Eric Mandell 5.5 2 ideas

There is a "strong need" for Agentic AI and platform providers to leverage relationships with traditional software companies. The market underestimates the "dependency" AI models have on traditional software for training and deployment. Legacy software isn't dead; it's the necessary infrastructure for the next phase of AI. LONG. Fundamental value play on the "winners" in the space. Disruption by native AI apps that bypass legacy systems entirely.

In current deal-making, "if it touches China, the likelihood of interest goes down materially." Boards are conducting deep diligence to ensure zero dependency on China. This capital starvation will stifle growth and exit opportunities for companies with Chinese exposure. AVOID. The geopolitical risk premium is effectively infinite for M&A right now. Thaw in US-China relations (unlikely in current context).