3D Systems: Continued Struggles Are Beginning To Look Structural

Group 1 - 3D Systems reported poor results in the first quarter, primarily due to weak materials sales to dental alignment customers [1] - The company is pessimistic about the impact of tariffs on its business [1] Group 2 - Narweena, an asset manager, focuses on identifying market dislocations resulting from a poor understanding of long-term business prospects [1] - The firm believes excess risk-adjusted returns can be achieved by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's investment strategy emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term horizon [1] Group 3 - The aging population, low population growth, and stagnating productivity growth are expected to create a different set of investment opportunities compared to the past [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] Group 4 - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] Group 5 - Richard Durant, the leader of Narweena, holds undergraduate degrees in engineering and finance and an MBA, and has passed the CFA exams [1]