Geospace Technologies (US:GEOS) Seeking Alphaยท2025-07-24 09:26Company Overview - Narweena is an asset manager that focuses on identifying market dislocations caused by a poor understanding of businesses' long-term prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with barriers to entry [1] Investment Strategy - Narweena's research process emphasizes company and industry fundamentals to uncover unique insights [1] - The company has a high risk appetite and a long-term investment horizon, focusing on deeply undervalued stocks, particularly in smaller cap stocks and markets with less obvious competitive advantages [1] Market Insights - 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 experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may face rising costs and diseconomies of scale [1] Economic Trends - There is a growing dominance of asset-light businesses in the economy, 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 compressing risk premia [1] Leadership Background - Richard Durant, the leader of Narweena, holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1] - Durant has passed the CFA exams, indicating a strong foundation in finance and investment analysis [1]