A selection of articles written by our team to give insight into how we think about the world
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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...
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...
For years, the investment community has been caught in a seemingly endless debate between two schools of thought: growth versus value. While investors, portfolio managers, and market analysts have...
Culture is how an organisation thinks, acts, and interacts. A good corporate culture drives superior business performance - it motivates and retains the most talented employees who ensure sustained...
Decisions made by central banks around the world have drastically impacted equity markets. Globally, many asset owners would never have predicted the extent of the rise in interest rates, with many...