Key ideas from Jared Sleeper

• Software companies trade at historically low multiples despite stable 18% growth rates and 110% net retention - 'There's no valuation support' - Jared
• DocuSign employs more people than OpenAI and Anthropic combined, highlighting potential inefficiencies in labor allocation across tech
• Intercom's AI agent Finn generated nearly $100M ARR on top of their $300M base by automating customer support queries
• Results-based pricing could increase software revenue 50x: replacing a $250K sales rep could justify $50K annual AI costs
• Stock-based compensation creates illusion of profitability - median public software company has only 5% GAAP net income margin
• Enterprise buyers worry about AI security while startups move faster by 'playing fast and loose' with data protection
• Software engineering is becoming like civil engineering - project managing computers that do the technical work rather than manual coding