Subject: Re: Strange Market
"What is the general bear theory for Accenture?"

I competed with Accenture when I worked in Europe. I beat them while running BP and then Shell for an IT company. They are very formidable and have excellent C suite relationships and software assets.

The bear case is there will be WAY less demands for bodies and therefore billable hours for legacy IT services with AI. ACN's most recent book to bill was 1.2x which is positive.

The bull case will be predicated upon how well their AI acquisitions and talent repositioning goes.

Inexpensive at 10x free cash flow.