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Equity Mates Investing Podcast

Which Aussie software stocks are ready to rebound with Jared Pohl

4/23/202638 min

Software stocks have been smashed as AI hype reshapes the market narrative, but is this a structural shift or a classic overreaction? Bryce and Alec sit down with ECP’s Jared Pohl to unpack what’s really changed, what hasn’t, and where investors should be looking. From moats beyond code to why some SaaS names may come out stronger.

Thank you to ECP Asset Management for sponsoring this episode and helping us keep all of our content free. To learn more about ECP, visit their website at https://ecpam.com.

In this episode:

00:00 The software sell-off and big question for investors

00:47 Jared Paul joins: owning losses and market reality

02:09 Has anything fundamentally changed for growth investors?

03:37 How deep the software sell-off really is

05:14 Why software isn’t the real moat

08:11 Which software companies are actually at risk

13:43 Valuations reset: opportunity or warning sign?

18:21 The bull case: AI-driven productivity and future upside

22:37 Real productivity gains vs AI washing

25:34 Quick fire: Top ASX tech stocks (At risk or not?)

32:26 Basically a value manage now - position sizing in the chaos

34:31 The final three: best business, best resource, best advice

ETFs and stocks mentioned: WiseTech Global (ASX: WTC), Xero (ASX: XRO), REA Group (ASX: REA), SEEK (ASX: SEK), Carsales (ASX: CAR), Constellation Software (TSX: CSU), Salesforce (NYSE: CRM), Megaport (ASX: MP1), Samsara (NYSE: IOT), Cloudflare (NYSE: NET), Amazon (NASDAQ: AMZN), Atlassian (NASDAQ: TEAM), Block (NYSE: SQ), CrowdStrike (NASDAQ: CRWD), Pro Medicus (ASX: PME), NextDC (ASX: NXT), TechnologyOne (ASX: TNE), Codan (ASX: CDA), Costco (NASDAQ: COST), Walmart (NYSE: WMT)

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In the spirit of reconciliation, Equity Mates Media and the hosts of Equity Mates Investing acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today.

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Equity Mates Investing is a product of Equity Mates Media.

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Clips

Software Isn’t The Moat
Intercom’s Surprise Comeback
Rates, Multiples, And Overreaction
Agents Don’t Kill Xero
Megaport’s Full-Stack Ambition
Computershare’s Multiple Should Compress
Portals: Market Has It Wrong
From Never Again To Normal
No Panic, More Soul-Searching

Transcript preview

First 90 seconds

  1. Ren· Host0:00

    [beep] Everything you're about to hear is for education and entertainment purposes only. Whilst we are licensed, we're not aware of your personal financial circumstances. Any advice is general advice. Equity Mates operates under Australian Financial Services License 540697.

  2. Bryce Leske· Host0:15

    [upbeat music] The software sell-off continues, and there are plenty of questions to ask. Have the quality of these companies changed, or is it just a market overreaction?

  3. Speaker 20:23

    Equity Mates.

  4. Bryce Leske· Host0:25

    Welcome to Equity Mates, a podcast where we explore what's possible in the world of investing. If you've just joined us for the very first time, a huge welcome to our community. My name is Bryce, and as always, I'm joined by my equity buddy, Ren. How are you going?

  5. Ren· Host0:36

    I'm very good, Bryce. Very excited for this episode. One of the biggest questions in markets in 2026 is what is happening, uh, with this continued AI boom and the software sell-off that has come on the back of it. As you said, have these high-quality names changed, or is the market overreacting? Today, we're joined by an expert. He and his team have just written a big three-part report on software companies, so we're gonna dig into it and get- Love with software, huh? [laughing] ... get his answer. [laughing] You may have just heard him there. [laughing] Uh, Jarrod Poll- Yeah.

  6. Bryce Leske· Host1:07

    Good day ...

  7. Ren· Host1:08

    uh, co-founder and portfolio manager of ECP Asset Management.

  8. Bryce Leske· Host1:10

    Hello.

  9. Ren· Host1:11

    Welcome back to Equity Mates.

  10. Jared Pohl· Guest1:12

    Thanks. Thanks for having me again. It seems like every time I come, performance gets worse, so I don't know if it's the- [laughing] ... if you guys are putting a- It's definitely got worse ... putting a voodoo on me or not.

  11. Ren· Host1:18

    That's the Equity Mates effect. Yeah.

  12. Jared Pohl· Guest1:20

    [laughing] But, um, no, no, jokes aside, yeah, it's definitely been a tough, tough market. So, you know, um, hopefully we can sort of explain what we're thinking, and people can,

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