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@onusoz · /2026/02/23 · 11:56 AM View on

your margin is my opportunity

@fchollet· Feb 23, 2026
The part of the SaaS bear thesis I actually agree with is "margins will have to come down, due to increased ease of migration & increased competition." SaaS margins were often way too high and that wasn't sustainable forever. It's a very different take than "SaaS is dead" though