In case you missed it, LinkedIn, Salesforce and Workday lost a combined $18B in market cap in one day.  Why did this happen? All 3 companies are growing revenue with sticky customers in large addressable markets.  The problem is enterprise software companies typically trade at a ~4x multiple on forward revenues, where as SaaS multiples peaked in 2013 at 13x. As revenue growth rates have slowed trading multiples have compressed.