Deconstructing the Bear Case

CJ outlines three assumptions underpinning the bear case: retention collapse, AI displacement, and startups winning.

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In this episode of Mostly Growth, the number one podcast in product monetization, CJ Gustafson and Kyle Poyar tackle the “SaaS-pocalypse.” With median EV/NTM revenue multiples grinding to a 10-year low and stocks like Salesforce, Oracle, Figma, and Asana sharply off their peaks, they break down the real bear case: collapsing retention, AI replacing SaaS, and startups outflanking incumbents. Then they explain why renewal rates, Rule of 40 profiles, and first-party data suggest SaaS isn’t dead—just repriced.

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LINKS:

Mostly Metrics: https://www.mostlymetrics.com

CJ on LinkedIn: https://www.linkedin.com/in/cj-gustafson-13140948/

Growth Unhinged: https://www.growthunhinged.com/

Kyle on LinkedIn: https://www.linkedin.com/in/kyle-poyar/

Slacker Stuff: https://www.slackerstuff.com/

Ben on LinkedIn: https://www.linkedin.com/in/slackerstuff/

https://www.mostlymetrics.com/p/the-era-of-capital-intensive-ipos-and-the-14b-ipo-you-probably-forgot-about

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