00:00It has been ugly in software. Everyone's throwing around the term saspocalypse. Every time AI does something to create some
00:09new product, it hits a particular industry. Give us some color on the mood in software at the moment.
00:15Yeah, I get texted constantly from folks on the buy side, just retrenching. I can't believe this is happening. Can
00:22it go lower? I keep saying that it's the hundredth time I bought the dip. One of the things about
00:26software that's really fascinating is there's very few folks, even on the buy side, who really understand how software works.
00:32It's one of those Rorschach test kind of sectors where almost no one's logged into Salesforce and clicked around, much
00:39less been a Salesforce admin and understood the full complexity.
00:42And so when there's panic, there's not a lot of support for the stocks and people get scared very easily.
00:48You're saying that the people who invest or trade these stocks, they just know them as financial tables, basically, and
00:56they have some idea of their financials and some idea of their customer base, etc.
00:59But they don't have a great intuition for the product, unlike, say, people who use Instagram and therefore might have
01:07a feel about Meta, for example.
01:08Yeah, if you're an investor in Lululemon, you have a pretty solid conception of what that business is. You can
01:13go into the stores.
01:13See-through yoga pants.
01:14Exactly. You can buy the product, ship it to yourself. If you're an investor in Viva, which makes CRM software
01:19for pharmaceutical reps, I bet you there's almost no investors in Viva who have ever been inside the product even
01:25once, much less used it on a day-to-day basis and understood how it works.
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