--- title: Our Insights | Damon Callaghan description: Damon is a CFA Charterholder and holds a Bachelors of Commerce degree at UNSW. His career commenced in equity research at various Investment Banks including Nomura and J.P. Morgan, covering Small Caps, Telecommunications and Media. He then worked at Fidelity International until 2017, covering Property, Mining, Energy and Utilities. Damon also has some secret carpentry skills that he puts to work in his down-time! --- - About: - [Philosophy](https://www.ecpam.com/philosophy) - [Performance](https://www.ecpam.com/performance) - [Team](https://www.ecpam.com/team) - [Sustainability](https://www.ecpam.com/sustainability) - [Insights](https://insights.ecpam.com/) - Invest: - Australian Equities - [ECP Growth Companies Fund](https://www.ecpam.com/growth) - [ECP Emerging Growth Limited](https://www.ecpam.com/emerging) - [Contact](https://www.ecpam.com/contact) - [Philosophy](https://www.ecpam.com/philosophy) - [Performance](https://www.ecpam.com/performance) - [Sustainability](https://www.ecpam.com/sustainability) - [Team](https://www.ecpam.com/team) - [Insights](https://insights.ecpam.com/) - Invest: - [Unlisted](https://www.ecpam.com/growth) - [Listed](https://www.ecpam.com/emerging) - [Contact](https://www.ecpam.com/contact) ## ECP Insights A selection of articles written by our team to give insight into how we think about the world [subscribe](https://share.hsforms.com/1VGopDBb-SBq8Eapqpff46Qbludr) ![image description](https://insights.ecpam.com/hubfs/img5.png) ## Articles - [LATEST](https://insights.ecpam.com) - [Portfolio](https://insights.ecpam.com/tag/portfolio) - [Philosophy](https://insights.ecpam.com/tag/philosophy) - [Process](https://insights.ecpam.com/tag/process) - [Sustainability](https://insights.ecpam.com/tag/sustainability) - [Blog](https://insights.ecpam.com/tag/blog) [![Long Live Software: Part III](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-24.svg)](https://insights.ecpam.com/long-live-software-part-iii) ## [Long Live Software: Part III](https://insights.ecpam.com/long-live-software-part-iii) Mar 16, 2026 6 minute read 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... Read full [article](https://insights.ecpam.com/long-live-software-part-iii) [![Long Live Software: Part II](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnVibrantBlue-16-2.svg)](https://insights.ecpam.com/long-live-software-part-ii) ## [Long Live Software: Part II](https://insights.ecpam.com/long-live-software-part-ii) Feb 18, 2026 5 minute read 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... Read full [article](https://insights.ecpam.com/long-live-software-part-ii) [![Long Live Software: Part I](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-19-2.svg)](https://insights.ecpam.com/long-live-software-part-i) ## [Long Live Software: Part I](https://insights.ecpam.com/long-live-software-part-i) Feb 17, 2026 4 minute read 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,... Read full [article](https://insights.ecpam.com/long-live-software-part-i) [![Aussie Accounting Shenanigans](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnVibrantBlue-16.svg)](https://insights.ecpam.com/aussie-accounting-shenanigans) ## [Aussie Accounting Shenanigans](https://insights.ecpam.com/aussie-accounting-shenanigans) Oct 22, 2024 5 minute read 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... Read full [article](https://insights.ecpam.com/aussie-accounting-shenanigans) [![Psych Test Your Investment Manager](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-12.svg)](https://insights.ecpam.com/psych-test-your-investment-manager) ## [Psych Test Your Investment Manager](https://insights.ecpam.com/psych-test-your-investment-manager) Jul 18, 2024 9 minute read 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... Read full [article](https://insights.ecpam.com/psych-test-your-investment-manager) [![Real returns from Artificial Intelligence](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnVibrantBlue-27.svg)](https://insights.ecpam.com/artificial-intelligence) ## [Real returns from Artificial Intelligence](https://insights.ecpam.com/artificial-intelligence) Nov 23, 2023 3 minute read With artificial intelligence (AI) set to be a revolutionary technology over the coming decade, commentators are expecting widespread disruption. We think the future is, however, more nuanced. While... Read full [article](https://insights.ecpam.com/artificial-intelligence) [![Block Out The Noise](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-22-1.svg)](https://insights.ecpam.com/block-out-the-noise) ## [Block Out The Noise](https://insights.ecpam.com/block-out-the-noise) Apr 