The Globe and Mail reports in its Thursday edition that Enghouse Systems trades around $15.50, a fraction of its $78 high in 2020. The Globe's guest columnist Ben Stadelman writes that he likes beaten up Enghouse. It sports a fortress balance sheet with a hefty cash reserve, no debt, a 7.3-per-cent dividend yield, and a portfolio of sticky customers across transport, health care, municipal government and public transit. There are powerful reasons why hundreds of billions of lines of COBOL code written 60 years ago are still in active use. Changing core digital infrastructure is complex: Feasible, but a long, difficult and expensive process requiring meticulous execution. Enghouse faces some near-term challenges. Mr. Stadleman believes Enghouse will be buffeted, but will not buckle, when the artificial intelligence bubble bursts. Conservatively and patiently managed, without high levels of stock-based compensation that distort financial statements, Enghouse has the balance-sheet strength to emerge from the rubble of Tech Wreck 2.0 without diluting shareholders. While the herd chases data centres into space, superior returns will ultimately belong to the disciplined survivors who refused to bet the farm on a narrative.