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BULLISH

Durability in deeply embedded vertical software

The case was made that software deeply embedded in customer workflows with high switching costs and regulatory moats is resilient to AI disruption.

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The Callback

Proprietary data and compliance create durable moats

20 weeks between these two statements.

Then

The thesis argued that mission-critical software like payroll has a strong defensive moat against AI disruption due to high switching costs, legal obligations, and a need for deterministic reliability.

THE TWENTY MINUTE VC · 23 APR 2026 · 05:00Open in Zortix →
Now

The case was made that software deeply embedded in customer workflows with high switching costs and regulatory moats is resilient to AI disruption.

THE INSIGHT BY OAKTREE CAPITAL · 10 SEP 2026 · YESTERDAY · 45:30
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NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE