---
title: "Deep value investor Lee Roach: Just like trading a \"phone book,\" you can still make a fortune from software stocks"
description: "Deep value investor Lee Roach pointed out that the market is overly pessimistic about certain software companies, believing they will \"die immediately,\" while in reality, they are just \"slowly declini"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/276888053.md"
published_at: "2026-02-25T12:41:55.000Z"
---

# Deep value investor Lee Roach: Just like trading a "phone book," you can still make a fortune from software stocks

> Deep value investor Lee Roach pointed out that the market is overly pessimistic about certain software companies, believing they will "die immediately," while in reality, they are just "slowly declining." He believes that although artificial intelligence has weakened these companies' competitive advantages, it does not mean their terminal value is zero. Currently, the price-to-earnings ratios of many software stocks have fallen to their lowest levels since the 2008 financial crisis, presenting significant investment return potential

Deep value investor Lee Roach pointed out that when the market expects a company to "immediately die," but in reality, it is only "slowly declining," the investment returns can be astonishing. Roach believes that although artificial intelligence (AI) has weakened the "moat" of software companies, it does not mean their terminal value is zero. Many software stocks' price-to-earnings ratios have fallen to levels rarely seen since the 2008 crisis

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