Jordi Visser

That's one of the problems of just too much code being built is the hyper-competitiveness.

And I think where the credit fears have gotten to, from what I've seen in their portfolio, somewhere between eight and 13%, I think it's closer to 13%, is in the software slash internet services side.

The IT services sector, so not the slash sector, but the IT services is down 20% this month.

This includes companies like Accenture,

Like this is the consulting side.

It's the service side because you don't need them as much.

Now, do the enterprises need to pay them?

Yes, but that's because they're slow moving bloated.

Again, if someone is, you know, if you're trying to sell food that's unhealthy,

You're not going to be selling it to someone who's eating soybeans and stuff.

You're going to sell it to people who are less healthy.

So these bloated enterprises, yes, they're still going to pay for the money.

And that's why their earnings are going up.

But the market is really good at is looking forward and going, but who's replacing that bloated company?

Which ones are going to use Salesforce?

And they're questioning it.

They're not saying it won't happen.

They're just questioning it and Salesforce needs to adapt.

So I think as you go through Blue Owl and all of these companies, and Blue Owl is just one that's had other issues because remember we had the tricolor situation for the subprime auto lending stuff that blew up in September.

I think as I'll show in this video, remember,