IT Services

Section 1: Introduction and Industry Definition The Systems Software sub-industry represents the foundational infrastructure layer of the global digital economy. Within the Global Industry Classification Standard (GICS) framework, this sector is distinct from Application Software; whereas application vendors provide tools for end-user productivity (e.g., creating a spreadsheet or managing a sales pipeline), Systems Software companies…

Section 1: Letter to the Financial Investor The Physicality of the Cloud For decades, the definition of “Real Assets” was immutable: toll roads, pipelines, and power grids. These assets were prized for their monopolistic positioning, high barriers to entry, and inflation-linked cash flows. Today, we argue that a new asset class has not only joined…