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Just as the shrewd investors who have been printing cash here for decades are moving out.

Always right on time.

It seems like the investor profiles and expectations are different. Prior decades of VC / high growth and exit investors are now seeing those exits are no longer as common in SaaS. For many reasons, easier to start a company - more competition, more startups.

The area is moving to lower returns, which still can be good for smaller independent teams that can grow or bootstrap. They'll make a similar return to founders, since VC's cash was needed to fund large teams or infrastructure

Seems like this trend is only starting to begin...

https://earnestcapital.com/investment-memo-fund-2/

Yep, that is what everyone thinks at the top. The smart money is in cash and will buy out the "long-term/trend to infinity" crowd at the bottom.

Very interesting article on earnest and very well done. The author seems to argue that there is a bond like investment instrument that SaaS are starting to become. The S curve the author talks about is a continuum in my limited observation. There are companies at EVERY ONE OF THOSE points i.e. in the past as well as in the future there are commodity companies. It is not clear to me why he target SaaS to be that.

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