2513: 2 P's on a Pod: Small Cap Investing with Paul Hill & Paul Scott

Agentic AI insourcing may be eroding "entrenched" B2B software moats, prompting Paul Scott to dump ActiveOps, Alfa Financial and Eagle Eye.

• ActiveOps AI shock: Paul Scott sold ActiveOps, Alfa Financial and Eagle Eye after ActiveOps lost ~9-10% of ARR to a client (rumoured NatWest) insourcing deeply entrenched workforce-management software, citing agentic AI (Codex, Claude) as the likely enabler.
• Corero Network Security re-rates: Shares rocketed after Q3 orders rose 50%, driven by UK/US hyperscaler DDoS regulation; trades at 3.2x sales, 19x EBITDA with ~90% gross margins.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.