https://minutesof.com/on/software/ Everyone on the record about software: 38 verbatim quotes from 8 people, April 2020 to June 2026, in one chronology, each with a timestamp and a link to… en Sun, 30 Aug 2026 22:33:15 +0000 https://minutesof.com/q/80b5165b-79f7-4866-8977-fdb412e9eb68/ https://minutesof.com/q/80b5165b-79f7-4866-8977-fdb412e9eb68/ “I think today, if you could if you could ascertain people's expectations, I personally think that the that the level of worry and the universality of worry with regard to software is probably excessive.” — Howard Marks, Barron's Fri, 12 Jun 2026 17:53:42 +0000 software https://minutesof.com/q/9aa3f218-4fb9-4cb6-8cb2-3716efb950dd/ https://minutesof.com/q/9aa3f218-4fb9-4cb6-8cb2-3716efb950dd/ “It I I think there's an expectation. And and, you know, investors tend to paint things with the broad brush and not make fine distinctions.” — Howard Marks, Barron's Fri, 12 Jun 2026 17:53:42 +0000 software 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.” — Brad Gerstner, Altimeter Capital Fri, 15 May 2026 20:31:59 +0000 software https://minutesof.com/q/bf34d090-4f22-4978-bd08-307b1566b305/ https://minutesof.com/q/bf34d090-4f22-4978-bd08-307b1566b305/ “with software changing literally multiple times a week, right, PyTorch has nightlies, VLM has nightlies, Asteeling has nightlies, CUDA drivers update constantly. You just go You go through the whole list.” — Dylan Patel, TensorWave Thu, 30 Apr 2026 18:18:14 +0000 software https://minutesof.com/q/3aab3b19-37a2-4c04-a1ec-5e5018b0ee10/ https://minutesof.com/q/3aab3b19-37a2-4c04-a1ec-5e5018b0ee10/ “with software changing literally multiple times a week, right, PyTorch has nightlies, VLM has nightlies, Asteeling has nightlies, CUDA drivers update constantly.” — Dylan Patel, TensorWave Thu, 30 Apr 2026 18:18:14 +0000 software https://minutesof.com/q/23a969a2-5061-4d6e-8304-9cb4a8df86ed/ https://minutesof.com/q/23a969a2-5061-4d6e-8304-9cb4a8df86ed/ “It needs to be quite deterministic, and so I think the software that's safer is one where there's a need for deterministic data,” — Bill Gurley, Forbes Tue, 21 Apr 2026 23:11:11 +0000 software https://minutesof.com/q/378d5ffb-f9d6-44f1-8a2e-56dfc8167f7b/ https://minutesof.com/q/378d5ffb-f9d6-44f1-8a2e-56dfc8167f7b/ “But apparently two weeks ago we discovered that AI is going to impact software and we've been in a massive risk off mode and so software stocks are down almost 70%.” — Marc Rowan, Bloomberg Live Tue, 03 Mar 2026 17:46:05 +0000 software https://minutesof.com/q/23f24596-1051-4d09-abe6-6ebf8528474c/ https://minutesof.com/q/23f24596-1051-4d09-abe6-6ebf8528474c/ “But apparently two weeks ago, we discovered that AI is going to impact software and we've been in a massive risk off mode. And so software stocks are down almost 70%.” — Marc Rowan, Bloomberg Podcasts Tue, 03 Mar 2026 16:46:49 +0000 software 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.” — Brad Gerstner, Fox Business Mon, 02 Mar 2026 03:00:34 +0000 software https://minutesof.com/q/7339e8da-6ddc-4065-b386-8fef28d5a1bd/ https://minutesof.com/q/7339e8da-6ddc-4065-b386-8fef28d5a1bd/ “And for most of these high-tech companies, the next five years cash flow are a fraction of their actual market cap, which means all the values in the terminal value.” — Bill Gurley, Brew Markets Fri, 27 Feb 2026 20:28:10 +0000 software https://minutesof.com/q/182f0ca9-fc80-49b2-876b-62df8150996f/ https://minutesof.com/q/182f0ca9-fc80-49b2-876b-62df8150996f/ “So the only way that reverses, Scott, is those companies have to accelerate their core revenues and show that they are beneficiaries of AI.” — Brad Gerstner, Altimeter Capital Fri, 06 Feb 2026 21:47:27 +0000 software 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.” — Brad Gerstner, Altimeter Capital Fri, 06 Feb 2026 21:47:27 +0000 software 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.” — Brad Gerstner, Altimeter Capital Fri, 06 Feb 2026 21:47:27 +0000 