Matthew McLennan

Software stocks are attractively valued with revenue multiples around 3x, half of private market transactions and a fraction of previous highs, while companies still grow ~10% with a focus on efficiency, and they are well-positioned to benefit from AI due to proprietary data and mission-critical systems. He has committed capital to the software space, naming Workday, Salesforce, Dassault, Microsoft, and Oracle as positions.

Software stocks are attractively valued with revenue multiples around 3x, half of private market transactions and a fraction of previous highs, while companies still grow ~10% with a focus on efficiency, and they are well-positioned to benefit from AI due to proprietary data and mission-critical systems. He has committed capital to the software space, naming Workday, Salesforce, Dassault, Microsoft, and Oracle as positions.

Software stocks are attractively valued with revenue multiples around 3x, half of private market transactions and a fraction of previous highs, while companies still grow ~10% with a focus on efficiency, and they are well-positioned to benefit from AI due to proprietary data and mission-critical systems. He has committed capital to the software space, naming Workday, Salesforce, Dassault, Microsoft, and Oracle as positions.

Software stocks are attractively valued with revenue multiples around 3x, half of private market transactions and a fraction of previous highs, while companies still grow ~10% with a focus on efficiency, and they are well-positioned to benefit from AI due to proprietary data and mission-critical systems. He has committed capital to the software space, naming Workday, Salesforce, Dassault, Microsoft, and Oracle as positions.

Software stocks are attractively valued with revenue multiples around 3x, half of private market transactions and a fraction of previous highs, while companies still grow ~10% with a focus on efficiency, and they are well-positioned to benefit from AI due to proprietary data and mission-critical systems. He has committed capital to the software space, naming Workday, Salesforce, Dassault, Microsoft, and Oracle as positions.

Software stocks are attractively valued with revenue multiples around 3x, half of private market transactions and a fraction of previous highs, while companies still grow ~10% with a focus on efficiency, and they are well-positioned to benefit from AI due to proprietary data and mission-critical systems. He has committed capital to the software space, naming Workday, Salesforce, Dassault, Microsoft, and Oracle as positions.

Becton Dickinson (BDX) is a world leader in syringes and catheters with over 50% market share, giving it scale economies, embeddedness in hospital systems, and a regenerative feedback loop for innovation. It trades at 12-13 times earnings (8% earnings yield), implying the market expects little growth, yet the company is focused, generates strong free cash flow, and uses it for dividends and buybacks. It is well-positioned to benefit from the growth of biologics and integration of technology like AI.

Gold is a positional asset with a fixed supply, acting as a store of value and ballast in a portfolio. It is inert, scarce, and globally mobile, making it a defensive hedge against uncertainty and currency debasement. Over time, its value accretes with nominal wealth, but the risk/reward is now more symmetric after its recent run-up, so the position is managed with a valuation margin of safety.

Gold is a positional asset with a fixed supply, acting as a store of value and ballast in a portfolio. It is inert, scarce, and globally mobile, making it a defensive hedge against uncertainty and currency debasement. Over time, its value accretes with nominal wealth, but the risk/reward is now more symmetric after its recent run-up, so the position is managed with a valuation margin of safety.