Simon Belanger

But it seemed like a pretty good quarter.

But I think the management swaps are probably what caused it to fall.

I think it was, yeah, 5% or 7%.

Yeah.

Yeah, and it's, like I had mentioned, it's pretty wild because I'm not really an Adobe bear.

I mean, you would have to be crazy, in my opinion, to believe that this bear case is not a possibility.

I'm not saying it's going to happen, but it is a possibility.

Like, I don't really think the market has sold this stock off 70% on this bear case, and there's realistically, you know, to a lot of, you know, very aggressive Adobe bulls.

Yeah.

Yeah.

And I mean, it was, there was a lot of bulls a year and a half ago when the stock was what, 40, 40 some percent higher, you know, and now it's lower.

So is, is the risk lower at eight, eight X expected earnings?

I would say yes.

But is this one going to go back to like a,

high-valuation software company multiple?

Probably not.

I don't think any of those software companies ever will go back to those pre-LLM valuation multiples, but I think Adobe is... You're just not seeing the growth you used to.

And...

It's probably going to be a long term trajectory here to see if this new model pays off.

And now they kind of have new management coming in during this, you know, this transition phase.