| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| HSA | 6 | $105.87 | $635 | 0.59% | $78.93 | $162 | +34.1% | — |
In short: The third name in the host's SaaS-rebound basket; Niles answers only at the market level ("I don't want to be involved in anything" before the midterms). No stock view.
19:20Maybe I'm going to buy a little bit of Salesforce, ServiceNow, Thomson Reuters. What do you think of that trade? Buying the, let's call it the SaaS apocalypse bucket, because you think AI is going to slow down a bit because Dario said so. — Well, so I just want to be clear about this. Between now and midterms, I'm very negative on the market overall, which means I don't want to be involved in anything. Now, I have long positions.
In short: Same AI-disruption fallen-angel group — "hit really hard," a good dividend grower, "an area of real interest right now." No position stated.
Thomson Reuters sells legal, tax and news information services (Westlaw, Checkpoint, Reuters). It is in the same "AI will disrupt this" basket, which is why it fell. D'Agnes lists it among the hard-hit dividend growers he finds interesting.
17:32— Mhm. — So we're seeing that too. Certainly within software, within business services, names like Paychecks and Faxet and Thompson Reuters have all been hit really hard. Some pretty good dividend growers in there. So that's an area of real interest right now.
In short: Pro pick. Never owned it at 30× EV/EBITDA; buying now that AI-terminal-risk fear took it to 12–13× and the stock is down 60%. "We're buying Thomson at close to 50 cents on the dollar… outsized returns probably for the next decade."
Thomson Reuters sells legal, tax and news information software to law firms, accountants and companies. Its shares have fallen 60% because investors fear AI assistants will make its expensive research products unnecessary — the market is pricing what he calls "terminal risk," i.e. the business eventually dying.
Aitken never owned it when it was popular and expensive (roughly 30× its cash earnings — the "EV/EBITDA" measure of what you pay for the whole business relative to its operating profit). The fear has pushed that down to 12–13×, so he's buying at what he calculates is "close to 50 cents on the dollar."
That gap is his margin of safety — the cushion between what he paid and what he thinks the business is worth. If he's right, he expects "outsized returns probably for the next decade." If he's wrong and growth slows, the discount means he can still earn a decent return — unlike whoever bought it at 30× and now needs everything to go perfectly just to break even.
51:38that trade. We think it'll be just fine. And if it's not and if it grows slower or there's some threats, well, we're buying it at more than a 50% discount. So that gives us that margin of safety when we do our work. We think that we're buying Thomson at close to 50 cents on the dollar.
In short: Not owned, actively looking. Stable legal/tax/accounting software but priced "bulletproof"; multiple has to reset as AI and lost pricing power bite. Strong FCF/buybacks make sub-10x "way too low" — figuring out the right multiple.
Thomson Reuters sells legal, tax and accounting software and information — long treated by the market as a "bulletproof" business at a high valuation. Teich is looking at it after a big drop but not yet buying. His worry isn't that customers rip it out; it's that the next generation of companies starts with an AI-native tool and never adopts it, and that its ability to raise prices is gone. Still, it generates lots of cash and can buy back more than half its shares over a decade, so he thinks a valuation below 10x earnings would be too cheap — the market is still working out the right number.
26:00So, Thomson Reuters is one that we're looking at. They've had a really stable business in legal
26:08software, legal services, tax and accounting for a long time. I think the challenge we had when we looked at it a couple years ago is it was at a very
In short: "The anti-Adobe — the incumbent where AI is the tailwind, not the threat," yet the market keeps bidding it down. "I'm not active in that name" — leaves single-name software to the specialists.
Thomson Reuters sells professional data and software (legal, tax, news). Larson calls it "the anti-Adobe" — an incumbent for which AI should be a tailwind (it makes their data products more useful) rather than a threat. Yet the market keeps marking it down as if AI will hurt it. He thinks that's wrong, but he's "not active in that name" — as an allocator he leaves individual software stock-picking to specialists, so it's a view he holds without a position.
21:43This earning season was really interesting because some got through it, right? Some got through earnings and gave relief to the market, like okay it's not going to zero and some didn't, right? Like Adobe, Thomson Reuters is one of those names that's gotten caught up and the question is, it's very simple, do you buy the dips in Thomson Reuters — again I'm not active in that name but it's the anti-Adobe, it's the incumbent where AI is the tailwind not the threat, they're — the market is not treating it like that
In short: Named as one of DocuSign's new IAM integration partners (alongside Anthropic's Claude, OpenAI, and Harvey) — part of the platform-versus-point-product positioning behind the IAM push.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.