Here are recent rough notes from the site.
With all the discussion of risky PIK (payment in kind) loans in high yield and leveraged loans to enterprise software companies., I am reminded of this classic outburst from RJR Nabisco CEO Ross Johnson in Barbarians at the Gate when he heard about such financial engineering.
There is a provocative regime change underway in market cap per employee among large US companies, an artifact of the ongoing shift from labor to capital in modern economies. I saw this originally in the WSJ, but revised tghe graph and changed to log scale to make it less shocking and more useful.
The Big Money in Today’s Economy Is Going to Capital, Not Labor - WSJ https://www.wsj.com/economy/jobs/capital-labor-wealth-economy-2fcf6c2f?st=JcQuwj
The deeper issue with SaaS, isn't AI, it's that the sector is mature and increasingly the plaything of leveraged lenders doing buyouts and recaps. The result: softeware and technology combined now dominated the speculative credit market, making it much riskier than historically.
While agentic AI is currently fairly crap at most remote work, outside of code, where it is remarkable, it is improve quickly on CAIS's remote work benchmarkt. We could see, on current progress, material impacts by a year from now.
Remote Work Index
https://www.remotelabor.ai/
