Autodesk(US:ADSK) Seeking Alpha·2025-11-17 11:22Group 1 - Autodesk's stock has underperformed in recent years primarily due to multiple expansion from 2016 to 2021, although current growth is supported by a shift to direct billings [1] - Narweena, an asset management firm, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with entry barriers [1] - The research process at Narweena emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon targeting deeply undervalued stocks [1] Group 2 - The aging population, low population growth, and stagnating productivity growth are expected to create new investment opportunities distinct from past trends, with some industries facing stagnation or secular decline potentially improving business performance due to reduced competition [1] - Conversely, other businesses may encounter rising costs and diseconomies of scale, while economies increasingly favor asset-light businesses, leading to a declining need for infrastructure investments over time [1] - A significant amount of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1]