Gold has spent years being treated as insurance — useful, but rarely exciting. Danny Moses, best known as one of the traders featured in The Big Short, thinks that framing is already outdated. In an exclusive interview with Benzinga, Moses made a blunt call that cuts against market comfort: "Gold prices will double from here over the next few years."Track gold price via GLD ETF here.For Moses, this isn't a future pivot — it's a trend already in motion. "I think that already happened in 2025," he said, point ...

SentinelOne's ( S ) stock has come under significant pressure in 2025, despite a seemingly modest valuation and a likely growth rebound in coming quarters. Net new ARR and RPO growth are accelerating, and SentinelOne's margins continue to improve. Some of this is likely relatedRichard 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 ...

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]

Schrodinger, Inc.'s ( SDGR ) stock has come under significant pressure in recent weeks, which seems to stem from weak fourth-quarter guidance. This situation is not necessarily surprising given that the demand environment remains challenging, and I do notRichard 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 identif ...

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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]

Core Insights - Narweena is an asset manager that 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 investment strategy emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Investment Strategy - The coverage is tilted towards smaller cap stocks and markets where competitive advantages are not immediately apparent [1] - The firm believes that an aging population, low population growth, and stagnating productivity will create new investment opportunities distinct from historical trends [1] - Many industries may experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] Market Dynamics - Some businesses are expected to face rising costs and diseconomies of scale, while economies are increasingly dominated by asset-light businesses [1] - The declining need for infrastructure investments is leading to a situation where a large pool of capital is pursuing a limited set of investment opportunities [1] - This dynamic is driving up asset prices and compressing risk premia over time [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] - He has passed the CFA exams, indicating a strong foundation in finance and investment analysis [1]

Company Overview - Opendoor's stock has experienced a significant increase in recent months due to a new management team and renewed investor optimism [1] - The new management team aims to address the company's existing issues while navigating the challenges left by previous leadership [1] Management and Investment Strategy - Richard Durant leads Narweena, an asset management firm focused on identifying market dislocations caused by a poor understanding of long-term business prospects [1] - Narweena seeks to achieve excess risk-adjusted returns by targeting businesses with secular growth opportunities in markets with high barriers to entry [1] - The firm's research process emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon [1] Market Dynamics - An aging population with low growth and stagnating productivity is 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] - Conversely, some businesses may encounter rising costs and diseconomies of scale [1] - The economy is increasingly characterized 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]