Amdocs

I feel like the annual report is a window into a company's soul, and this company's soul is filled with buzzwords.

Neurocrine Biosciences

A biotech company that recently commercialized its first drug for a a relatively rare muscle disorder. This was the first year of positive net income and cash flow.

Erie Indemnity

I don't really get this one. I think the business is basically an insurance agency? I don't understand the advantages of arranging the structure of their business in the way that they have, nor do I understand their competitive advantage.