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SaaS Attacked (ongoing)

The big selloff on swiftly-growing software businesses continues apace
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5 Idea Friday: market viz; zombie funds; still no housing shortage; illiquid becomes liquid; bring your own energy (coal too)
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5 Idea Friday: EU lags; AI payback (to whom); It's getting better (reprise); The predictors; Nothing Ever Happens Index
A feast for thought, heading into the weekend
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5 Idea Friday: SaaS, licensing, houses, beauty, and small caps
A feast for thought, heading into the weekend
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AI everything cycle, and SaaS strikes back (maybe)
The paradox of the AI everything cycle that's bullish for pretty much only one thing
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If AI is taking jobs, then where are all the productivity gains?
Markets are assigning basically $0 to the field, which is weird, if the field is getting so productive with AI that it doesn't need any workers, anymore
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12 Months of Random Walk
The year in macro and capital markets, as told by a year of Random Walk
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5 Idea Friday: new media step change, student groans, ecomm, Palmetto State, and unemployed weirdness
5 Quick hitters on this and that for the first weekend of 2026
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Random Walk
Random Walk
"A multidisciplinary cast of mind . . . with a yen for synthesis." - Charlie Munger (about himself, not Random Walk)
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The Transcript
The Transcript
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