Core Insights - Badger Meter (BMI) specializes in flow measurement, water quality, and control technologies, benefiting from advanced technology adoption in recent years [1] Group 1: Company Overview - Badger Meter has a strong business foundation and has seen growth due to the integration of advanced technologies [1] Group 2: Investment Strategy - Narweena, led by Richard Durant, focuses on identifying market dislocations caused by misunderstandings of long-term business prospects, aiming for excess risk-adjusted returns [1] - The investment approach emphasizes company and industry fundamentals to uncover unique insights, with a preference for smaller cap stocks and markets with less obvious competitive advantages [1] - The firm operates with a high risk appetite and a long-term investment horizon, targeting deeply undervalued stocks [1] Group 3: 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 experience stagnation or secular decline, which could paradoxically enhance business performance due to reduced competition [1] - Conversely, some businesses may face rising costs and diseconomies of scale, while asset-light businesses are becoming more dominant, leading to a decline in infrastructure investment needs [1] - A significant amount of capital is pursuing a limited number of investment opportunities, resulting in increased asset prices and compressed risk premia over time [1]