software https://minutesof.com/q/260f76f8-da33-4869-a091-b8d4f64844e1/ https://minutesof.com/q/260f76f8-da33-4869-a091-b8d4f64844e1/ “There's this notion that the tool in this the software industry is in decline and will be replaced by AI.” — Jensen Huang, Cisco Wed, 04 Feb 2026 04:34:47 +0000 software 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.” — Brad Gerstner, Altimeter Capital Wed, 07 Jan 2026 22:13:03 +0000 software https://minutesof.com/q/0047d296-7de1-4260-bf65-8cefb5be9242/ https://minutesof.com/q/0047d296-7de1-4260-bf65-8cefb5be9242/ “90% of the companies that are down deserve to be down. Find the 10 that got thrown out with the bathwater. Find the 10%, right, that are going to benefit from AI.” — Brad Gerstner, CNBC Television Tue, 06 Jan 2026 18:27:14 +0000 software https://minutesof.com/q/583c4e53-58a6-4ec3-baa9-7fad3ea5234b/ https://minutesof.com/q/583c4e53-58a6-4ec3-baa9-7fad3ea5234b/ “And so we'll see. These guys have to deliver. And so I expect we're gonna see meaningfully accelerating revenues out of those companies,” — Brad Gerstner, CNBC Television Tue, 06 Jan 2026 18:27:14 +0000 software 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.” — Brad Gerstner, CNBC Television Tue, 06 Jan 2026 18:27:14 +0000 software https://minutesof.com/q/ccbe07a9-16aa-4f0b-942c-8e1d7b8d4d2a/ https://minutesof.com/q/ccbe07a9-16aa-4f0b-942c-8e1d7b8d4d2a/ “How do we retain our agents from last year? Just all the typical stuff that goes on with scaling a business.” — David Friedberg, Venture Europe Thu, 09 Oct 2025 12:21:31 +0000 software https://minutesof.com/q/a4dd377f-3935-433c-a57f-c01d37aeb182/ https://minutesof.com/q/a4dd377f-3935-433c-a57f-c01d37aeb182/ “When Satya came on our pod and he said that, you know, that at the end of the day, most applications are just consumer interfaces sitting on top of a CRUD database and, you know, Mark Benioff calls me and he's like, you know, that's not true.” — Brad Gerstner, Khosla Ventures Wed, 10 Sep 2025 22:51:48 +0000 software https://minutesof.com/q/1f93a15e-86c5-4c0a-9944-9d4f2a02cade/ https://minutesof.com/q/1f93a15e-86c5-4c0a-9944-9d4f2a02cade/ “I suspect that these headlines, the end of software, the death of software, in I would argue less than twenty four months will appear to be silly.” — Bill Gurley, Bg2 Pod Mon, 10 Jun 2024 14:22:07 +0000 software https://minutesof.com/q/87853343-dd7e-4e8e-ba0f-2a81a890a506/ https://minutesof.com/q/87853343-dd7e-4e8e-ba0f-2a81a890a506/ “Rather than budget pressures, what I really think you're seeing is the slowing down and the elongation of the big commits because people really need to make sure that they're betting on the future, not on the past.” — Bill Gurley, Bg2 Pod Mon, 10 Jun 2024 14:22:07 +0000 software 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.” — Brad Gerstner, BG2 Pod Thu, 08 Feb 2024 19:35:00 +0000 software https://minutesof.com/q/cd3e5ff6-4c65-4083-a0a4-eb3c90fc95d4/ https://minutesof.com/q/cd3e5ff6-4c65-4083-a0a4-eb3c90fc95d4/ “I've always said that Silicon Valley has the crudest kind of least intelligent view of valuation. They always rush to price to revenue because it's easy and because quite frankly, it's easier to be optimistic.” — Bill Gurley, BG2 Pod Thu, 08 Feb 2024 19:35:00 +0000 software https://minutesof.com/q/ea561478-6a02-48cf-8c17-f81cbfd21ef4/ https://minutesof.com/q/ea561478-6a02-48cf-8c17-f81cbfd21ef4/ “And you could probably make 50,000,000 in return. That's a nice little 10 bagger. Great. Let's do that. And then let's plow a trillion dollars into that concept.” — David Friedberg, How I Invest Podcast Tue, 09 Jan 2024 04:38:21 +0000 software https://minutesof.com/q/5a9a7e9d-e509-4a4c-a7ad-30fdd24c4722/ https://minutesof.com/q/5a9a7e9d-e509-4a4c-a7ad-30fdd24c4722/ “So I think I think I think, the PyTorch Foundation tested the 7,000 most popular most starred models on GitHub, and they got, like, a 30% increase.” — Dylan Patel, Gradient Flow Thu, 02 Feb 2023 12:00:39 +0000 software 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” — Brad Gerstner, All-In Podcast Mon, 23 May 2022 04:51:01 +0000 software https://minutesof.com/q/f5f8e724-bbe8-4b20-8e19-8182f56d0dda/ https://minutesof.com/q/f5f8e724-bbe8-4b20-8e19-8182f56d0dda/ “B, there's a lot of money to be made just in providing these primitives. Let's stop trying to compete with these independent infrastructure software providers right on top of the cloud.” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 software https://minutesof.com/q/ecd24ff9-a848-4d28-8d36-42c5c7400b7a/ https://minutesof.com/q/ecd24ff9-a848-4d28-8d36-42c5c7400b7a/ “Marc Andreessen wrote this op ed, whatever it was, ten years ago about how software is eating the world. Now AI is eating software.” — Gavin Baker, Invest Like the Best Tue, 25 Jan 2022 09:00:00 +0000 software https://minutesof.com/q/44e49c41-c433-42d3-b373-5aa3215c29a8/ https://minutesof.com/q/44e49c41-c433-42d3-b373-5aa3215c29a8/ “But the fact of the matter is because of AWS, GCP and Azure, software companies are scaling faster and in a more capital efficient way” — Brad Gerstner, Invest Like the Best Tue, 23 Jun 2020 09:30:00 +0000 software https://minutesof.com/q/1b39e18e-f86b-4df8-96a6-a9ddc93f8a5c/ https://minutesof.com/q/1b39e18e-f86b-4df8-96a6-a9ddc93f8a5c/ “In the last two days, lots of friends have come to me and said, Hey, I told my brother, my sister, my mom, my dad, my uncle, my aunt, my friend who has a small business, that story, they did the same thing and they cut their software bill 30 to 50% in an hour.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software https://minutesof.com/q/ffb190ab-f9a0-4dfe-9c65-5f6be6a5185e/ https://minutesof.com/q/ffb190ab-f9a0-4dfe-9c65-5f6be6a5185e/ “In one hour, she cut her software bill in half. One hour, she said there was zero pushback.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software https://minutesof.com/q/cace17c2-755a-40bc-aec5-3d35cacba599/ https://minutesof.com/q/cace17c2-755a-40bc-aec5-3d35cacba599/ “In one hour, she cut her software bill in half. One hour, she said there was zero pushback. And I've been telling people this story.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software https://minutesof.com/q/80a14f75-ac1b-4cd2-9713-badc36ab4172/ https://minutesof.com/q/80a14f75-ac1b-4cd2-9713-badc36ab4172/ “He said, tell Gavin exactly what you just told me. And his sister is a dentist and obviously she's grappling with how to run her practice.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software https://minutesof.com/q/0348e47b-4839-4b20-932d-8ecef4749889/ https://minutesof.com/q/0348e47b-4839-4b20-932d-8ecef4749889/ “Robert Smith is the CEO of Vista Equity Partners, brilliant man. And he famously said software is better than first lien debt.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software https://minutesof.com/q/06ff6be5-3ceb-4746-af61-5830c6667b9b/ https://minutesof.com/q/06ff6be5-3ceb-4746-af61-5830c6667b9b/ “And today it's roughly 30% excluding spending on the big cloud hyperscale infrastructures and service companies like Azure, Amazon web services, and Google GCP.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software https://minutesof.com/q/1799ea24-d524-4a99-b335-47db7041dd3c/ https://minutesof.com/q/1799ea24-d524-4a99-b335-47db7041dd3c/ “And I think that is dangerous because in 'eight, 'nine software was seven to 10 of IT spend. And today it's roughly 30% excluding spending on the big cloud hyperscale infrastructures” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software https://minutesof.com/q/015b8347-176b-460d-820e-b78d8cf137e3/ https://minutesof.com/q/015b8347-176b-460d-820e-b78d8cf137e3/ “A lot of people are baselining off what happened in 'eight, 'nine. And I think that is dangerous because in 'eight, 'nine software was seven to 10 of IT spend.” — Gavin Baker, Invest Like the Best Thu, 02 Apr 2020 09:30:00 +0000 software