As a newly minted high school grad I had a brief stint as a wildland firefighter. Part of training for the job was a timed 10-mile walk with a 60-pound pack. It was on a high school track in early June in Montana. And it was a slog. Running 10 miles is painful, but it goes by relatively quickly and there is a rush of accomplishment at the end. Hiking 10 miles can be tiring, but there are views and trees and stuff. But this was boring, exhausting, and progress inched by. At the end there wasn’t really a sense of accomplishment - after all, we had just walked around a 400m track for 4.5 hours.
Can you speak more to the part about midmarket/workflow companies/tools in the last paragraph?
The best counterexample I can think of is ServiceNow - which is doing really well despite being a workflow tool (even saw you recommend them the other day on Twitter)
Hey Buck, great write up. I also think SaaS earnings are going to be disappointing and be quite choppy. I don't invest thematically, but generally think best-of-breed and high research intensity type firms will do better in aggregate. Wondering what you think about certain verticals like CX where firms seem to be moving towards consumption models.
Why do you consider mid market to be zombies?
Can you speak more to the part about midmarket/workflow companies/tools in the last paragraph?
The best counterexample I can think of is ServiceNow - which is doing really well despite being a workflow tool (even saw you recommend them the other day on Twitter)
Hey Buck, great write up. I also think SaaS earnings are going to be disappointing and be quite choppy. I don't invest thematically, but generally think best-of-breed and high research intensity type firms will do better in aggregate. Wondering what you think about certain verticals like CX where firms seem to be moving towards consumption models.
Glad to have you back.