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
- THE DERIVATIVE
8 EPISODES BETWEEN · 12 MENTIONS
- PLANET MICROCAP PODCAST
- THE JULIA LA ROCHE SHOW
- AFFORD ANYTHING
- ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG · 2 MENTIONS
- WHAT BITCOIN DID
- THE COMPOUND AND FRIENDS · 2 MENTIONS
- ANIMAL SPIRITS · 2 MENTIONS
- YET ANOTHER VALUE PODCAST · 2 MENTIONS
- ANIMAL SPIRITS
- Vertical software valuation reset on moat erosion · THIS IDEA
26 EPISODES BETWEEN · 33 MENTIONS
- THE ACQUIRERS PODCAST
- THE COMPOUND AND FRIENDS
- THE COMPOUND AND FRIENDS
- ANIMAL SPIRITS
- FORWARD GUIDANCE
- ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG
- YET ANOTHER VALUE PODCAST
- THE COMPOUND AND FRIENDS
- MONETARY MATTERS WITH JACK FARLEY
- PLANET MICROCAP PODCAST
- ANIMAL SPIRITS · 3 MENTIONS
- GOLDMAN SACHS EXCHANGES · 3 MENTIONS
- THE TWENTY MINUTE VC
- GOLDMAN SACHS EXCHANGES
- THE TWENTY MINUTE VC
- THE COMPOUND AND FRIENDS
- ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG · 2 MENTIONS
- THE LONG VIEW
- ALL-IN WITH CHAMATH, JASON, SACKS & FRIEDBERG · 2 MENTIONS
- THE COMPOUND AND FRIENDS
- MONETARY MATTERS WITH JACK FARLEY
- FORWARD GUIDANCE
- THE MEB FABER SHOW
- THE POMP PODCAST
- THE COMPOUND AND FRIENDS
- BARRON'S STREETWISE · 2 MENTIONS
- THE TWENTY MINUTE VC
- ANIMAL SPIRITS
- YET ANOTHER VALUE PODCAST
- THE BUSINESS BREW · 2 MENTIONS
- CNBC FAST MONEY
- WE STUDY BILLIONAIRES - THE INVESTORS PODCAST NETWORK
HOW THE SHOWS HAVE DISCUSSED THIS THESIS OVER TIME · NOT A PERFORMANCE RECORD