Concur Technologies, Inc. (NASDAQ:CNQR)

jed71 (30.30) Submitted: 12/15/2011 11:49:28 AM : Start Price: $51.72 CNQR Score: +0.69

Very, very expensive shares for what I view as a non-business critical software application. Management of travel and living expense spend / reporting can be done relatively simply, even in large corporations. They have significant competition and I highly doubt they will ever reach a scale to justify current valuation. A larger software firm could easily come in, create a decent application, bundle it with other software they offer for a nominal price increase, and quickly knock them out of the market. Too risky, way too pricey, and almost no moat.