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Reporting
The death of magical thinking
Valuations and the cost of capital are adjusting to the real world (Aug-23)
Insights
Investment Process
Quality is in the eye of the beholder
Why Quality is so difficult to pin down (Jul-23)
Insights
Investment Process
Valuation
The (poor) case for indexing small caps
A look at biases embedded in the S&P Index vs Active (SPIVA) survey (Jun-23)
Insights
Investment Process
The Small Cap company lifecycle sweet spot
Where the opportunities lie for investors (May-23)
ESG
Insights
Buying Your Way to Net Zero
ESG Observations and 1H2023 Proxy Voting Report (May-23)
Insights
Investment Process
Average is scarce in the stock selection process
Why finding a unicorn stock is so hard (Apr-23)
Insights
Investment Process
Valuation
Are we there yet?
When will markets bottom and when to re-allocate to small caps? (Mar-23)
Sector
Stocks
Video
Pinnacle Insights Series 2023
Watch David Wanis speak at the Pinnacle Insight Series 2023 (Mar-23)
In the News
Livewire: Macro explanations don’t hold water in small caps (and these stocks prove it)
Insights
Reporting
Reality distortion field set to spin
Alpha should accrue to those who see reality clearly. (Feb-23)
Insights
Reporting
Valuation
Reporting season surprises and analyst views
Reporting seasons bring surprises – but by definition we don’t know where. (Jan-23)
Insights
Investment Process
The Rise Of The Machines And A Triumph Of Process
How humans and machines can work together (Dec-22)
Behavioural
Insights
Portfolio
Small Cap Myth Busting
We challenge commonly-held small cap beliefs (Dec-22)
Insights
Portfolio
Stocks
Positioning for a Small Cap Recovery
For long term investors, timing isn’t everything (Nov-22)
Featured
In the News
Longwave Wins at the Lonsec Awards 2023
ESG
Insights
Carbon: Shareholder Value At Risk
ESG Observations and FY2022 Proxy Voting Report (Oct-22)
Behavioural
Insights
Portfolio
Making Indebtedness Great Again
Baiting the investment edge hook (Oct-22)
In the News
Motley Fool: Portfolio managers name 2 small cap ASX shares to watch
Insights
Portfolio
Reporting
Are Concentrated Small Cap Portfolios Superior?
Our portfolio size and reporting season results (Sep-22)
Sector
Stocks
Video
Pinnacle Investment Summit 2022
Watch a presentation by David Wanis at the Pinnacle Investment Summit 2022 (Sept-22)
In the News
Livewire: How fund managers are tackling the great regime change in markets
Inflation
Insights
Valuation
Déjà Vu All Over Again
Recession fears and bargain prices in quality small caps (Aug-22)
Insights
Sector
Stocks
The Lower Prices Investors Hoped For Have Arrived
Longwave explains how investors should rejoice when stocks go on sale (Jul-22)
Behavioural
Insights
Investment Process
Everything Everywhere All at Once
What Changes in the Investment World? (Jun-22)
Insights
Investment Process
Valuation
Surviving Hope Mountain
Quality in Focus (May-22)
Inflation
Insights
Investment Process
Resources
Generating the Highest Returns with the Greatest Probability
Targeting higher returns (Apr-22)
Sector
Stocks
Video
Pinnacle Insights Series 2022
Watch David Wanis speak at the Pinnacle Insight Series 2022 (Mar-22)
Insights
Reporting
Stocks
A Rod Tidwell Market
“Show me the money!” (Mar-22)
Inflation
Insights
Portfolio
Sector
Is the (Liquidity) Party Over?
Inflation, interest rates and liquidity (Feb-22)
ESG
Insights
Carbon, Slavery and Poker
ESG Observations and 1H2022 Proxy Voting Report (Jan-22)
Behavioural
Insights
Being Early is Not as Important as Being Right
Flywheels or Waterwheels (Jan-22)
Insights
Investment Process
Portfolio
Unlocking the Source of Long-term Equity Returns
Small Cap Growth vs Equity Dilution (Dec-21)
Diversification
Insights
Benefits of Small Caps in an Equity Portfolio
The four primary ways Small caps provide diversification (Nov-21)
In the News
Longwave Capital Partners appoints new Portfolio Manager
Inflation
Insights
Resources
Inflation and Bond Yields Coming Out of Lockdown
Rise of inflation and bond yields (Oct-21)
Insights
Reporting
Stocks
A Reporting Season All About Growth
Quality businesses heading in the right direction (Sep-21)
Accounting
In the News
Stocks
Stockhead: Forget ‘growth’ or ‘value’, ASX fund managers want quality — and here’s how one fundie judges it
Behavioural
In the News
Stocks
Livewire: 9 fundies on the most important thing in their asset class for the year ahead
Accounting
Behavioural
Insights
The Rise of Intangibles (and Fall of Earnings Quality)
Shift from tangible to intangible assets (Aug-21)
Sector
Stocks
Video
Pinnacle Investment Summit 2021
Watch David Wanis speak at the Pinnacle Investment Summit 2021. (Aug-21)
ESG
Insights
Valuation
Investors Can Do Well If Companies Do Better On ESG
ESG matters (Jul-21)
ESG
Insights
Can We do Well by Being Good?
