Software once looked like the cleanest path to durable competitive advantage. But the last five years have challenged that assumption.
The software moat is narrowing
Public software valuations have compressed, venture distributions remain limited, and capital has concentrated in a small number of late-stage AI companies.
The implication is not that software has stopped creating value. It is that easily copied code is becoming a weaker barrier to entry.
Our view
Durable value is increasingly found in ecosystems that take time, capital and care to build across housing, agriculture, energy, healthcare and commerce.
The carousel above summarizes the key market data behind this view.
Market data is from third-party sources, for information only; not investment advice or an offer to sell securities.
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