Goodhart Partners: AI, SaaS, and the Mispricing of Durability — Selective Unbundling, Not Blanket Destruction

Goodhart Partners·medium signal

Investment firm Goodhart Partners argues the $2T+ SaaS selloff represents systematic mispricing of durability: markets treat all software companies as equally threatened by AI when actual risk is highly differentiated. The thesis: disruption means selective unbundling where commoditized point solutions face replacement, while platforms with deep data moats, network effects, and regulatory compliance emerge stronger. This is the counter-narrative to the SaaSpocalypse — LLMs will not replace mature enterprise workflows out of the box, and the most likely outcome is bifurcation, not blanket destruction.