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SECTOR ETFXLKQQQBEARISHSubstantive discussion · 3/5

Zortix matched this thesis to Technology ETFs as the exposure the bearish case argues against, most actionable for readers who already hold them. Not a recommendation.

Vertical software valuation reset on moat erosion

The case made was that the sell-off in some vertical software names reflects the market pricing in the end of premium multiples as the moats that justified them are perceived to be eroding, not an immediate revenue collapse.

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The story so far
CONTESTED · 54 MENTIONS · 42 EPISODES · 21 SHOWS
25 SEP 2025 — 13 AUG 2026 · 5D AGO
25 SUPPORT · 15 CHALLENGE · 1 UPDATE · 2 REPEAT · 11 MENTIONED
  1. 25 SEP 2025 · FIRST HEARD
    THE DERIVATIVE
  2. 8 EPISODES BETWEEN · 12 MENTIONS
    1. 26 SEP 2025
      PLANET MICROCAP PODCAST
    2. 5 FEB 2026
      THE JULIA LA ROCHE SHOW
    3. 6 FEB 2026
      AFFORD ANYTHING
    4. 7 FEB 2026
      ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG · 2 MENTIONS
    5. 9 FEB 2026
      WHAT BITCOIN DID
    6. 10 FEB 2026
      THE COMPOUND AND FRIENDS · 2 MENTIONS
    7. 16 FEB 2026
      ANIMAL SPIRITS · 2 MENTIONS
    8. 17 FEB 2026
      YET ANOTHER VALUE PODCAST · 2 MENTIONS
  3. 18 FEB 2026
    ANIMAL SPIRITS
    • Vertical software valuation reset on moat erosion · THIS IDEA
  4. 26 EPISODES BETWEEN · 33 MENTIONS
    1. 19 FEB 2026
      THE ACQUIRERS PODCAST
    2. 20 FEB 2026
      THE COMPOUND AND FRIENDS
    3. 25 FEB 2026
      THE COMPOUND AND FRIENDS
    4. 25 FEB 2026 · CHALLENGES
      ANIMAL SPIRITS
    5. 26 FEB 2026
      FORWARD GUIDANCE
    6. 28 FEB 2026 · UPDATES
      ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG
    7. 3 MAR 2026
      YET ANOTHER VALUE PODCAST
    8. 4 MAR 2026 · CHALLENGES
      THE COMPOUND AND FRIENDS
    9. 4 MAR 2026
      MONETARY MATTERS WITH JACK FARLEY
    10. 6 MAR 2026
      PLANET MICROCAP PODCAST
    11. 9 MAR 2026
      ANIMAL SPIRITS · 3 MENTIONS
    12. 10 MAR 2026 · CHALLENGES
      GOLDMAN SACHS EXCHANGES · 3 MENTIONS
    13. 12 MAR 2026 · CHALLENGES
      THE TWENTY MINUTE VC
    14. 16 MAR 2026
      GOLDMAN SACHS EXCHANGES
    15. 19 MAR 2026 · CHALLENGES
      THE TWENTY MINUTE VC
    16. 24 MAR 2026
      THE COMPOUND AND FRIENDS
    17. 27 MAR 2026
      ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG · 2 MENTIONS
    18. 31 MAR 2026
      THE LONG VIEW
    19. 3 APR 2026
      ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG · 2 MENTIONS
    20. 7 APR 2026
      THE COMPOUND AND FRIENDS
    21. 9 APR 2026 · CHALLENGES
      MONETARY MATTERS WITH JACK FARLEY
    22. 10 APR 2026
      FORWARD GUIDANCE
    23. 10 APR 2026
      THE MEB FABER SHOW
    24. 11 APR 2026
      THE POMP PODCAST
    25. 17 APR 2026
      THE COMPOUND AND FRIENDS
    26. 17 APR 2026
      BARRON'S STREETWISE · 2 MENTIONS
  5. 20 APR 2026 · CHALLENGES
    THE TWENTY MINUTE VC
  6. 22 APR 2026 · CHALLENGES
    ANIMAL SPIRITS
  7. 23 APR 2026 · CHALLENGES
    YET ANOTHER VALUE PODCAST
  8. 24 APR 2026
    THE BUSINESS BREW · 2 MENTIONS
  9. 31 JUL 2026 · 3W AGO · CHALLENGES
    CNBC FAST MONEY
  10. 13 AUG 2026 · 5D AGO
    WE STUDY BILLIONAIRES - THE INVESTORS PODCAST NETWORK
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