03, 2023 4 minute read Block Inc was recently the subject of a short report from Hindenburg Research, which - amongst several other claims - allege that Block is lax in its procedures regarding user identification and... Read full [article](https://insights.ecpam.com/block-out-the-noise) [![Block - Part 3: The Convergence of Money and Commerce](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnVibrantBlue-30.svg)](https://insights.ecpam.com/block-a-fascinating-case-study-part-three) ## [Block - Part 3: The Convergence of Money and Commerce](https://insights.ecpam.com/block-a-fascinating-case-study-part-three) Mar 09, 2023 7 minute read Having looked backward to understand how Block grew Square into a US$150bn payments business (part one) and applied these learnings to scale Cash App into an 80 million US consumer fintech (part two... Read full [article](https://insights.ecpam.com/block-a-fascinating-case-study-part-three) [![Block - Part 2: Cash App's Lifecycle of Sustainable Competitive Advantage](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-14-2.svg)](https://insights.ecpam.com/2022/10/06/block-a-fascinating-case-study-part-two) ## [Block - Part 2: Cash App's Lifecycle of Sustainable Competitive Advantage](https://insights.ecpam.com/2022/10/06/block-a-fascinating-case-study-part-two) Oct 07, 2022 7 minute read Scaling Square from inception to a US$150bn payments business with multiple layers of protection wrapped around its profitability was only part one of Block’s success story. Below we explore how... Read full [article](https://insights.ecpam.com/2022/10/06/block-a-fascinating-case-study-part-two) [![Block - Part 1: Square's Lifecycle of Sustainable Competitive Advantage](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-26-1.svg)](https://insights.ecpam.com/2022/05/11/lifecycle-of-sustainable-competitive-advantages) ## [Block - Part 1: Square's Lifecycle of Sustainable Competitive Advantage](https://insights.ecpam.com/2022/05/11/lifecycle-of-sustainable-competitive-advantages) May 12, 2022 9 minute read At ECP, we spend a lot of time researching exceptional businesses, looking for rare combinations of competitive advantages that create conditions where strong profitability can be protected and... Read full [article](https://insights.ecpam.com/2022/05/11/lifecycle-of-sustainable-competitive-advantages) [See more articles+](https://insights.ecpam.com/author/damon-callaghan/page/2) ## Featured Articles [![ECPAM Insights Listing Page](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnVibrantBlue-16-2.svg)](https://insights.ecpam.com/long-live-software-part-ii) ## [Long Live Software: Part II](https://insights.ecpam.com/long-live-software-part-ii) Read full [article](https://insights.ecpam.com/long-live-software-part-ii) Feb 18, 2026 5 min read [![ECPAM Insights Listing Page](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-19-2.svg)](https://insights.ecpam.com/long-live-software-part-i) ## [Long Live Software: Part I](https://insights.ecpam.com/long-live-software-part-i) Read full [article](https://insights.ecpam.com/long-live-software-part-i) Feb 17, 2026 4 min read [![ECPAM Insights Listing Page](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnLightGrey-12.svg)](https://insights.ecpam.com/psych-test-your-investment-manager) ## [Psych Test Your Investment Manager](https://insights.ecpam.com/psych-test-your-investment-manager) Read full [article](https://insights.ecpam.com/psych-test-your-investment-manager) Jul 18, 2024 9 min read [![ECPAM Insights Listing Page](https://insights.ecpam.com/hubfs/ECP_Illustrations-OnVibrantBlue-27.svg)](https://insights.ecpam.com/artificial-intelligence) ## [Real returns from Artificial Intelligence](https://insights.ecpam.com/artificial-intelligence) Read full [article](https://insights.ecpam.com/artificial-intelligence) Nov 23, 2023 3 min read ##### Find out more - [Philosophy](https://www.ecpam.com/philosophy) - [Performance](https://www.ecpam.com/performance) - [Sustainability](https://www.ecpam.com/sustainability) - [Team](https://www.ecpam.com/team) - [Insights](https://insights.ecpam.com/) - [Invest: Listed | Unlisted](https://www.ecpam.com/emerging) - [Contact](https://www.ecpam.com/contact) - [Disclaimer](https://www.ecpam.com/disclaimer) - [Privacy](https://www.ecpam.com/privacy) ##### ECP Office Level 4, The Pavilion 388 George Street Sydney NSW 2000 T [+61 2 8651 6800](tel:+61%202%208651%206800) ##### Please note The information provided for you by ECP ASSET MANAGEMENT PTY LTD, ACN 158 827 582 (Corporate Authorised Representative 441986 of AFSL 421704). 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