The speaker believes that large system-of-record businesses accrue value because replacing them can put hundreds of millions or billions of dollars at risk, which makes companies risk-averse.

“It's just those businesses in my mind just accrue value in this moment in time.”

“And part of the reason they accrue value is there's so much money at stake where if a company gets it wrong ripping them out,”

“you're talking about potentially hundreds of millions or billions of dollars.”