Mainly distribution. But I world expect our to fall precipitously
Imagine being a shareholder in Docusign
A $14 billion company listed on NASDAQ
Why would an equity be worth that?
Their product can be copied
Produced
And marketed
Add a fraction of the cost with AI
Vibe coding eats this
If I was long, Docusign, I would be very concerned
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Discussion
Distribution is valuable. No doubt
But surely the equity prices we see will be compressed due to the phenomenon of AI driven growth efficiency?
The software driven moat or defensibility is gone
Well that software was never defensible over the last 10 years.
It could always have been replicated for a 100k. That fact you could replicate for a 1k isn’t necessarily that different for a multi billion valuation surely?
So I’d say the premium is all network affect of people believing this is a trust worthy signing solutionnn
So distribution amped by network effect = defence
Nice
And very true
So interesting analysing these things