{"id":5905,"date":"2025-08-31T15:34:41","date_gmt":"2025-08-31T05:34:41","guid":{"rendered":"https:\/\/murrayslatter.me\/?p=5905"},"modified":"2026-08-15T13:02:20","modified_gmt":"2026-08-15T03:02:20","slug":"what-i-am-investing-in-and-why-xero-xro","status":"publish","type":"post","link":"https:\/\/murrayslatter.me\/?p=5905","title":{"rendered":"Why I am no longer investing in Xero (XRO)."},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">I made my first investment in Xero in 2015, but my interest began well before that\u2014back in 2010, when I first came across the company as a challenger to MYOB. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I bought in at ~$14 and with my inital position sizing of about 5% of my fund, DCA to maintain about 5% of my fund over the next 2 years. At the time I was compelleb by the fact that several of my colleagues and my accountant were actively discussing how they had &#8216;switched to XERO&#8217; which, for any business switching from one accounting software to another, is a HUGE decision.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That got my attention!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why I Sold out <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">I sold out in June 2025 as I believe my thesis had been broken. Time to sell. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Having monitored the situation for more than 2 years, I continually tested my thesis and whilst ever the following facts remained true: <\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Embedded into the workflows of tens of thousands of SMEs<\/li>\n\n\n\n<li>A sticky, high-retention SaaS product with pricing power<\/li>\n\n\n\n<li>Operating in a category where the cost of switching is high and the value of data is growing<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, having watched the companues operations closely for over a decade, after the founding CEO retired, the new very competent CEO joined, whom I was excited for the companies prospects, from. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What triggered my curiousity to sell, was the significant uplift in the marketing spend and the return on marketing spend. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ie. the former Customer Aquisition Costs (CAC) metrix shifted materially. Xero&#8217;s CAC was the envy of the SaaS world for some time, however the customer count, despite the new advertising campaign did not barely move.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Was this: <\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Lack of a compelling story to new customers<\/li>\n\n\n\n<li>Simply a sign of a mature market<\/li>\n\n\n\n<li>Reflection of new CEO.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">I analysed the market, and determined that it was simply a sign of a mature market AND that is WHY the company turned to a significant spend and uplift in its open market marketing campaigne. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hence: slowing customer growth, slowing pricing power, new churn from new competitors (Henry), natural customer churn (business turn over), I decided: Im out! (June 2025 @ $175 and then @$165)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Previous Thesis : NOW Broken: <\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">What I Am Investing In and Why: <\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Front-Row Seat to the Shift from Desktop to Cloud<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I made my first investment in Xero in 2015, but my interest began well before that\u2014back in 2010, when I first came across the company as a challenger to MYOB.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the time, MYOB still dominated the Australian and New Zealand accounting software market. But it was clear to me\u2014even then\u2014that desktop-based financial systems were a dead end. Businesses were going digital. Banking, taxation, and payroll were all heading online. What I needed to see was who was building for that inevitability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Xero\u2019s early product was clean, simple, cloud-native\u2014and more importantly, designed with the user in mind. It was accounting software built not just for accountants, but for business owners. It had elegance. It had momentum. But it was early.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So I waited. Watched. Studied.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And by 2015, I had seen enough traction\u2014enough product iteration, customer loyalty, and smart capital allocation\u2014to know that Xero had the potential to become a category leader. I initiated a position.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Textbook Example of Category Disruption<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The thesis was simple:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>MYOB had the market share, but Xero had the product velocity<\/li>\n\n\n\n<li>The cloud-native architecture gave Xero long-term advantages in speed, cost, and innovation<\/li>\n\n\n\n<li>As small and medium-sized businesses grew, they would want real-time visibility, remote access, and seamless integrations<\/li>\n\n\n\n<li>And as compliance and tax reporting became more complex, the demand for automation would grow in lockstep<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">What Xero was building wasn\u2019t just accounting software\u2014it was a small business financial operating system.