Dialogue. AI SaaS Risk (again), Atlassian, Duolingo, & Uber

**SPEAKER_1** (0:06)
Welcome to The Synopsis, a business and investing podcast. This is take two of, we were already 10 minutes in, we were having a lot of great, great content going on, and Drew had the wrong mic port, and so it sounded horrible. And now Drew's making me redo it, and I'm not really in the mood to redo it. I feel like we already kind of, I got to make the same jokes. I can't recreate the magic, Drew. I don't know what you want from me.

**Drew Cohen** (0:30)
I don't want anything other than, I guess, the sound to be there, because apparently, the people care about the sound more than the content.

**SPEAKER_1** (0:36)
And maybe we can hear about that sound or content. I'm more of a content guy, but the sound bothers me. You need both. It is what it is. You need both. Can't miss on one.

**Drew Cohen** (0:44)
I mean, we are a podcast. I feel like the audio should work.

**SPEAKER_1** (0:48)
Yeah, it's kind of like, man, the movie was great, but it was just, you really was blurry most of the time.

**Drew Cohen** (0:54)
All right, so go ahead. Make your jokes about how you can't pronounce Atlassian.

**SPEAKER_1** (0:58)
Okay, so here's the synopsis of what's going on in the synopsis. We're talking a little Atlassian. We're talking a little Duolingo, Constellation Software, and we're talking a little Warren Buffett, who's still kicking in there, 95 years old, Becky Quick, still interviewing him.
And I'm worried about Becky Quick's career. For those of you guys who don't know, Becky Quick was the exclusive interviewer of Warren Buffett and Charlie Munger. I think that's really the backbone of her career. And as you know, she sadly lost 50% of her interviewing duo here. So you know, with Charlie Munger's passing. So I'm a little concerned about her longevity after, you know, Warren Buffett inevitably goes that direction. But he's 95 He's in good shape. We'll see where it goes. He sounds pretty good on four times speed. You know, he sounds pretty coherent. Anything less than four times.

**Drew Cohen** (1:42)
That's too rough. You're coming out here real hot. You know, you're throwing shade at Becky. You're throwing shade at Buffett. Buffett doesn't need to be listened to any faster than two times. Two times and he sounds good.

**SPEAKER_1** (1:52)
And that's it. That is a man blinded by his love for Warren Buffett. The guy's lost it a little bit, you know. And listen, I've got a special place in my heart for the original Oracle of Omaha. But at 95, I don't know how much he has left to say. I'm going to be honest. That's a hot take. I don't think it's that hot of a take. I think it's a pretty reasonable take.

**Drew Cohen** (2:14)
No comment. No comment. No comment.

**SPEAKER_1** (2:17)
And today we're talking about, let's get into Atlassian a little bit, which we're going to mispronounce five times because Drew's done three things that I don't like here. He's got a software, AI software thematic topic where we can get all these thoughts out. So that's step one. This is the ninth conversation we've had on this. This one's kind of interesting though. And then secondly, it's a business that I don't think would have made it past any of my initial screens forgetting of the AI. It just seems like a not a very high quality company, but there's some interesting, I would say I did have some emotional roller coasters because I'd hear a fact and I go, oh, that peaks my interest. Then I'd hear another fact and I go, why do I know anything about this company? So that's step two. And step three, it's hard to pronounce. So now through those whole podcasts, whole discussion, it's going to be Atlisian, is it Atlassian, is it Atlassian? I'm going to mess it up eight or nine times and I'm going to get someone in the comments mad at me. So that's what you got going for me today, Drew.

**Drew Cohen** (3:10)
And right off the bat, he's already setting his conditions for failure, saying he's not going to even try to pronounce Atlassian.
And then on top of that, you're right though, that this is a business that was picked, not for its business quality, but because it seemed kind of like a crappy business, to be honest. So right now, Speedwell Research is working on this thematic report, and we're looking at all these different software companies. And the report's basically trying to figure out what software companies are at risk of AI, and what is the ramifications of AI overall for software. And I kind of specifically, in order to kind of fill out the research more, wanted to find a software company that I thought was lower quality. And I'm sorry to say Atlassian was the one that I picked. And I think even through my research, I kind of confirmed that that was the case. And so that was the real reason why I was picked. It's not that there was a choir of people sort of screaming for me to cover Atlassian. There was many, many, many, many other businesses that would have been picked ahead of that if I let the YouTube audience pick.