Public SaaS is getting destroyed. Atlassian -63%. HubSpot -48%. Workday ...

This is what the public software market looks like right now. At last, Sian is down like 63% year today. Asana's down like 58%. Oh yeah, I'm work day. They're having a tough one. They're down 47%. And their CTO just left and gave up a C-suite title to become a member of the technical staff at Anthropic. He basically took into motion to go over to build the HR software that's gonna get him replaces last job. But in the private market, there's really no mark to market going on. So really the only way to get a sense for what's happening in legacy SaaS software is to look inside the biggest software P shops in the world. Let's go through a couple of them. Tomo Bravo, 183 billion in AUM. Now they just held their annual LP meeting last month in Miami and their position was basically that the market's wrong. They're saying that mission critical SaaS software that's insulated from AI. Think about software running like aircraft maintenance, hospital billing. They're saying no one's gonna rip that software out and replace it with a chatbot. Their take on the public market is that the fundamentals are actually quite strong and that even though the market's down, they see it as a buying opportunity. Then you have this, the equity partners. And they have about 100 billion in AUM and 90 portfolio software companies. And they have slightly a different read. Robert Smith's take is that they think incumbents can actually win but only if they're actively building around their data…