MungerWunger

Another one: https://brklyninvestor.com/2026/02/13/lets-talk-about-berkshire-new-board/

https://x.com/TechFundies/status/2022041255145083313 "Anthropic held a webinar for Claude for Excel. They didn’t do a real-time demo since, as anyone who has tried it knows, it takes a long time and doesn’t work very well for anything beyond the simplest of requests. They appear to be trying to get AI to work for knowledge work the same way it became useful for programmers. The web AI doesn’t work at all for one-shot, complex requests on files (which is most work people do…) so it’s smart to bring AI into the app (thanks Excel) and encourage people to try it for baby step tasks (format this section, add pivot table, etc.). Programmers mostly use it to work on blocks of functionality where AI does an increasingly good job. So the view seems to be let’s try that path for app usage and meet people where they are. 2 customers joined the call. DE Shaw basically said they try everything AI in a research capacity in case it starts to work but for now they don’t really know what to do with it. RBC said AI helping them a lot across different areas (research, etc) but also hard to gauge ROI and the excel stuff is very early / makes lots of mistakes. He is paid to research this stuff but people who have business deliverables aren’t going to be as patient. One of the customers also mentioned all this experimentation is getting too expensive and hinted it will be an issue soon. The Anthropic marketing guy basically said look all this is early but we encourage you to not give up bc this isn’t a product yet. Please keep spending your money beta testing our stuff for us. There was nothing that would suggest MSFT is going to be any worse off from any of this. Quite the opposite actually."

https://cheekypint.substack.com/p/ben-thompson-from-stratechery-on Ben Thompson from Stratechery on AI ads, the end of SaaS, and the future of media

Akre letter: https://www.akrefund.com/documents/a-letter-to-the-investment-team-february-6-2026/

Some nice humour from Mr. Loeb

Akre fund added to NOW and CRM: https://www.akrefund.com/fund-summary/

he's back! https://brklyninvestor.com/2026/02/10/sanity-check-2026/

FWIW, I just received an email from the company I work at saying that we're switching from self-hosted data center instances of Jira to Atlassian's cloud based solution. The deadline for the completion is June 2027 ...

asset light businesses are no longer sexy in the world of AI

at this point, probably

https://www.techinvestments.io/p/the-bull-case-for-software-asml-credo

Check the Constellation software thread. Most of the software vs. AI discussions are taking place there.

Ben Evans on AI vs. Software:

https://newsletter.semianalysis.com/p/claude-code-is-the-inflection-point?r=3vocpk&utm_campaign=post&utm_medium=web&triedRedirect=true "Enterprise software has easily been the first casualty of the great cost decline of intelligence. SaaS itself is just crystalized information processing of workflows into code. The three moats of SaaS, switching costs of data (data is trapped), workflow lock-in (learning the UI), and integration complexity (how Slack works with Jira) have all been partially eroded at the margins. The 75% gross margin of SaaS looks like a huge opportunity, as agents migrate data between systems with lessened migration costs, Agents themselves do not rely on human oriented workflows, and MCP integrations make integration much easier. Every aspect of SaaS is cheapening, and the margins have become the first opportunity of AI. A simplistic example is an agent can now query a Postgres database directly on your behalf, generate a chart, and email it to a stakeholder. That was effectively the cost of a SaaS workflow like CRM, and it doesn’t need to train humans on UI changes or update software. It just “works”. BI/analytics (agents querying databases) data entry, ITSM (L1/L2 tickets triage) and back-office reconciliation is already in the process of automation! These are knocking on some of the doors of the most sacred moats in software already. In our view, anything that has a human click buttons, gather information, reformat it into another medium (email, chart, excel, presentation) is a huge risk. LLMs thrive at this kind of data interchange exclusively, effortlessly changing text into audio, English into Chinese, and words into images. And this in our view has a huge threat to one of the biggest companies in the world: Microsoft."

On Anthropic: https://steve-yegge.medium.com/the-anthropic-hive-mind-d01f768f3d7b "If you have a strictly online or SaaS software presence, with no atoms in your product whatsoever, just electrons, then you are, candidly, pretty screwed if you don’t pivot. I don’t think there are any recipes for pivoting yet; this is all new, and it’s all happening very fast."

https://newsletter.semianalysis.com/p/claude-code-is-the-inflection-point?r=3vocpk&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true&triedRedirect=true

I think owning hard assets are in again ... (waste management, airplane engines, railways etc.)

Did Anthropic announce something again? MCO, SPGI, FDS, TRI, MSCI, FICO ...

Seems you were just early Billy ... It's also being taken to the woodshed now lol

SPGI, FICO, MSCI, MCO are AI losers it appears

Damn, even Peter Attia is in the Epstein files ...

https://basehitinvesting.substack.com/p/thoughts-on-market-valuations-ai

Jensen huang interview: summary by Liberty: https://www.libertyrpf.com/p/610-jensen-on-everything-apple-google