Everything Savneet Singh said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Singh: Software Has Been a Horrible Investment Category Since 2018
“Software has actually been a really horrible category to invest in for the last five, six, seven years.”
Singh: Buying lowest-NPS stocks outperforms high-NPS companies over time
“I've always told investors just, you know, you'd be better off buying a basket of stocks that have the lowest NPS of all, and they'll outperform the companies that have the best NPS. And you'll be like, well, it doesn't make sense, but think about the companie…”
Singh: Median Public Software Stock Down 21% Since 2018
“The median software company that's public is down 21% over the last six years, from 2018 to now.”
Singh: Diluting Equity for Marginal Growth Rates Destroys Shareholder Value
“A way to think about it is if, let's just pretend you're growing a hundred percent a year, and then you raise a growth round for twenty-five million dollars, you sell a third of your company, and now your share count is a third bigger. But if your growth rate …”
Singh: Startups should generate $1 of ARR for every $1 raised
“My view is, you know, if you raise a hundred million dollars, you should be able to generate a hundred million dollars of error off of that platform over time to pay back for the time that it takes to get to that hundred million dollars.”
Singh: Platform software products are vastly more durable than single vertical solutions
“Because the platform product is way more durable than the single vertical product. And the single biggest problem people make in investing and starting companies is they think they, because they get a lot of great feedback from their customers because they're …”
Singh: No company deserves to trade at 30x revenue long-term
“There's no company that deserves to be trading at 30 times revenue for a long period of time.”
Singh: Sensor data underwrites restaurants better than bank tax returns
“I always said, I could underwrite a restaurant better than a bank. I don't need your tax returns. Just put a sensor in your restaurant, and I'll track the traffic and be able to lend you better than any bank could, and a bank can't do that, and in a similar se…”
Singh: Build novel software internally, but acquire established categories via M&A
“We should be only building software that is truly new and novel, where we're going to be first or second to market. But if we're late to a market, the catch-up work, we've got to do that through M&A, because then you're buying market share, you're cutting pric…”
Singh: Bitcoin's blockchain will never have social utility beyond asset hoarding
“The Bitcoin blockchain will not be really used for anything that actually has social utility, but it's an asset that you hoard.”
Singh: DeFi protocols primarily exist to support trading useless cryptocurrencies
“All the DeFi protocols about all the financial services have been created for DeFi protocols are primarily to support the trading of other cryptocurrencies that also have no social utility.”
Singh: PAR Is Second-Best Performing Sub-$10B Public Software Stock
“In that sort of sub-ten billion dollar software, we're the best performer sans one company over the last one, three, five years.”
Singh: Most Software Models Are Too Small for Public Scale or VC
“Getting in software sounds like a better business model, but more often than not, it is not big enough to be a scalable public company or to be a venture-backed business”
Singh: PAR Software Had -60 NPS and -99 CSAT Upon His Takeover
“They're gonna see that our software business is on fire, and that our customer NPS is -60. Our CSAT was -99. We didn't have one customer that was green on our CSM scores, right?”
Singh: PAR Technology founders invented the point-of-sale terminal in 1978
“In 1978, our founders invented the point of sale terminal.”
Singh: PAR Acquired Punchh for $500M Using Overvalued Stock
“We went out, we bought a half a billion dollar business called Punch, that's based here in Austin now, and we started using our stock because we thought it was very inflated, and so it was the greatest we ever did, because it built, it gave us tremendous scale…”
Singh: Functional Org Charts Mistakenly Distance Enterprise Software Leaders from Customers
“In enterprise software, I think, you know, one of the biggest mistakes CEOs do is you get really big, you get farther and farther from your customers. You create org charts that are completely functional, where you have one CRO, one CPO, so on and so forth. An…”
Singh: US restaurant unit growth now comes from stadiums and EV stations
“Restaurants are no longer growing in the United States, right? It's like we're over retail, we're over restaurant. And so the growth of the units of restaurants is now in stadiums. It's in convenience stores. EV charging stations. It's not going to be the net …”
Singh: Software Companies with Identical Metrics Should Not Trade at Identical Multiples
“You can have two different companies with the exact same metrics, and they shouldn't trade the same. You know, and so you've got to be very specific about what you're acquiring and what you're buying. You know, you can see software companies growing at a hundr…”
Singh: Product-led founders excel at building products but fail at rationalization
“Product-led founders are amazing at building product, but they're very bad at rationalizing product.”
Singh: Beloved point products trade at lower multiples than platforms like ADP and SAP
“Whether it's, like, a DocuSign or a Zoom or all the ones I just talked about, like, and look at what they trade at. They trade at, like, three times revenue. You know, these are, DocuSigns are great products. Zoom is a great product, but they trade at the shit…”
Singh: FinTech mostly puts acquisition engines on legacy financial products
“The problem with FinTech is that it's just taking all the stuff we do now and putting a consumer acquisition engine on it.”
Singh: PAR Turnaround Would Not Have Been Easier Taking Company Private
“So I thought about that a lot, and I actually think the answer would be no, and I'll tell you why. The operational changes were extreme. We replaced almost the entire management team, you know, we shipped a bunch of jobs offshore, did a lot of crazy stuff, but…”
Singh: Company core values must be polarizing guardrails, not generic lists
“The problem was that when you define your culture with like 10 values, Everybody fits. If I gave Ted a list of 10 values, he'd be like, I'm pretty good at like eight of those, so like, I'm a fit. I always say the values need to be like hard lefts, hard rights”