Howdy Patrick, love the article. I actually tell my management team that as long as we survive long enough, we will win. Many competitors will die off and or become complacent. But additionally, if we keep surviving while also continuing to experiment, then at some point we get lucky and stumble onto the secret sauce formula.
If you believe some of the other things Charlie Munger has said and you believe in the SaaS model, the SaaS winter is the right time to buy a SaaS company. I suppose winters happen because most venture folks aren’t value investors though, are they?
Howdy Patrick, love the article. I actually tell my management team that as long as we survive long enough, we will win. Many competitors will die off and or become complacent. But additionally, if we keep surviving while also continuing to experiment, then at some point we get lucky and stumble onto the secret sauce formula.
Appreciate that "the path to profitability at scale" was one of the caveats. Nice piece, Pat, HNY!
If you believe some of the other things Charlie Munger has said and you believe in the SaaS model, the SaaS winter is the right time to buy a SaaS company. I suppose winters happen because most venture folks aren’t value investors though, are they?
There are some structural limitations that push the venture industry into being aggressive buyers when things are expensive and cautious investors when things are cheap. Some more on that here: https://thedownround.substack.com/p/stop-skating-to-where-the-puck-is
But I can tell you that in my personal account I am fully deployed and long high growth SaaS right now, for better or for worse.