Robert Armstrong

A quote jumps to mind, which is what William Golding, who was a novelist and screenwriter, said about Hollywood.

You probably know this one.

He said, nobody knows anything.

And what he meant by that was that you don't know, you make movies, and you don't know if you've made a good movie or not until an audience sits in front of it and likes it or doesn't like it and tells their friends and people start buying the tickets.

It's just a crapshoot until you're in front of the audience.

You don't know.

And there is a flavor of that here.

we know this is a powerful technology, but we don't know what the business structure is going to look like.

We don't know how deep the competitive moats around good, uh, AI businesses are.

And of course, competitive moats are what determines the size of your returns.

Yeah.

Uh, we don't know how commoditized is going to be.

And so it feels like the market is kind of, uh,

flapping around looking for some kind of narrative it can cling to because we just can't know at this point.

Do you know what I mean?

So like software companies, this route in business software companies was a perfect example.

All those business software companies are not going to get crushed by AI.

Some will incorporate it.

Some will get crushed.

Some will adopt.