---
title: "From 'Straw Man' To 'Steel Man', Goldman Lays Out The 7 Software Bear-Case Debates"
description: "Relative to prior Software sector corrections, the 2026 YTD one is squarely anchored to terminal value debates: instead of analyzing a change in near-term demand trendline or the mathematical impact o"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276520404.md"
published_at: "2026-02-21T21:57:18.000Z"
---

# From 'Straw Man' To 'Steel Man', Goldman Lays Out The 7 Software Bear-Case Debates

> Relative to prior Software sector corrections, the 2026 YTD one is squarely anchored to terminal value debates: instead of analyzing a change in near-term demand trendline or the mathematical impact of higher interest rates, the market is questioning software moats and business models.

**Relative to prior Software sector corrections, the 2026 YTD one is squarely anchored to terminal value debates**: instead of analyzing a change in near-term demand trendline or the mathematical impact of higher interest rates, the market is questioning software moats and business models.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.