If you’ve ever watched a race, there’s usually someone trailing well behind the pack. The limelight belongs to the winners, of course, but there’s always a mix of second-hand embarrassment and sympathy for the poor sod trying and failing to catch up. Growth investing can feel much the same. Miss the starting gun, and you may have already missed the early and most powerful part of the rally. In this episode, Anna Milne from Wilson Asset Management and Blake Henricks from Firetrail Investments explain how they identify early-stage growth opportunities and more importantly, how they distinguish early-stage businesses with long growth runways from those that are simply cheap. A key insight they agree on is that successful early growth investing starts with a deep understanding of the business itself, built through direct engagement with the company, not just financial metrics. They each share two under-the-radar growth stocks they rate as buys, along with the investment thesis behind them. This is an all-buys episode, so keep your watchlist handy. Please note this episode was filmed Wednesday 28th January, 2026.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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