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And they delivered. The company grew rapidly, especially in Australia, New Zealand, and the UK. Retention stayed strong. Ecosystem partners grew. And Xero earned the right to be on the shortlist of every small business owner going digital.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A New Chapter of Leadership<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In recent years, I\u2019ve been particularly impressed by Xero\u2019s ability to maintain its culture of innovation even as it scales. Under new CEO leadership, we\u2019ve seen the company:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Tighten its capital discipline<\/li>\n\n\n\n<li>Expand international opportunities more methodically<\/li>\n\n\n\n<li>Continue to evolve its ecosystem integrations (with banks, payroll providers, CRM platforms, and government portals)<\/li>\n\n\n\n<li>Invest in AI-enabled features for predictive insights, cash flow visibility, and auto-reconciliation<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This tells me the company is not just maturing, but maturing intelligently. It hasn\u2019t lost its start-up DNA\u2014it\u2019s just learned how to channel it with discipline.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Why I\u2019m Still Long Xero<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Xero remains a core compounder in my portfolio\u2014a Horizon 1 holding with enduring relevance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Embedded into the workflows of tens of thousands of SMEs<\/li>\n\n\n\n<li>A sticky, high-retention SaaS product with pricing power<\/li>\n\n\n\n<li>Operating in a category where the cost of switching is high and the value of data is growing<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">In short: I still believe Xero\u2019s best years are ahead of it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As digital compliance requirements, payroll complexity, and AI tools all become standard expectations for businesses, I expect Xero to remain not only a software provider but an infrastructure layer for the global small business economy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I made my first investment in Xero in 2015, but my interest began well before that\u2014back in 2010, when I first came across the company as a challenger to MYOB. I bought in at ~$14 and with my inital position [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-5905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","clearfix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Why I am no longer investing in Xero (XRO). - Murray Slatter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murrayslatter.me\/?p=5905\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why I am no longer investing in Xero (XRO). - Murray Slatter\" \/>\n<meta property=\"og:description\" content=\"I made my first investment in Xero in 2015, but my interest began well before that\u2014back in 2010, when I first came across the company as a challenger to MYOB. 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I first took a position in 2016 when the price was around $1,000 per coin, which I bought via a digital wallet. I didn\u2019t hold a deep conviction then\u2014but I had a hunch. A hunch based on first-principles research into how Bitcoin works,\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0962.jpeg?fit=686%2C447&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0962.jpeg?fit=686%2C447&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/05\/IMG_0962.jpeg?fit=686%2C447&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5197,"url":"https:\/\/murrayslatter.me\/?p=5197","url_meta":{"origin":5905,"position":1},"title":"What I Am Investing In and Why","author":"Murray Slatter","date":"May 11, 2025","format":false,"excerpt":"A Letter to My Kids and My Tribe If you\u2019re reading this, you\u2019re either part of my family, my wider circle of trusted thinkers, or someone drawn to understanding how to build lasting, generational wealth with purpose. From my other work, you will note that I see investing less about\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2024\/11\/Murray-SlatterJPEG.jpg?fit=200%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5246,"url":"https:\/\/murrayslatter.me\/?p=5246","url_meta":{"origin":5905,"position":2},"title":"What I Am Investing In and Why: MercadoLibre (NASDAQ: MELI)","author":"Murray Slatter","date":"May 19, 2025","format":false,"excerpt":"1. How I Discovered MercadoLibre My entry into MercadoLibre (MELI)\u2014Latin America\u2019s dominant e-commerce and fintech ecosystem\u2014came at a time when the world seemed to be standing still. It was April 8, 2020, during the early days of the COVID-19 pandemic. Market chaos was rampant. Volatility was the norm. 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Back in 2017, I bought Square\u2014now Block (SQ)\u2014on the back\u2026","rel":"","context":"In &quot;Investing&quot;","block_context":{"text":"Investing","link":"https:\/\/murrayslatter.me\/?cat=11"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1804.jpeg?fit=640%2C480&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1804.jpeg?fit=640%2C480&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/murrayslatter.me\/wp-content\/uploads\/2025\/08\/IMG_1804.jpeg?fit=640%2C480&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3945,"url":"https:\/\/murrayslatter.me\/?p=3945","url_meta":{"origin":5905,"position":4},"title":"A Wealthy Life &#8211; Without the bumps","author":"Murray Slatter","date":"September 23, 2024","format":false,"excerpt":"I\u2019m thrilled to welcome you to my corner of the web where I share my experiences, strategies, and insights on investing, business, and personal finance. 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