In short: An idea taken off someone else's sheet and explicitly not yet underwritten: "OCTV from [Perness] Research, it's an AI-powered SaaS business, which actually could benefit from AI trading at 11 times EV to EBITDA. Need to do more work on that."
Octave is a subscription-software business that Singh says could be a beneficiary of AI rather than a victim of it, trading at 11 times its operating profit before interest and tax — cheap for software. The idea came from someone else's research note.
He is deliberately not calling it a position: "need to do more work on that." Worth noting as the honest counterexample on a call full of conviction — an idea logged at the screening stage, with the underwriting not yet done.
Full passage: premium transcript (PDF).
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