Nobody Owns It. Nobody Likes It

Everybody hates it. We don't care.

We will probably lose 90% of you when we say this article is about Europe. The remaining 10% will presumably disappear when we reveal it is about European tech. European tech? Does that even exist?

Bear with us. Because beneath the jokes sits a setup that is at least becoming interesting: European software has bounced only slightly off the lows and positioning remains near the bottom of its historical range. Valuations are still depressed. And after more than a year of negative revisions, there may, just may, be signs of a pulse. In other words: hated, cheap and perhaps getting slightly less terrible.