Lou Whiteman

That's a good question.

What is the real story?

Look, we are talking about the software stocks selling off.

I don't know if that shoe quite fits.

Because you look, yes, there are some software stocks that are down and down by a lot.

But there are some other ones that are down as well, such as quantum computing stocks.

look at IonQ and Rigetti, both of those down more than 30% here to start 2026.

You got Rocket Lab, which is a space company, down over 30% from its high.

I think we're seeing a sell-off in high-valuation stocks more than anything, I think, if we think about it more broadly.

That has often included software stocks, yes.

But I think that people are starting to question, we thought that the software stocks were worth a high valuation in the past,

are they in the age of AI?

Because in the reality, the software businesses aren't necessarily seeing this all of a sudden, they have no business right now.

The question is, what is that business going to look like in three to five years?

And what is that stock worth today?

Those are the questions being asked.

It is such a weird market, isn't it?

Because on one hand, the S&P 500 is still pretty close to an all-time high.

It's within a few percentage points.

And on the other hand, I am seeing some really quality opportunities, and I haven't seen really this many when the market is at a high in quite some time.