AST SpaceMobile: Delays Present A Buying Opportunity

Core Insights - AST SpaceMobile's share price has experienced significant fluctuations due to launch delays and SpaceX's spectrum acquisition, but no developments have altered the outlook on the company's prospects [1] Company Analysis - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations stemming from a poor understanding of long-term business prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets characterized by barriers to entry [1] - Narweena's investment strategy emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks and markets lacking obvious competitive advantages [1] Market Trends - An aging population with low growth and stagnating productivity is expected to create a different set of investment opportunities compared to historical trends [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, while economies increasingly favor asset-light business models, leading to a decline in infrastructure investment needs [1] - A large pool of capital is pursuing a limited number of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University, where he was on the Dean's Honors List [1] - He has successfully passed the CFA exams, indicating a strong foundation in financial analysis [1]