I'm starting a series of posts. Nobody asked for it, but I've been doing some deep SaaS contemplation so thought I'd write it down.

There's a strange thing happening in software investing at the moment. On one side, you've got the AI maximalists telling you that SaaS is dead, that agents will replace every application, and that anything built before 2023 is basically a legacy system waiting to be disrupted…..

There's a question I've started asking in almost every management meeting I do with a vertical software business, and it goes something like this: how long has your longest-tenured salesperson been here?

It sounds like an HR question. It isn't. It's one of the most revealing things you can ask..

The AI-kills-SaaS narrative has become almost ritualistic at this point. Every few months someone publishes a hot take: agents will automate everything, vibe-coders will build it themselves over a weekend, the incumbents are toast….