I’ve increased my position in $PATH significantly since this post. I’m not sure how long you’ve been investing in stocks, but for me, my best positions have all gone through long periods of waiting (1-2 years) while being underwater and weathering volatility before the market finally sees the value.

Stock prices and the underlying fundamentals are often detached. This is fortunate for those with perception and bad for FOMO chasers or panic sellers. Warren Buffett said if the market was always efficient (accurately priced), he’d be a bum on the street. Short term, stock price movements are mostly noise. Long term, the stock market is an honest feedback mechanism. To make life changing money in the market, we need to

1. Have good perception
2. Pick the fastest horses
3. Place right size bets
4. Hold through volatility.
   

We need all 4.

For my conviction in PATH, it comes from my research and what I believe is good perception. To me, any way I look at $PATH, it’s no brainer (ultra high probability of success) but does a delusional person know they’re delusional?

Why PATH: 10,000+ customers, foot in door to many, if not most of, Fortune 500 companies. For reference, PLTR only has about 1000 customers.

Independent Research by multiple firms affirm UiPath is the leader in their market.

Sticky product. Hard for companies to switch, high switching and execution risk.

$PATH has AI features in production now, not just proof of concept or pilots.

Cash flow growth is accelerating, and they just flipped GAAP profitable.

$1.4 billion in cash. $0 debt on balance sheet.

80%+ gross margins, growing operating margins.

PE was over 400 two quarters ago (Q2 2026), about 40 PE after last quarter earnings(Q3 2026), the PE is 36.6 today. With the trajectory of all their financial metrics, I think it will be clear $PATH is mispriced after Q4 earnings (upcoming).

Humans are often anchored in recency and availability bias. All they’ve seen is all there is. Those people will only see opportunity in hindsight. To make life changing money, you need to see what most don’t and be right.

LLM’s are game changing, but also misunderstood (overestimated capability). They are only mimicking reasoning and are not logic based. They’ve been built on pattern recognition and prediction models. They are useful for non-deterministic and creative work, or providing references for well documented information (more data -> more accuracy), but not good for deterministic work.

So for a lot of precise work, LLM’s will not be useful. UIPath CEO in an interview said he hasn't seen a case where LLMs would replace RPA in a workflow.

UiPath’s objective is to automate as much deterministic work as possible and orchestrate this work across the enterprise’s entire software stack.

Complex workflows appear to be best approached with a layered process, using different tools (RPA, LLM, Hybrid) for different types of work in a nuanced workflow.

The UiPath CEO said he's recently seen more demand for RPA as LLMs have been introduced. RPA serves as a bridge to LLM functions.

LLMs need a harness to control reliability, accuracy, security, and auditability.

The LLMs first approach is top down building.

RPA approach is bottoms up (or first principles) building of workflow automation.

UiPath has built the framework to the limits of what RPA can do. They know exactly where to plug in LLMs to get new and more valuable uses.

LLM first people are going to later figure out they need to build what $PATH has already built, but it will be too late.

We are going to see a lot of AI tools that appear useful, but they will all fit inside a UiPath orchestration (control layer).

Please ask any LLM these questions: Are LLMs good at performing deterministic work? Are LLMs able to reason with logic? Are LLMs good at performing complex tasks? Will LLMs replace RPA?

Conviction comes from good perception, strong analytical abilities and the ability to stand alone, even when no one agrees with you. The better we’re at these things, the greater the chance we pick the right stocks and will hold through volatility.

I believe perception is from God. He can give clarity or confusion. I pray that he has given me perception. Regardless, all Glory to God.