Jason Ware

And I think most folks in the enterprise are just saying it's sort of like AI slop for the enterprise.

I mean, which is all just nonsense.

You're just in them.

Now you've got to do the whole like hodl.

I guess that's like the equity markets version of crypto where like when you get whacked really hard, you just have to like double down on your conviction and say, I'm in them forever.

And I think there are some software stocks that are going to be disrupted and disintermediated.

I think there are others that are going to be just fine.

In fact, this probably opens up and unlocks new TAM for them.

So I think if you own software as a group, if you own IEGV or whatever, I think you'll be fine long-term.

You own some, it's just like the nature of diversification.

You own some good ones, you own some bad ones.

And when you add up the pluses and minuses directionally, I think software has a bright future despite the concerns about AI just ripping through software.

And then I think as a stock picker, you know, you want to go through and make sure that

The companies that you own have an established presence in the software markets in which they operate and they have, you know, the data and the compliance tailwinds and the brand and, you know, software is more than just code.

We like to say there are certainly some, if you're running like a thin wrapper, you're like this application layer where it's just easy to kind of like come in and, you know, use AI to, uh,

not necessarily rip and replace, but to augment it in a way where maybe the spend is less or the economics are less favorable.

Okay, fair enough.

And there are certainly some software companies out there that fit that profile.

But again, I think the established ones like, you know, we own Salesforce, we've owned Salesforce for some time, and we're still bullish on Salesforce.

Microsoft's enterprise software is not going anywhere, despite how bad Copilot might be, despite how, you know, the narrative among, you know,