Group 1 - Digital Turbine (APPS) reported solid results in the third quarter, leading to a surge in its share price [1] - Despite the positive results, parts of Digital Turbine's business are still struggling, indicating mixed performance [1] - Growth for Digital Turbine is predominantly coming from specific segments of the company [1] Group 2 - 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 believes excess risk-adjusted returns can be achieved by targeting businesses with secular growth opportunities in markets with barriers to entry [1] - Narweena's investment strategy is driven by the belief that an aging population and low growth will create new investment opportunities, contrasting with past trends [1] Group 3 - Many industries are expected to face stagnation or secular decline, which may paradoxically improve business performance due to reduced competition [1] - Conversely, some businesses may experience 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]

C3.ai's ( AI ) temporarily bounced this week after rumors of a merger with Automation Anywhere emerged. It would not be surprising if C3.ai was considering it, given its ongoing struggles and recent management turnover. It is unclearRichard 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 s ...

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, 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 experiencing significant pressure in 2025 despite a modest valuation and expected growth rebound in upcoming quarters [1] - The company is seeing accelerating growth in net new ARR and RPO, along with improving margins [1] - Narweena, an asset manager, focuses on identifying market dislocations and believes in achieving excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [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 smaller cap stocks and markets where competitive advantages are not immediately apparent [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, potentially improving business performance due to reduced competition [1] Group 3 - The economic landscape is shifting towards 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 compressed risk premia over time [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 - 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]

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]

Group 1: Company Performance - Simulations Plus (SLP) reported fourth-quarter results that were soft but aligned with expectations, leading to an initial positive share price response that quickly lost momentum [1] - The revenue guidance from Simulations Plus suggests growth, which may have influenced the stock's performance [1] Group 2: Investment Strategy - Narweena, an asset manager, focuses on identifying market dislocations due to poor understanding 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] - Narweena's investment thesis is based on the belief that an aging population with low growth and stagnating productivity will create new investment opportunities, while many industries may face stagnation or secular decline, potentially improving business performance due to reduced competition [1] - The firm notes that economies are increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments, which results in a large pool of capital chasing limited investment opportunities, driving up asset prices and compressing risk premia over time [1] Group 3: 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, where he was on the Dean's Honors List [1] - Durant has successfully passed the CFA exams, indicating a strong foundation in finance and investment analysis [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 Overview - Personalis (PSNL) is a liquid biopsy company focusing on minimal residual disease (MRD) and drug research markets, utilizing a whole genome sequencing approach to differentiate itself in a competitive landscape [1] Investment Strategy - Narweena, led by Richard Durant, seeks to identify market dislocations due to misinterpretations of long-term business prospects, aiming for excess risk-adjusted returns through investments in companies with secular growth opportunities and barriers to entry [1] - The investment strategy emphasizes company and industry fundamentals to uncover unique insights, with a focus on smaller cap stocks and markets lacking obvious competitive advantages [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with past trends [1] - Many industries may experience stagnation or secular decline, potentially improving business performance as competition diminishes, while others may face rising costs and diseconomies of scale [1] - The economy is increasingly influenced by asset-light businesses, leading to a decline in infrastructure investment needs, resulting in a capital surplus chasing limited investment opportunities, which drives up asset prices and compresses 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, along with having passed the CFA exams [1]