Solving the Mystery of Red Hat
Red Hat (RHT), which I followed for six years at ZDNet (but don't own), is one of the great mysteries of the tech world. It's not based in California, but in Raleigh, NC. (There were rumors last year it was moving to Atlanta, but those rumors proved unfounded.)
Red Hat is not exciting. It sells operating systems and tools used on servers, and generally ignores the consumer market. Its product is not unique. Its Linux is open source, and you can get similar Linuxes from many places for the cost of a three-minute download. Red Hat also doesn't have a lot of fanboys in the media. Most reporters couldn't pick CEO Jim Whitehurst out of a lineup.
But Red Hat's stock is up over 800% in the last decade. That's better than Microsoft (MSFT), IBM, Oracle (ORCL) and Hewlett Packard (HPQ); narrow your time horizon down to five years and it's better than Google (GOOG). Its current price-earnings multiple is 77, nearly four times Google's.
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