Alphabet’s valuation continues to look attractive relative to other technology companies. The shares currently trade at a forward price-earnings multiple of 21 times, with an estimated long-term earnings-per-share compound annual growth rate of over 16 percent. The company operates the world’s largest internet search engine with over 73 percent of U.S. market share and over 54 percent of global search ad revenue. Global search ad sales are expected to rise by nearly 15 percent in 2016 while social network and video are estimated to grow by over 30 percent. We expect continued strong growth and improving pricing trends in Alphabet’s mobile and YouTube volumes. In addition, the company’s new CFO has helped provide greater transparency and expense discipline in the company’s operations. Alphabet shares are down nearly 10 percent year-to-date and represent a compelling buying opportunity.