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Bill Nygren on the SaaSpocalypse "Software stocks are trading cheaper than the S&P 500, their lowest ever relative P/E. With AI uncertainty now at least partly reflected via lower prices, we believe the risk/reward has improved significantly. Consider that the software stocks in Oakmark Fund now trade nearly 30% cheaper than average industrial stocks. This reframes the question: "Are software businesses so much worse than industrials that they deserve such a discount?" We believe the answer is an emphatic no, especially considering their much higher expected growth. When stock prices change, the questions investors need to answer also change."