Executive Summary
Gokul Rajaram, board director at Coinbase, Pinterest, and Trade Desk, reveals an eight-moat framework that separates durable software companies from AI casualties. His scoring system assigns points across data, workflow, regulatory, distribution, ecosystem, network, physical, and scale moats—with companies scoring 4+ considered defensible. Rajaram argues the SaaS apocalypse represents massive overreaction, creating opportunities in systems of record like Salesforce (score: 3) and Atlassian (scor...
Key Investment Opportunity
Systems of Record Oversell
Market treating all software equally despite structural moat differences creating mispricing in defensible systems of record
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