Core Insights - HubSpot (NYSE: HUBS) is positioned for robust growth, supported by a shift to seat-based pricing and AI monetization [1] - The investment approach emphasizes understanding core business economics, including competitive moat, unit economics, reinvestment runway, and management quality [1] - The focus is on sectors with strong secular tailwinds, aiming to identify businesses that can scale and generate long-term free cash flow [1] Company Analysis - HubSpot's recent updates from INBOUND 2025 reinforce its growth potential [1] - The company is seen as having the ability to unlock significant terminal value over time [1] - The analysis is driven by fundamental research, aiming to highlight what truly drives long-term equity value [1]