Jordi Visser

And I've been spending a lot of time talking to people that when time compresses a long duration asset, the probability of them being around changes.

And so private credit is an issue.

Private equity has been an issue.

Venture capital has been an issue.

I think you said something really important here for people there, because if you're going through software and you can find a company that you think will win with AI for whatever reason,

you're happy that they're all getting reset.

They're getting down to multiples that may not make sense based on their history, but they make sense based on a world of AI coming forward, compressed time.

But when things get to a 10 PE, they're discounting that they're losers, which means if you can find a company that you think will win, and this is why instead of saying every one of these companies will be fine, the reality is if you can find one, and I believe Palantir is one of them,

then that's fine, but Palantir has a multiple closer to 100.

Now their earnings are still growing for the enterprise at above 100.

So depending on how you value the company and you go through this, you can make an argument, but the multiple's higher, which means the probability of them winning is already built into a higher level.

When you have a company like Salesforce, which got you down close to a 10 PE, same as Ford,

which is unthinkable, you've re-rated it to where it's like Ford.

Okay, it's never gonna grow again, it'll sell cars, they'll sell software, but will they ever be able to grow again and be a growth business?

If you believe salesforce.com in the next two years will grow their earnings significantly and will be able to embrace AI agents, to your point, you now have the chance of making three, four, five times your money.

So the odd shift, and this is why I said in the paper I wrote,

The equity market for things built on code is starting to look like prediction markets.

And prediction markets, when you're watching a game, if someone's up 20 to 7, but then the other team runs back to kickoff and it's 20 to 14, the probability gaps up.

And then if they have an interception next play, it immediately goes up.

And that's how prediction markets work.