Alec

One of the biggest questions in markets in 2026 is what is happening...

With this continued AI boom and the software sell-off that has come on the back of it, as you said, have these high-quality names changed, or is the market overreacting?

Today, we're joined by an expert.

He and his team have just written a big three-part report on software companies, so we're going to dig into it and get his answer.

You may have just heard him there.

Jared Pohl, co-founder and portfolio manager of ECP Asset Management.

Yeah, I appreciate that.

I appreciate, you know, you being forward with sort of where the performance is at and talking about it.

Like often people come in and they're just cheerleaders.

So this would be a good conversation, I think, to sort of get your view on.

So let's contextualize this conversation for people who maybe aren't as familiar with the software sell-off.

I guess give us just the overview of how deep the software sell-off has gone and maybe some key names that have really come down.

Yeah, yeah, yeah.

Yeah, yeah.

I particularly enjoyed that part of the report, software is the easy part.

And I think you've illustrated some of the differences between software platform and a software business, you know, like the network effect of an REA group or the –

you know, the regulatory approvals of a WiseTech or a ProMedicus or like the switching costs of a Salesforce.

Maybe to really draw it out, you said some software companies are more ripe for disruption than others.

Maybe to like illustrate that point of difference.

So some of those names are ones where they've got like a sustainable competitive advantage beyond their software platform.