Jason Calacanis

And I just said, okay, if you take the market cap and you divide it by the annual free cash flow, what that tells you is how many years does it take to get back if you bought a share of stock?

How many years does it take from the free cash flow to come back so that you've earned back the cost of one share?

Snowflake, in 2023, it would have taken you almost 100 years.

And where is it now?

It's been cut in half.

ServiceNow, Atlassian, Workday, you see it.

And I think what this speaks to is the beginning of this re-rationalization in the public markets of saying, if super intelligence is coming, we have to be very careful about what we're willing to pay for these things.

But if you look on the right-hand side and the Mag7, what's so interesting is Apple, Microsoft, Meta, and Alphabet, the market is completely flipped the other way.

And what they're saying is, we believe that these cash flows

are essentially monopolistically durable forever.

That's the only reason why you would walk them up like this, except Nvidia.

which is the most unbelievably accretive, well-run company, highest margins, you know, making $200 billion.

And they're treating it like they're treating ServiceNow and Snowflake.

I just think it's so interesting what's happening.

I can't explain this, but here, this data sort of shows this reset that we're going through, a very complicated reset in the capital market.

Yeah, those are great.

Freeberg, what do you pay for in a world of superintelligence versus in a world of non-superintelligence in terms of the durability of a business?

What do you do in your PA?

Like, do you say?

Halo, they call it Halo, high asset, low obsolescence.