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ADBEBEARISHSubstantive discussion · 3/5

AI makes legacy software hard to underwrite

The guest argued it is difficult to underwrite the long-term value of many incumbent software companies (like Adobe) because AI is a non-decelerating disruptive force with no clear catalyst for a re-rating.

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The argument, what validates it, the risks discussed and hearing it from the source are for signed-in members. Free accounts read 3 ideas in full a day. No card required.

The story so far
REVIVED · 44 MENTIONS · 33 EPISODES · 17 SHOWS
12 SEP 2025 — 13 AUG 2026 · 5D AGO
19 SUPPORT · 4 CHALLENGE · 4 UPDATE · 2 REPEAT · 15 MENTIONED
  1. 12 SEP 2025 · FIRST HEARD
    THE BUSINESS BREW
    • AI makes legacy software hard to underwrite · THIS IDEA
  2. 26 EPISODES BETWEEN · 37 MENTIONS
    1. 15 OCT 2025
      THE BUSINESS BREW
    2. 17 DEC 2025
      THE TIM FERRISS SHOW
    3. 18 FEB 2026 · CHALLENGES
      THE COMPOUND AND FRIENDS
    4. 26 FEB 2026
      THE ACQUIRERS PODCAST
    5. 27 FEB 2026 · CHALLENGES
      THE MEB FABER SHOW
    6. 3 MAR 2026
      YET ANOTHER VALUE PODCAST · 3 MENTIONS
    7. 4 MAR 2026
      THE COMPOUND AND FRIENDS
    8. 9 MAR 2026
      THE TWENTY MINUTE VC
    9. 10 MAR 2026
      GOLDMAN SACHS EXCHANGES
    10. 16 MAR 2026
      THE TWENTY MINUTE VC · 6 MENTIONS
    11. 18 MAR 2026 · CHALLENGES
      MONETARY MATTERS WITH JACK FARLEY
    12. 19 MAR 2026 · UPDATES
      THE ACQUIRERS PODCAST
    13. 19 MAR 2026
      ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG
    14. 21 MAR 2026
      THE POMP PODCAST · 2 MENTIONS
    15. 26 MAR 2026
      THE TWENTY MINUTE VC · 2 MENTIONS
    16. 26 MAR 2026
      THE BUSINESS BREW · 2 MENTIONS
    17. 28 MAR 2026
      THE POMP PODCAST
    18. 3 APR 2026
      MASTERS IN BUSINESS
    19. 3 APR 2026
      ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG
    20. 9 APR 2026
      EXCESS RETURNS
    21. 15 APR 2026
      WEALTHION - BE FINANCIALLY RESILIENT
    22. 19 APR 2026
      A16Z PODCAST
    23. 20 APR 2026
      THE TWENTY MINUTE VC
    24. 23 APR 2026
      THE TWENTY MINUTE VC
    25. 23 APR 2026
      A16Z PODCAST
    26. 3 AUG 2026 · 2W AGO · UPDATES
      THE TWENTY MINUTE VC · 2 MENTIONS
  3. 8 AUG 2026 · 1W AGO · UPDATES
    ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG
  4. 11 AUG 2026 · 1W AGO
    BANKLESS
  5. 11 AUG 2026 · 1W AGO
    THOUGHTFUL MONEY
  6. 11 AUG 2026 · 1W AGO
    EXCESS RETURNS
  7. 12 AUG 2026 · 6D AGO
    A16Z PODCAST
  8. 13 AUG 2026 · 5D AGO
    THE TWENTY MINUTE VC
HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD
NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE