Code is cheap. Trust is not
The durable edge in investing has always been in what is hard to see: trust, relationships, switching costs and institutional knowledge
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OPENAI chief executive Sam Altman says software-as-a-service (SaaS) is entering its “fast-fashion” phase – cheap, disposable and quickly assembled. The stock market seems to agree.
Since the start of the year, investors have sold off SaaS companies en masse.
Shares of ServiceNow and Salesforce, two of the most prominent companies in the sector, have pulled back sharply, and the price of Atlassian shares have halved since the start of the year.
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