free and exclusive investing ideas. For decades, Adobe owned the creative professional. Designers, photographers, filmmakers, publishers, agencies — if you made things for a living, you used its tools. Photoshop. Illustrator. Premiere Pro. After Effects. InDesign. These weren't just products. They were the industry standard, and they set the bar for creative work worldwide. Then in 2013, Adobe pulled off one of the great business model transformations in software history: boxed licenses to subscriptions. Recurring revenue, fat margins, cash up front. The market rewarded it with a premium valuation, and for years that looked unbeatable. ABOUT ME Joe is the original founder of 3-minute Breakdowns and editor for Overlooked Alpha, the number one newsletter for overlooked investing ideas and stock market analysis. Joe evaluates companies from a business-first perspective, searching for things that the market has got wrong and waiting for the 'fat pitch'. LINKS Company breakdowns: https://www.3minutebreakdowns.com/ Deep Dives: https://www.overlookedalpha.com Koyfin charts: https://www.koyfin.com/affiliate/overlooked-alpha/?via=3mb TikTok: https://www.tiktok.com/@overlookedalpha X: https://x.com/OverlookedAlpha DISCLAIMER & DISCLOSURE This content is for educational and entertainment purposes only. 3-Minute Breakdowns is not a registered investment advisor and does not provide financial recommendations (only opinions). The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal. The author reserves the right to buy and sell or change his position in a particular stock at any time. This description contains affiliate links that allow you to find the items that I personally use and recommend. Thank you for your support.