Mobileye Global Inc.'s ( MBLY ) share price briefly bounced in early January after the company announced a second Surround ADAS customer and the planned acquisition of Mentee Robotics. This proved short-lived, though, with investors seemingly souring on theRichard 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 ident ...

ClearPoint's ( CLPT ) preliminary fourth-quarter results were solid, indicating a broad-based reacceleration in its business. This has been supported by the recent acquisition of IRRAS, which appears set to maintain strong growth in the near term. There is alsoRichard 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 i ...

Core Viewpoint - Gold is transitioning from a hedge asset to a leading investment, with expectations that prices will double in the coming years due to macroeconomic factors and increased demand from central banks and investors [1][2][5] Group 1: Market Dynamics - Gold and silver have outperformed most asset classes, indicating a shift in their roles within investment portfolios [2] - The demand for silver is significantly outpacing supply, driven by industrial uses in solar, electric vehicles, and AI data centers [3] - Central banks are major purchasers of physical gold, using it as a hedge against economic uncertainties, a trend expected to continue [4] Group 2: Investment Sentiment - Investor demand for gold through ETFs is on the rise, contributing to ongoing market dislocations [4] - While volatility is anticipated in the short term, the long-term outlook for gold remains positive as it becomes more integrated into various investment strategies [4] - The call for gold prices to double is based on a broader analysis of currencies, central banks, and overall market confidence [5]

Group 1 - SentinelOne's stock is under significant pressure in 2025 despite a modest valuation and expected growth rebound in upcoming quarters [1] - Net new ARR and RPO growth are accelerating, and SentinelOne's margins are improving [1] - Narweena, an asset manager, focuses on identifying market dislocations due to poor understanding of long-term business prospects, aiming for excess risk-adjusted returns [1] Group 2 - Narweena's research emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] - The firm targets deeply undervalued stocks, particularly in smaller cap markets where competitive advantages are not obvious [1] - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, while some industries may face stagnation or decline [1] Group 3 - The economic landscape is shifting towards asset-light businesses, reducing the need for infrastructure investments over time [1] - A large pool of capital is pursuing a limited set of investment opportunities, leading to rising asset prices and compressed risk premia [1] - Richard Durant, the leader of Narweena, holds degrees in engineering and finance and an MBA, and has passed the CFA exams [1]

Core Insights - Luminar's business is currently facing significant financial strain due to a weak balance sheet and ongoing losses, with the situation deteriorating rapidly [1] Group 1: Company Overview - Luminar is experiencing a combination of financial challenges, including a weak balance sheet and continuous losses, which has led to a swift unraveling of its business [1] Group 2: Investment Strategy - Narweena, an asset manager led by Richard Durant, focuses on identifying market dislocations caused by a poor understanding of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities [1] - The investment approach emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks and markets lacking obvious competitive advantages [1] Group 3: Market Dynamics - 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] - A large pool of capital is pursuing a limited set of investment opportunities, leading to rising asset prices and compressed risk premia over time [1]

Company Overview - Schrodinger, Inc. (SDGR) has experienced significant stock pressure due to weak fourth-quarter guidance, reflecting a challenging demand environment [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, 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 emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon targeting deeply undervalued stocks [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create a different investment opportunity set compared to historical trends, with many industries facing stagnation or secular decline, potentially improving business performance due to reduced competition [1] - Conversely, some 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 large pool of capital is pursuing a limited set of investment opportunities, resulting in rising asset prices and compressed risk premia [1] 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]

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Group 1 - Mobileye's third-quarter results were soft, attributed to a challenging macroeconomic backdrop, despite the core business remaining resilient [1] - The lack of advanced design wins is weighing on Mobileye's performance [1] - Narweena, an asset manager, focuses on identifying market dislocations and believes excess risk-adjusted returns can be achieved through businesses with secular growth opportunities [1] Group 2 - Narweena's research process emphasizes company and industry fundamentals to uncover unique insights [1] - The firm has a high risk appetite and a long-term investment horizon, targeting deeply undervalued stocks, particularly in smaller cap markets [1] - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with past trends [1] Group 3 - Many industries may face stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Other businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments over time [1] Group 4 - 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 - Circle's third-quarter results showed strong performance, with diversification efforts starting to yield positive results [1] - There is a concern that Circle's business could face significant challenges in the event of a recession, potentially leading to a complete business collapse [1] Group 2 - Narweena, led by Richard Durant, focuses on identifying market dislocations due to misunderstandings of long-term business prospects [2] - The firm aims to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with high barriers to entry [2] - Narweena's investment strategy emphasizes company and industry fundamentals, seeking undervalued stocks, particularly in smaller cap markets [2] - The firm anticipates that an aging population and low growth will create new investment opportunities, despite potential stagnation in many industries [2] - There is a trend of increasing dominance of asset-light businesses, leading to a decline in infrastructure investment needs, which is affecting capital allocation and asset prices [2]

Group 1 - Twist Bioscience's revenue growth is moderating due to macro headwinds and temporary factors affecting growth [1] - Narweena, an asset manager, focuses on identifying market dislocations and businesses with long-term growth opportunities [1] - The investment strategy emphasizes smaller cap stocks and markets with less obvious competitive advantages [1] Group 2 - The aging population and low population growth are expected to create new investment opportunities distinct from past trends [1] - Many industries may experience stagnation or secular decline, potentially improving business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a decline in infrastructure investment needs [1]