Richard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of a businesses long-term prospects. Narweena believes that excess risk adjusted returns can be achieved by identifying businesses with secular growth opportunities in markets with barriers to entry. Narweena’s research process is focused on company and industry fundamentals with the goal of uncovering unique insights. Narweena has a high risk appetite and a long-term ...

Silex Systems ( SILXY ) is an Australian developer of laser isotope enrichment technology whose initial focus is on the enrichment of uranium for nuclear reactors through its JV (Global Laser Enrichment) with Cameco. Silex also plans on applying itsRichard Durant is the leader of Narweena, an asset manager focused on finding market dislocations that are the result of a poor understanding of a businesses long-term prospects. Narweena believes that excess risk adjusted returns can be achieved by identifying b ...

Core Insights - Ouster's stock has faced pressure despite strong returns in 2026, likely due to valuation concerns and changing investor sentiment towards drone stocks [1] Group 1: Company Overview - Ouster (OUST) has experienced significant stock performance fluctuations, with recent pressures attributed to valuation issues [1] Group 2: Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects [1] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with high barriers to entry [1] - Narweena's investment approach emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks [1] Group 3: Market Trends - An aging population, low population growth, and stagnating productivity are expected to create new investment opportunities distinct from historical trends [1] - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - The shift towards asset-light businesses and declining infrastructure investment needs are contributing to a competitive landscape where capital is chasing limited opportunities, leading to rising asset prices and compressed risk premia [1] Group 4: Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University, along with having passed the CFA exams [1]

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] Group 1: Company Overview - AST SpaceMobile is facing challenges with launch delays, which have impacted its share price [1] - The company operates in a market characterized by barriers to entry, which may provide long-term growth opportunities despite current setbacks [1] Group 2: Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations resulting from misunderstandings of long-term business prospects [1] - The investment strategy emphasizes high risk appetite and a long-term horizon, targeting deeply undervalued stocks, particularly in smaller cap markets [1] - The firm believes that an aging population and low population growth will create new investment opportunities distinct from historical trends [1] Group 3: Market Dynamics - Many industries are expected to face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - There is a growing trend of economies being dominated by asset-light businesses, leading to a decline in the need for infrastructure investments [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia over time [1]

分组1 - Cognex (CGNX) achieved solid growth and improved margins in the third quarter, driven by one-off revenue, but this strength should not be extrapolated as revenue is growing at a single-digit rate and margins remain depressed [1] - Richard Durant leads Narweena, an asset manager focused on identifying market dislocations due to poor long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [1] - Narweena's investment strategy is based on company and industry fundamentals, targeting deeply undervalued stocks, particularly in smaller cap markets where competitive advantages are not obvious [1] 分组2 - The aging population, low population growth, and stagnating productivity growth are expected to create a different set of investment opportunities compared to the past, with some industries facing stagnation or secular decline, potentially improving business performance due to decreased competition [1] - Conversely, other businesses may experience rising costs and diseconomies of scale, while economies are increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments [1] - A large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressing risk premia over time [1]

Company Performance - Symbotic Inc. reported poor fourth quarter results, with revenue growth continuing to slow and a relatively small revenue beat compared to its historical performance [1] - The weakness in Symbotic's performance was masked by acquisitions, indicating that organic growth is likely under pressure [1] Investment Insights - Narweena, an asset manager, focuses on identifying market dislocations due to misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [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] - The aging population, low population growth, and stagnating productivity growth are expected to create a different set of investment opportunities compared to historical trends, with some industries facing stagnation or secular decline [1] - The dominance of asset-light businesses is increasing, leading to a declining need for infrastructure investments, which is resulting in a large pool of capital chasing limited investment opportunities, driving up asset prices and compressing risk premia over time [1]

Group 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]

Group 1 - AppLovin (APP) is experiencing strong growth and high margins, though the drivers of this growth are unclear, particularly regarding AXON improvements and international expansion [1] - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to 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 a 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 decline in infrastructure investment needs 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 [1]

Company Performance - ClearPoint Neuro (CLPT) reported weak results in the third quarter, contributing to a decline in share price [1] - The reasons for the weak growth in recent quarters remain unclear, but quarterly volatility is expected due to the company's nascent state [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations caused by misunderstandings of long-term business 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] - Narweena's research emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Market Trends - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, differing from past 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, impacting their performance negatively [1] - 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 1: Company Performance - Delcath (DCTH) reported weak results in the third quarter, leading to significant pressure on the stock [1] - The unexpected sequential revenue decline was attributed to pricing headwinds and seasonality, although the market remains skeptical of this explanation [1] Group 2: Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations due to 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 with barriers to entry [1] - Narweena's research emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Group 3: Market Trends - An aging population with low growth and stagnating productivity is 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 improve business performance as competition decreases [1] - 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, driving up asset prices and compressing risk premia [1]