For the better part of a decade, Megaport has been building the plumbing that allowed a bank in London to connect to a server in Tokyo via a private, software-defined circuit in under a minute. Under...

In Parts One and Two, we argued that the market's indiscriminate repricing of software companies was wrong — that structural moats built on regulatory depth, proprietary data, and workflow...

In Part One, we argued that the market's indiscriminate repricing of software companies fails to distinguish between increasingly commoditised and competitively durable companies. WiseTech Global...

As AI tools like Claude Code and Openclaw made headlines in early 2026, a cascading fear gripped software investors globally. The fear was simple: if AI can write code, then software moats are dead,...

The year was 2021. Investors were swept up in the euphoria of roaring stock prices and tech-fueled optimism. Behind the scenes, one ASX tech company was generously massaging its revenue numbers to...

In financial markets, a peculiar paradox exists - inefficiency abounds, yet most active managers fail to outperform long-term. What behavioural short-comings of investors cause this? And what should...

Investing over the long-term requires a nuanced understanding of what distinguishes a merely good business from a truly great one. The essence of making astute investment decisions often boils down...

In the dynamic and highly competitive world of business, mastering a niche can be a powerful pathway to greater success and growth. Companies like Audinate and PWR Advanced Cooling, offer a blueprint...

2023 provided investors with no shortage of events and developments to grapple with, whether it be ongoing geopolitical turbulence or incredible advancements in the field of artificial intelligence....

Our recent excursion across the United States offered us a unique perspective on the intricate dynamics of the healthcare industry and the socio-economic fabric of the country. Spanning five cities...