I rarely post another analyst's notes on a company because...well, there's so many and who is to say whose is better than the next? But this deepdive on Catapult's competition is worthy of calling out, given it's popularity on SM and the quality of the research. It's posted by Raymond Jang on the A Rich Life website (not behind the paywall).

Raymond is a holder of CAT - although evidently with less conviction than he may previously of had.