SaaS businesses

“And it's super important because now investors and the market are asking for capital efficiency with SAS businesses. 18 months ago, that didn't really matter. But if you look at things like Okta, you know, you look at companies like Nutanix, et cetera, these I…”

“We basically don't do SaaS businesses for this reason. Not like, and I say this as someone who used to be very enthralled by SaaS. But very few SaaS businesses have meaningful network effects.”

“It works in the world of like small SaaS businesses where you're trying to make a marginal improvement on a, you know Small, you know, industry, if you're doing workflow software for plumbers, I'm sure that is a, like, reasonable approach. I don't think that E…”

“Ultimately SaaS businesses trade seven times revenue multiple, right?”

“SaaS businesses are far more than just the software that they create. In fact, if you have a SaaS business and your only differentiation is I've written all this code and nobody else can do, then your days are numbered.”

“The SaaS businesses are amazing, but the AI businesses are an order of magnitude of maybe two order of magnitudes larger and are at You know, earlier in their growth life cycle. So you're never going to get the attention back on you again.”