What are you hearing? What are you not hearing that gives us an investment edge?

Well, software.

The biggest pushback that we're getting today is people who are used to using application software, thinking the companies that produce application software are important and that they can grow in the future.

Now, look, I could be wrong about this, but when we look at the performance of the software industry over the last year and a half and compare it to historical circumstances where an industry went out of favor, the best case scenario is that it market performs for the foreseeable future.

But there is actually an existential threat here.

because you have businesses that have adapted the way how they work to accommodate application software instead of writing their own software and having the software automate the processes they want to use to run their business.

And I'm literally quoting, in this case, the president of a domestic privately owned transportation company who told me that his team had written all the code they needed to run their business.

Is this the uncomfortable conversation we're not having yet that SaaS is dead?