ECPAM Insights

From Pipes to Platform

jared.pohl@ecpam.com (Jared Pohl) — Thu, 04 Jun 2026 06:36:39 GMT

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.

Long Live Software: Part III

damon.callaghan@ecpam.com (Damon Callaghan) — Mon, 16 Mar 2026 05:55:20 GMT

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.

Long Live Software: Part II

damon.callaghan@ecpam.com (Damon Callaghan) — Wed, 18 Feb 2026 01:11:28 GMT

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 (ASX:WTC) is, in our view, among the clear examples of the latter.

The prevailing fear is that AI coding tools could enable a well-funded startup or ambitious competitor to replicate CargoWise's functionality. This fear is understandable. It is also a fundamental misunderstanding of what makes CargoWise’s competitive advantage a tough moat to bridge.

Long Live Software: Part I

damon.callaghan@ecpam.com (Damon Callaghan) — Tue, 17 Feb 2026 01:52:17 GMT

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, and every incumbent is a sitting duck.

What has followed is a broad, indiscriminate sell-off of software companies. The market is in a "sell everything" phase — treating the entire software universe as a single, undifferentiated risk.

While rising uncertainty and an accelerating rate of change have understandably pushed discount rates higher, the breadth of the sell-off fails to distinguish between businesses that happen to sell software, and businesses whose competitive advantages happen to be delivered via software. The difference matters enormously.

Where there is fear, there is opportunity.

Aussie Accounting Shenanigans

damon.callaghan@ecpam.com (Damon Callaghan) — Tue, 22 Oct 2024 04:32:10 GMT

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.

Since that time, the company has lost 98% of its market value, as investors eventually cottoned on to the questionable revenue recognition which exaggerated the apparent momentum. The company in question is Dubber (DUB.AU). This article covers the red flags on display in 2021 - readily accessible to anyone willing to read the financial accounts - serving as a cautionary tale for investors to learn from.

Psych Test Your Investment Manager

damon.callaghan@ecpam.com (Damon Callaghan) — Thu, 18 Jul 2024 02:24:16 GMT

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?

The Importance of Quality

annabelle.miller@ecpam.com (Annabelle Miller) — Tue, 13 Feb 2024 09:14:24 GMT

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 to the ability to discern quality, a trait that ensures a business's resilience and profitability through various market conditions. By examining diverse and successful business strategies, we uncover principles that guide the identification of exceptional companies capable of thriving under any management. Here, we highlight examples to help understand how quality, in its multifaceted dimensions, becomes the bedrock of enduring investment success.

The Niche as a Catalyst for Growth

jason.pohl@ecpam.com (Jason Pohl) — Wed, 31 Jan 2024 06:09:32 GMT

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 for how focused expertise in a specific market segment can pave the way for broader market penetration and diversified growth. Here, we explore the journey of these companies from niche specialists to industry leaders, delving into the strategic importance of niche domination and the investment potential as a catalyst for long-term growth.

2023: A Year in Review

manny.pohl@ecpam.com (Dr Manny Pohl AM) — Thu, 07 Dec 2023 02:50:22 GMT

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. We believe the current environment is well suited to active management, with high quality companies providing investors with an attractive mix of resilience and growth.

A Journey Through America's Healthcare and Socio-Economic Landscape

sam.byrnes@ecpam.com (Sam Byrnes) — Wed, 06 Dec 2023 23:33:00 GMT

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 in as many days, our journey was filled with revelations and realisations gained from the corporate discussions as well as the buzzing streets of Washington.

Insights into CSL: Analysing Industry Challenges