The Minutes of Brad Gerstner on software https://minutesof.com/brad-gerstner/on/software/ Everything Brad Gerstner has said on software: 8 verbatim quotes between June 2020 and May 2026, each with a timestamp and a link to the recording it came… en Sun, 30 Aug 2026 16:21:49 +0000 Gerstner argues software stocks have reverted from premium valuations to market multiples when adjusted for st https://minutesof.com/q/faf2901e-7c97-4bf1-962f-69b5efbd3d5c/ https://minutesof.com/q/faf2901e-7c97-4bf1-962f-69b5efbd3d5c/ “Software stocks have reverted from a decade long superior multiple to the market to a market multiple.” — Altimeter Capital Fri, 15 May 2026 20:31:59 +0000 software Gerstner explains software stocks fall before earnings miss due to higher discount rates and lower terminal va https://minutesof.com/q/28ecaca1-f18f-411c-9884-1412a939497d/ https://minutesof.com/q/28ecaca1-f18f-411c-9884-1412a939497d/ “We can't forecast as well. Therefore, the terminal value must be lower. The discount rate is higher and the multiple comes down. So the stocks come down well before they start missing.” — Fox Business Mon, 02 Mar 2026 03:00:34 +0000 software Gerstner explains software stocks previously traded at 35x free cash flow due to bond-like predictability. https://minutesof.com/q/a868d3c3-ab1c-4b55-9cbd-71646ac2beb2/ https://minutesof.com/q/a868d3c3-ab1c-4b55-9cbd-71646ac2beb2/ “Give them 35 times free cash flow because I had that level of predictability. It was like a government bond.” — Altimeter Capital Fri, 06 Feb 2026 21:47:27 +0000 software Gerstner says AI uncertainty has rationally caused investors to discount future cash flows and terminal values https://minutesof.com/q/b1727be3-768a-4412-8f88-ef2843728845/ https://minutesof.com/q/b1727be3-768a-4412-8f88-ef2843728845/ “I can't see as far into the future, so I'm gonna pay less for the terminal value. I'm gonna pay less for those future free cash flows.” — Altimeter Capital Fri, 06 Feb 2026 21:47:27 +0000 software Gerstner says software multiples fell from 17x forward revenue in 2021 to 4.2x today, a generational low. https://minutesof.com/q/a9ba3b83-6851-49ef-baed-4447f23000bc/ https://minutesof.com/q/a9ba3b83-6851-49ef-baed-4447f23000bc/ “Look at that peak in 2021. Right? We're almost 17 times forward revenue. Today, we're at at about 4.2 times. So we're at a generational low in terms of the the multiple for software.” — Altimeter Capital Wed, 07 Jan 2026 22:13:03 +0000 software Gerstner says software multiples fell from 17x forward revenue in 2021 to 4.2x today, a generational low. https://minutesof.com/q/8e49e679-5d5f-426c-a50f-3c228c0702cc/ https://minutesof.com/q/8e49e679-5d5f-426c-a50f-3c228c0702cc/ “We're almost 17 times forward revenue. Today, we're at at about 4.2 times. So we're at a generational low in terms of the the multiple for software.” — CNBC Television Tue, 06 Jan 2026 18:27:14 +0000 software Gerstner explains that rule of 40 and revenue multiples are shortcuts for determining free cash flow multiples https://minutesof.com/q/92f29f74-0348-4086-9b6f-4803f4a5053e/ https://minutesof.com/q/92f29f74-0348-4086-9b6f-4803f4a5053e/ “Whether your rule of 40 or a multiple of revenue, those are shorthands for getting at the multiple of free cash flow.” — BG2 Pod Thu, 08 Feb 2024 19:35:00 +0000 software Gerstner found only 21 public software companies exceed $2B revenue and $25B value. https://minutesof.com/q/39a63540-50d9-49f7-b60b-83a040ae859c/ https://minutesof.com/q/39a63540-50d9-49f7-b60b-83a040ae859c/ “Public software companies over 2,000,000,000 in revenue, we got to 21. Okay? There are only 21 that are worth more than $25,000,000,000” — All-In Podcast Mon, 23 May 2022 04:51:01 +0000 software