The result didn't seem too bad to me, but as you said it was...

The result didn't seem too bad to me, but as you said it was messy and the range of outcomes from here is rather vast. The net cash on the balance sheet and the fact revenue has held up (though through a higher project share) will probably mean they muddle through. I sold out some months ago and have generally moved away from the software/tech investing as I don't think it fits my technique very well. i.e. I like to buy when sentiment is poor and this tends to work well with real world assets like hospitals, shopping centres and asset managers (assuming the FUM have held up). What I have found is that a software provider can look expensive and actually be cheap and vice versa, as network effects and scale matter far more in this industry. This winner takes all approach in tech means valuation is harder to quantify. Xero has always looked expensive to me, for example. As a result GBST is in my too hard basket and I sold out around 6 months ago.

Thanks again for the article.