Brad Gerstner

speaker

3,957 appearances 19 recordings 4 series first heard Apr 2025 last heard 17 Sep

Brad Gerstner’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 17 in all, peaking in Jun 2026 with 4.

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TBPN · Where Brad Gerstner Is Investing Billions · 29 May 2026 podcast

Okay, and this is what I want to focus on here.

So if you show this slide that I prepared for you fine esteemed gentlemen.

You know, what this slide shows is that the multiple correction just took software from a place where they were way more expensive than the market multiple and brought them into the category of the market multiple, right?

So now they're trading at about 22, 23 times real SBC included gap earnings.

That's about where the market is trading.

So now just follow me on this.

Software is trading, mostly software names are trading at a higher multiple than NVIDIA.

Right.

NVIDIA is trading about 13 times earning for 70 percent growth for the thing that is the most essential thing in AI.

And they're they're they're at twice the multiple.

So like when I hear everybody crying that, hey, these multiples aren't fair.

It looks to me like the multiples reset from an above market multiple where everybody thought the software revenues and earnings were impenetrable.

So now they're saying, well, I don't know.

Some of this maybe three, four or five years out will be replaced.

So we're going to raise the discount rate.

We're going to lower the multiple.

They've only lowered it to the market multiple.

Let me just suggest that there's a possibility these trade well below the market multiple.

Sure.

Right.

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