David Frankel

And they have that money and they're going, no one would have like expanded in the US if you didn't have that money. But you go and you open an office in the US and you go, before your model's working beautifully in the UK, you're trying it over there. So the sin, like the last era, like the boatloads of capital, like that's the sin of the era.

And they have that money and they're going, no one would have like expanded in the US if you didn't have that money. But you go and you open an office in the US and you go, before your model's working beautifully in the UK, you're trying it over there. So the sin, like the last era, like the boatloads of capital, like that's the sin of the era.

I think it's the haves and have-nots. So I think if you have AI, right, like it's changing. I think, again, if you're a vertical SaaS company doing $50 million, right, the multiples or the listed multiples are constraining you. You're not getting a 20x multiple, dude, because that listed company that I own shares in is at 6x, 7x. That's the multiple.

I think it's the haves and have-nots. So I think if you have AI, right, like it's changing. I think, again, if you're a vertical SaaS company doing $50 million, right, the multiples or the listed multiples are constraining you. You're not getting a 20x multiple, dude, because that listed company that I own shares in is at 6x, 7x. That's the multiple.

I think it's the haves and have-nots. So I think if you have AI, right, like it's changing. I think, again, if you're a vertical SaaS company doing $50 million, right, the multiples or the listed multiples are constraining you. You're not getting a 20x multiple, dude, because that listed company that I own shares in is at 6x, 7x. That's the multiple.

And the fascinating thing there is like, it's like goes back to the Andreessen, you know, like Andreessen said, software is eating the world. Like I have this, like the haves and the have nots around data. And you look at some of these vertical SaaS companies or horizontal SaaS companies, the truckloads of data they have, it's theirs to lose.

And the fascinating thing there is like, it's like goes back to the Andreessen, you know, like Andreessen said, software is eating the world. Like I have this, like the haves and the have nots around data. And you look at some of these vertical SaaS companies or horizontal SaaS companies, the truckloads of data they have, it's theirs to lose.

And the fascinating thing there is like, it's like goes back to the Andreessen, you know, like Andreessen said, software is eating the world. Like I have this, like the haves and the have nots around data. And you look at some of these vertical SaaS companies or horizontal SaaS companies, the truckloads of data they have, it's theirs to lose.

So Mark Benioff, Salesforce, you write that off at your peril because the amount of data they have, they throw in these AI tools, they're doing their own stuff, right? Their opportunity is enormous. And I've seen this in some of our vertical SaaS plays. If we give the customers enriched data, if we don't enrich the data, we're out of business.

So Mark Benioff, Salesforce, you write that off at your peril because the amount of data they have, they throw in these AI tools, they're doing their own stuff, right? Their opportunity is enormous. And I've seen this in some of our vertical SaaS plays. If we give the customers enriched data, if we don't enrich the data, we're out of business.

So Mark Benioff, Salesforce, you write that off at your peril because the amount of data they have, they throw in these AI tools, they're doing their own stuff, right? Their opportunity is enormous. And I've seen this in some of our vertical SaaS plays. If we give the customers enriched data, if we don't enrich the data, we're out of business.

But we enrich the data we have, and you look back, you're like, whose opportunity actually is this in terms of AI? If you've got data and you drop the ball, only blame yourself.

But we enrich the data we have, and you look back, you're like, whose opportunity actually is this in terms of AI? If you've got data and you drop the ball, only blame yourself.

But we enrich the data we have, and you look back, you're like, whose opportunity actually is this in terms of AI? If you've got data and you drop the ball, only blame yourself.

I think short-term defensive. Short-term defensive. If you enrich that and you're the one to do it and you retain your customers and because of the enrichment, you increase your revenues and you increase your customer base. Look at the great companies. Tesla, I don't know. Look at Netscape, right? At some point, freemium. It's like freemium on steroids.

I think short-term defensive. Short-term defensive. If you enrich that and you're the one to do it and you retain your customers and because of the enrichment, you increase your revenues and you increase your customer base. Look at the great companies. Tesla, I don't know. Look at Netscape, right? At some point, freemium. It's like freemium on steroids.

I think short-term defensive. Short-term defensive. If you enrich that and you're the one to do it and you retain your customers and because of the enrichment, you increase your revenues and you increase your customer base. Look at the great companies. Tesla, I don't know. Look at Netscape, right? At some point, freemium. It's like freemium on steroids.

I think the right play is defensive to start. And then once you retain those customers and you've enriched the data, I think there's a lot you can do.

I think the right play is defensive to start. And then once you retain those customers and you've enriched the data, I think there's a lot you can do.

I think the right play is defensive to start. And then once you retain those customers and you've enriched the data, I think there's a lot you can do.