Cognizant - a thing of beauty...

...is a joy forever. How can anyone not just admire the charts and metrics below? This is one of the worst tech markets over the last few years.

Many US VCs and entrepreneurs still believe services firms cannot scale quickly enough, generate decent margins or deserve more than 2X revenues in valuation (Cognizant is trading at 10X). Wipro, Infosys have had similar performances for even longer. A number of other offshore firms are on similar trajectories.

Also, why can IBM, EDS and other US services businesses not do anywhere this well?

Sounds eerily like the airline business. Even at much higher fares and wider networks AA, Delta and others cannot make money while Southwest, quarter after quarter, consistently delivers profits at its lower fares...