65 insights found
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 the leadership of their current CEO, Michael Reid, the company has taken a series of strategic steps, culminating in the integration of bare-metal provider Latitude.sh which has transformed the company.
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 embeddedness cannot be replicated by AI coding tools alone, regardless of how capable those tools become. The argument was primarily defensive: explaining what software incumbents will not lose. Part Three is about what they stand to gain, and why the timing advantage belongs to them.
Exploring WiseTech Global's enduring competitive edge in the software market, highlighting its regulatory depth, data density, and innovative AI integration driving industry leadership.
Explore why AI-generated code won't eliminate the competitive advantages of top software companies, and how structural strengths remain crucial for long-term success.
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 support a carefully crafted growth narrative - in the hopes of becoming a market darling. It was working. Top line was accelerating, its market cap hit $1.2 billion, institutional banking sales desks were pitching it to investors citing "Major Growth Ahead!", helping it raise over $100 million cash from investors.
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 asset allocators look for in their manager selection process, to increase the odds of backing a manager with a repeatable source of alpha?
Original research, portfolio narratives, and business economics.
