The post is predicated upon assumptions surrounding the risk to recurring revenue cash flows from SaaS customers. I'm not sure why the author thinks these cash

The post is predicated upon assumptions surrounding the risk to recurring revenue cash flows from SaaS customers. I'm not sure why the author thinks these cash flows can be well understood enough to securitize to support lending -- it'd be good to understand what's changed recently (given that the first SaaS companies are more than 20 years old) that lead one to believe debt markets can now suddenly price risk on these revenue streams now. In other words, why should we expect this now, if it hasn't happened already? If we suddenly saw debt markets becoming attracted to startups, I'd put just as much weight upon it as a cultural norm shifting than fundamental analysis showing a change to the risk profile. And you know what that means: if it's a cultural change, not justified by new evidence, it's either a late realization (safe, and regrettable) or irrational (incredibly dangerous.)