SANTAS

Ramblings on Investing, technology, space, philosophy and science.

[SANTAS @sebsanta]

@unusual_whales It's like asking your barber if you need a haircut.

[SANTAS @sebsanta]

@atelicinvest Totally agree with you, very unsatisfying work staring at a prompt all day and waiting while it builds things. Half the time it does a poor job and you just repeat over and over telling it how to do it better.

[SANTAS @sebsanta]

@NotionHQ your floating edit menu is the worse UI of any product I use. Having to hunt for options or click multiple times slows down basic workflows. Why not offer a persistent, visible toolbar during editing so actions are faster and more predictable?

[SANTAS @sebsanta]

@theficouple A whole new generation of people surprised that houses don't always go up in value.

[SANTAS @sebsanta]

@realroseceline Great post. I'm always tempted by the new shiney thing and have to constantly remind myself of this. Buy quality, hold until the original thesis is broken and let the business do the work. FOMO is the worst. I use dividends and new capital to buy new investments.

[SANTAS @sebsanta]

@lucyhargreaves4 As a small business owner on Ontario, I can tell you laws and taxes are the most complicated part of my business. The government does nothing but get in the way and offers zero help of any kind. Was quite shocking to me when I started how complicated they make things.

[SANTAS @sebsanta]

@buccocapital System of record locks down apis (or charges more for access), moved upwards in the chart. LLMs become commoditized and system of records such as CRM offer it such as with Agentcorce. If they offer it cheaply or throw it in for free stand alone LLMs have nothing left to offer.

[Pythia Cap: Partially Conductive @PythiaR]

I maintain that $CSU.TO is one of the only cheap names in software, with highly differentiated (and IMO more durable) revenue drivers than the rest of the sector w/ an SBC unburdened cash flow statement.

[SANTAS @sebsanta]

@levelsio Should be a flat fee, a percentage of what's typically most expensive thing you will buy in your life (and spend years paying for) is crazy. Zero value add...

[SANTAS @sebsanta]

@wealthmatica Constellation at this price looks great to me.

[SANTAS @sebsanta]

@mischa_steiner @tallmikeholley @canada_spends I did the math once on how much of my salary is actually spent and it's sickening 😭

[SANTAS @sebsanta]

@varunv_malhotra Great thesis, I totally agree and just bought more today!

[SANTAS @sebsanta]

@TihoBrkan Used to work in an office with a lot of people in late 20s, early 30s. Was very surprised that none of them drank. Def a generational change...

[Ben Carlson @awealthofcs]

Historical annual returns 1928-2025:

Stocks +10.0%

Gold +5.6%

Bonds +4.5%

Housing +4.2%

Cash +3.4%

https://t.co/it5DtSMXQo

[SANTAS @sebsanta]

@CCM_Brett Gotta be $CSU for me

[SANTAS @sebsanta]

@LukeWolgram Look at constellations list of customers/industries. Do you think someone running a garage or library will decide to use AI to create their own applications? Most people outside of the software industry have no interest in diy software.

[Meb Faber @MebFaber]

Next time you worry about AI taking your job realize firewood used to be a quarter of GDP

Via @NatBullard

[Mindset for Money @Mindset4Money_X]

Some thoughts on $CSU.TO as we reach these JUICY levels:

• Software is one of the smallest expense items for most companies. To justify incremental CAPEX on better software (including AI), the ROI must be material at the income statement level.

• The software $CSU owns is highly niche and backed by teams with years of domain experience. These teams are often consulted by customers on industry and operational changes, not just product usage.

• The TAM for VMS businesses is small, and the end markets are boring by design. If AI were to meaningfully replace legacy software, these would likely be among the last businesses targeted.

• There is a valid argument that AI could reduce the future pool of viable legacy software acquisitions. While I agree terminal values face new risks, I think the velocity of displacement in VMS markets is overstated. These are regulated, risk-averse industries (transit, utilities, etc.) where adoption cycles are measured in decades, not years. Erosion should be slow enough for CSU to adapt its capital allocation strategy rather than face an abrupt cliff the market thinks it will.

• On acquisitions: hurdle rates have not changed. With multiple compression across SaaS, CSU may actually have more opportunities to acquire businesses within its required return thresholds.

Maybe I’m crazy or too bullish, but I’m seriously considering reshaping my portfolio to make this an even larger position.

[Hooman @hoomansv]

SaaS investors’ daily pre-market routine