CRM
Salesforce, Inc.
stock NYSE

I bought some but I won’t be getting a significant amount because I have serious concerns about a few issues:
1. A lot of their businesses are legacy softwares, hence the low organic growth
2. If CSU doubles its revenue from here, at an attractive rate of return, CSU is also doubling its holdings of legacy software companies. There is a concentration towards businesses that are not innovative. While they provide steady revenue, they tend to decline slowly over the long term.
3. It is very difficult to react to business extinction events when you have no idea what exactly all of its businesses are doing. I went through many of CSU businesses, a lot of them are wrappers for generic software like ERP, CRM, POS, customised for a certain industry. These businesses have characteristics of a horizontal software business. But I have no idea what’s AI’s impact on them. Unlike other true VMS companies with their own proprietary software and that are competition free, I can’t say with confidence that vertical ERP or CRM cannot be disrupted.
4. There will come a time when alternatives get so good customers will just be losing money by not switching out of CSU’s vertical softwares. There is a limit to the utility of legacy software.
5. CSU has not demonstrated any other growth methods other than small, legacy VMS companies.
6. CSU cannot be viewed in the same lens as other SaaS companies, and cannot be valued in the same way. I think CSU has approached its fair value, and was overvalued at previous prices.
Overall, I find its business model to have low diversification, low transparency, and low future predictability. Not something I m quite comfortable with.

Adobe is a decent buy so is CRM most of the others are dangerous in my eyes

Adobe, CRM, Uber, Duolingo, TTD, Rubrik, Oscar Health all on sale. Hard to go wrong.

MU, SNDK, NU, MELI, BN, CSU, ADBE, PYPL, CRM among others.
I wouldn't touch anything with growth based on openAI. Neither these unprofitable rocket stocks or anything which includes something related to spaceX (GOOGL is ok).

“GenAi has failed to lead to those productivity gains with actual workers”. Where are you coming up with this? AI has 1000% made me and I’m sure millions of other people far more productive.
For example, I use software at work called Jump. It records during client meetings and gives me a full transcript of every word said, provides a bulleted highlights section, and even creates follow ups for me. It is shockingly good. It doesn’t miss a word. The highlights section is better than if I had an associate in the meeting with me. The follow ups even integrate into our CRM automatically. And the notes get saved to the client’s profile.
The amount of work that it saves is insane. It allows me to be fully present and focused on the meeting instead of taking notes. It completely cuts out the time I would have spent going through and polishing up the notes. It cuts out the time of me inputting the follow ups into the CRM. It cuts out the time I would have spent adding the notes to the client’s profile. It saves probably ~1 hour of work for every meeting which is 4-7 per week.
We have a tool that creates presentations from scratch that cuts the time it takes by 70-80%. Then good old ChatGPT doing a ton of work for me all day.
Honestly people who say these things, I wonder if they have a corporate job or even know what working in an office is like in 2026. AI is everywhere and it’s having significant impacts. And we don’t even use agents or anything like that. We’re basically running on 2024 AI and that alone saves me 10+ hours per week.

Realizing it’s still just a portion, they most certainly have saas. Their digital experience is a direct competitor to CRM marketing cloud. Over a billion in revenue and they are really trying to grow it.

Here are the worst performing S&P 500 stocks from January 2026
1 Applovin $APP -30%🔴
2 Intuit $INTU -25%🔴
3 Humana $HUM -24%🔴
4 ServiceNow $NOW -24%🔴
5 Constellation Energy $CEG -21%🔴
6 Trade Desk $TTD -20%🔴
7 Salesforce $CRM -20%🔴

CRM will bounce hard off $200

CSU, TOI, LMN, ADBE, CRM, RBRK, and ZETA are my picks. I own the first four, and I'm heavily considering buying the last 3.

I love these wide moats: ADBE ADSK NOW FTNT CRM INTU TYL

There is loads of competitors to salesforce lol… loads of CRM in the market… having used both salesforce and hubspot i would never touch salesforce again.

Salesforce is widely used by sales teams despite their poor UX, largely because there’s no true competitor. Most other CRM products haven’t replaced it, they simply act as layers on top of Salesforce and rely heavily on its integrations. They are the moat of the sales and success industry

CRM - PATH

I'm holding some Adobe already. I don't class that as SaaS. It's software that runs on your computer. CRM and NOW are SaaS.
I think I might sell some other stocks and buy a little CRM as well.

Is my $NOW stake cooked ?
I personally believe $NOW $CRM $MSFT Ai can’t fuck thier business up

If you have confidence in that belief, then Adobe is pretty much the cream if the crop for investment in SaaS IMO.  CRM a close second but not exactly a screaming value considering it has the same PE as Microsoft.  I'd rather hold MSFT over CRM...

INTU and CRM

CRM doesn't own the data legally. It's true that there is a lot of friction that creates that we_are_locked_in feeling about getting it off aws disks and deal with the migration nightmare onto your new platform but the option is absolutely there.
Also, if you read that story about the amazon exec Dave Clark and why he built an entire end_to_end custom CRM solution for his startup instead of configure something off the shelf like from SalesForce, is mind blowing and a direct blow to the company. This `potentially` means growing and attracting new customers would suck even more. And we are just barely into the AI revolution.
I know both adbe/crm are trying to pivot_or_die. They're trying to become Agent_as_a_Service for the outcome pricing or hire an agent for work. Of course they have to. What I brought up are the 3 main points the market is pricing in for the risks and the disruptions the AI revolution is causing.
With what I have read so far, I kind of get a feel that the era of sky_high_rev_multiples for these SaaS companies are kinda over.

If you firmly believe that AI will not disrupt them in the next 10 years, then some like ADBE are  undervalued and others like CRM are at least very attractive now.  In fact, perhaps AI gives these companies even more intrinsic value, if it allows their customers to generate even bigger profits by using their software.
Trouble is, this is technically a big unknown.  Best signals we have so far are that Salesforce isn't getting good returns on their AI offerings while AI is rapidly evolving the actual software engineering profession.
What I think is foolish are folks that don't consider the intrinsic value of software in these discussions.  Software isn't a physical good.  A dirty-ass ammonia production plant has intrinsic value, we need ammonia to blow stuff up and fertilize corn fields.  It cannot be replicated without that dirty-ass ammonia production plant.  Literally 
What happens if society as a whole re-rates the intrinsic value of software if it is easily replicated?

The following are at buying points now or within a few percentage points: ADBE CRM WDAY NOW