Software has been oversold, moving into an interesting price range. Public market valuations (e.g., Workday at 9x EBITA) present a benchmark that the private market has yet to reset to, which will happen in 6-9 months, creating opportunity. The dislocation between public and private software valuations sets up a potential entry point as prices converge. The sector is becoming attractive after a sell-off, but timing the catch-down of private markets requires patience and selectivity. A prolonged economic downturn could further compress software earnings and delay the valuation reset.