ESG Observations and FY2021 Proxy Voting Report (Jul-21)
Retail
Sector
Video
‘The Digitisation of The Retail Economy’
Watch David Wanis speak with Wattle Partners - Market Thinkers. (Jun-21)
Behavioural
Inflation
Insights
The Liquidity Cycle and the Value of Scarcity
The influence of market liquidity (May-21)
Inflation
Insights
The Return of Michael Porter and Competitive Advantage
Porter's Five Forces (Apr-21)
Behavioural
Insights
If
Investing with reasonable and rational expectations (Mar-21)
Sector
Stocks
Video
Pinnacle 2021 Insights Series Presentation
Watch David Wanis speak at the Pinnacle 2021 Insight Series. (Mar-21)
In the News
Sector
Stocks
Livewire: 7 undervalued stocks (and 1 IPO) for the near term
Read Livewire's latest coverage of Longwave. (Mar-21)
Insights
Retail
Sector
1H21 Results and COVID Re-opening
Outlook for small retailers post-COVID (Feb-21)
Accounting
Behavioural
Insights
Nobody goes there anymore, it’s too crowded
Understanding company fundamentals is key (Jan-21)
ESG
Insights
Heading in the Right Direction
ESG Observations and 1H2021 Proxy Voting Report (Jan-21)
Inflation
Insights
Valuation
Three observations for year end
Expectations and forecast for 2021 (Dec-20)
ESG
Insights
Portfolio
Not a good month for Goldilocks
Governance in life and investing. (Nov-20)
Behavioural
Insights
The persistence of behavioural alpha
Observation in behavioural alpha trends, according to Longwave (Oct-20)
Insights
Investment Process
Mad Men meets Moneyball
Madmen, Moneyball and Longwave's investment approach. (Sep-20)
Investment Process
Video
Pinnacle 2020 Virtual Summit Presentation
Watch David Wanis present at the 2020 Pinnacle Virtual Summit in September. (Sep-20)
Insights
Reporting
A most unusual reporting season
Perspectives on 2020 ASX reporting season from the Longwave team. (Aug-20)
Behavioural
Insights
Valuation
Speculative bubble hiding in plain sight
History shows hundreds of failures never lived up to their early stage market cap. (Jul-20)
ESG
Insights
How Longwave Integrate ESG
ESG Observations and FY2020 Proxy Voting Report (Jul-20)
Insights
Resources
Sector
Don’t spend all your winnings on more tickets
Asset quality and superior economic returns owe more to geology than commercial skill. (Jun-20)
ESG
Insights
Investment Process
Enhancements to our ESG process
An update on our ESG processes and approach.
Insights
Retail
Sector
Gradually, then suddenly: The evolution of retail
A look at the Australian small cap retail sector and the acceleration of omni channel retailing. (Apr-20)
Covid-19
Insights
Unprecedented market events have precedence
Most market events are unprecedented. But we can look to precedence of the unprecedented. (Mar-20)
Covid-19
Insights
How Longwave invests during uncertainty
COVID-19 fear was the major factor during February. We consider how investors might respond. (Feb-20)
Insights
Portfolio
A look back at our first 12 months
Longwave Australian Small Companies Fund - Our first 12 months. (Jan-20)
Insights
Valuation
2019 ASX small cap observations
Our 2019 Australian small cap observations (not forecasts). (Dec-19)
Diversification
Insights
Investment Process
Diversification is about better returns
Why we believe diversification is about better returns not lower risk. (Nov-19)
Behavioural
Insights
Stock selection: Average is scarce
Just how scarce average is in the stock selection process is often lost on investors. (Oct-19)
Insights
Valuation
Rotation to value? Mr Market drops first track
During September we witnessed a sharp swing in returns from value stocks relative to growth stocks. (Sep-19)
Accounting
Insights
When ‘professional scepticism’ is needed
Why we must employ 'professional scepticism' when analysing financial statements. (Aug-19)
Insights
Reporting
Valuation
The link between valuation and momentum
Reporting seasons bring surprises – but by definition we don’t know where. (Jul-19)
Diversification
Insights
Small cap portfolio construction
Small cap portfolio construction requires balance. There are tools and treasures. (Jun-19)
Insights
Valuation
Amazon and Damodaran prove valuation is hard
Previous Amazon valuation attempts shows just how difficult investing can be. (May-19)
ESG
Insights
Renewable energy can’t be ignored
3 mega trends driving economic disruption that rivals the microprocessor or the Internet. (Apr-19)
Diversification
Insights
Benefits of small caps in an equity portfolio
Small caps provide diversification in four primary ways, three good and one bad. (Mar-19)
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