Xero: Investor Day Demonstrates Company's Lack of Strategic Focus

Narrow-moat Xero’s investor day offered no material updates to its current strategy. We believe Xero’s strategy is spreading the group’s resources too thin. CEO Sukhinder Cassidy, who has now been in the position for a little over a year, highlighted the group’s “3 x 3” strategy focusing on three core solutions of accounting, payroll, and payments, and three core markets of Australia, the United Kingdom, and the United States.