It’s not news to anyone here that SaaS businesses have been taking a beating over the last several months—more acutely over the last month or so. The market has punished indiscriminately. Enterprise software, accounting software, productivity software, SME software, and so on—the market simply does not care at the moment. Even software-adjacent businesses have not been spared. Indiscriminate selling has been a tremendous source of returns for me in the past, so I wanted to share some thoughts for your entertainment. In return, I hope you will share yours. The format is simple: share (1) one stock you are buying hand over fist, OR (2) one stock you are avoiding at all cost, dumping or even shorting. By covering both angles, I hope we can see a mixture of opinions. Stocks must be SaaS or SaaS-adjacent! \# Buy: TTD The Trade Desk is an ad-tech business focussed on making it easy for advertisers to buy impressions from the open internet and connected TV. Despite the stock having a very poor 2025 and start to 2026, the business continues to execute well and pursue innovations across the entire vertical of digital advertising. \- They are launching a new TV operating system called Ventura, which will provide OEMs with the choice to use a neutral OS that is completely aligned maximizing ad revenue, instead of directing users to YouTube, Roku Channel, Prime Video, etc. It’s straight out of the TTD playbook. Whether it will succeed is impossible to see, but it is very promising that they are willing and able to take such big swings. \- They also recently became involved in the buy-side by forking Prebid, which is a library installed on webpages to send visitor details to SSPs to start an auction, to create OpenAds. Prebid recently made a change to send unique identifiers to each SSP for the same impression, which makes it impossible for DSPs (like TTD’s Kokai) to deduplicate impressions across SSPs, causing buyers to potentially bid against themselves for the same impression. OpenAds uses the same identifier for an impression across all SSPs, enabling deduplication and improving auction fairness for buyers. \- The Kokai platform itself is designed to help buyers avoid so-called “Made For Advertising” sites (junk sites created solely for the purpose of selling impressions), which obviously becomes more beneficial over time as the number of AI-slop websites increases. Advertisers have reported significant metric improvements thus far. Why is the stock down so much? There are two narratives working against TTD that have caused it to fall so precipitously. 1. Amazon is going to eat their lunch. Or so they say! Amazon launched a DSP and the fear is that it means TTDs days are numbered. However, TTD has been competing very successfully with Google for years. Amazon will justifiably want more spend on its own properties and will always be perceived as being conflicted, even if they behave immaculately. TTD is the neutral option and there will always be demand for one of those. 2. The “Dead Internet” theory will destroy open-internet advertising. The gist of this idea is that people will stop browsing outside the “walled gardens”, and no browsing = no impressions = no ad revenue. This is purely fear-based speculation at this stage. Forward PE is currently \~13x or \~20x when adjusted for SBC. What you get is the leading neutral DSP for open-internet and connected TV ads, with an exceptionally strong history of execution (including 33 consecutive revenue beats and over a decade of 95% customer retention). Looking forward to reading your ideas!