These guys are sharp from what I've seen so far. Well articulated long thesis for $TDOC if you go through their thread. Basically BetterHelp is being valued at less than $0 while showing signs of a successful biz model transition.

So we simultaneously have so little clarity on the future that software companies have no terminal value, but also so much that there is massive demand for 100 year Google bonds.

If $BILL is worth mid-$50s, $FLYW is worth ____

Having some trouble understanding/explaining this. Software stocks are somehow tied to Bitcoin?

Basically the opposite of everything you read on X. Relying on incumbent software vendors for ai functionality add-ons and paying for it, time to market is critical and want to focus internal developer resources on driving revenue and core business forward not rebuilding 3p apps, and so have no plans to displace any vendors and on the contrary growing spend with every vendor coming up for renewal. Havnt downgraded anything, consider their top SaaS vendors mission critical, laugh off the thought of in housing any software and having to maintain it, would rather relay on 3p and outsource accountability and liability. havnt touched dev seat counts. laugh off Claude cowork (although they like Claude code- will change dev workflows and driving heightened productivity), not moving any pre allocated enterprise sw budget to LLM providers

Really good, level-headed overview of the AI vs SaaS narrative.

Trying to gauge perception of $FOUR. Do investors think organic growth is really around 18% as the company says? If they said "yeah organic growth based on how other companies talk about it is closer to 8%, and it's based on acquisition integration" what would be the reaction?

Am I the only one that finds it ironic that these stablecoin company's are using their cash to buy gold and invest in US treasuries? Like this in fact seems to be their primary business strategies.

investing.com/news/company-n… $FIVN This guy did really good work at Solarwinds, in my opinion. Good get on the board. Five9 now ~1.6x my 2026 sales (using max dilution share count).

Was dusting off $TDOC. Kind of a train wreck but at 1x Gross Profit. Can someone tell me why they still need to spend $400 mm/year on R&D? What is it they are producing with that?

I've argued $FLYW can overcome weak US enrollment, but this article suggests things aren't as bad as feared (or the data is completely wrong, also possible) so maybe some upside to US numbers in 2025-2026. distributedprogress.substack…

Benioff has to be trolling here, right?

The quality of $CLBT EBITDA has to be pretty much unmatched. Relatively low stock based comp combined with this: Any other company you know doing this?

$AI Is this the biggest revenue miss in the history of "subscription" software businesses? And loses $58 mm non-GAAP? Guidance was for $104.5 mm and -28.5 mm How is this not down 75% ?

Sorry, you're telling me Genesys is worth $15 billion but $FIVN is only worth $2? I understand Gensys is larger, but not THAT much larger. theinformation.com/briefings…

Hunh, well $OLO apparently preferred a $10.25 all cash offer from Thoma Bravo than a $13 offer from "Party A", whose identity is found in "party".

Is the setup for software really that bad here? Didn't most companies hold back on guidance?

In a theoretical sale-leaseback scenario, $PRKS could be worth $95 /sh assuming a 5.5% cap rate on the sale leaseback and the OpCo continuing to trade at ~7.0x EBITDA. The implied gross land value is greater than the current EV.

Field trip, PAR style. 🍽️ Alan Sherritt gave some of our newest team members a deep dive into restaurant operations with a visit to a McDonald’s franchisee store. Understanding our customers starts with walking in their shoes and behind their counters. 🤝

Thoma Bravo acquired Grayshift in July, 2022, then Magnet Forensics in January, 2023, combining the companies. Thoma acquired $OLO in July, 2025, and will now acquire ____ in January, 2026 and combine them.