Hi Andrew,
Access to company management is certainly an area of due diligence a retail investor is unlikely to be able to get the same experience compared to institutional investors, a gap in knowledge that we try to bridge for our subscribers. We are not suggesting that the access provides us or other investors with inside knowledge, however, there is a lot to gain about how certain things are communicated that cant be described necessarily in updates or market releases.
The call with Audinate (AD8) is a clear example of this. The management team came across as confident and there was a notable lack of resentment between CEO Aiden Williams and the departing CFO Rob Goss. Investors will look for red flags, the departure of a CFO is a clear warning sign for many in the market, however each departure comes under their own circumstances. In this case, we see no reason to change our medium term thesis on Audinate.
On a broader note, we look to get in front of companies as often as possible, particularly around reporting season given the invaluable insights provided for a specific stock, sector or market more broadly. The ability to ask specific questions of management teams is hugely important in terms of understanding key catalysts, risks and finding an edge in our portfolios.
