Jordi Visser

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.

They adjust constantly to new news.

So when people see the Citrini piece, should IBM fall, which wasn't on the Citrini piece, it was on Anthropic and COBOL?

I don't know, but it didn't give up everything.

It didn't go to zero.

It just went from, hmm, their business revenues might be disrupted.

We'll knock them down 5%, 10%.

In their case, it was down 13%, which seems a lot to me, but I don't think it's off by that much.

internalizing or bringing this stuff in inside a company and it's more about like who this the providers are are changing i mean no offense to dance on hum i i i i don't view this as being a very well thought out situation it sounds more biased to me than anything

And the reason I say that, there's two parts here.

One of them you cut on, the ability of me to build 80% of DocuSign.