Company Overview - TransMedics' stock price has faced pressure due to concerns about a potentially soft third quarter, primarily linked to transplant volumes and flight numbers [1] - The company is expected to experience a deceleration in growth until it opens up new opportunities [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 Dynamics - An aging population with low growth and stagnating productivity is anticipated 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 [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] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University [1]