Put yourself in this scenario…

You’ve decided to buy a newly listed ASX stock — and it’s a risky one.

Founded by two Sydney neighbours who met taking the rubbish out — one of whom used to run a black-market sushi operation…

You buy this stock a few months after IPO day, which wasn’t huge — only $25 million raised, with current revenues of just $220,000.

Serious analysts are baffled this duo got ANYWHERE NEAR the ASX.

Source: Australian Financial Review

Even among the believers, this small-cap is a curiosity.

One founder was a former chartered accountant, the other used to sell jewellery on eBay from his bedroom.

So, these are not tech bros.

But they’re bringing a completely untested fintech model to market — and planning an epic scale-up.

Outside niche Aussie tech circles, most fund managers have already written them off…

But YOU see something…

A crazy master plan worth
a calculated bet.

There just might be something to this strange little startup — and their audacious plan to disrupt the 70-year-old global credit card industry.

Regulators don’t like them right off the bat.

Consumer advocates are wary.

And institutions remain sceptical.

But you decide to go ahead and pick up their shares for $1.65.

And then THIS happens…

• One of their biggest business partners takes a 30% stake…
• More retail investors take the hint and pile in after you…
• Their customer base quickly hits one million active users…

And within months, you watch as this unlikely company balloons to a $1 billion valuation — UNICORN STATUS.

All the while, its share price keeps defying the short sellers — going up and up and up…

Surely a correction’s coming…

Should you sell? You don’t.

And guess what…

The stock just keeps rising.

You already feel like
THIS is
your once-in-a-lifetime buy.

And then…

The company breaks into the UK and US markets.

It’s an insane global lift-off that only one in 1,000 little Aussie battlers could ever hope to experience.

• Suddenly, Kim Kardashian’s urging her followers to use the product in Black Friday sales…
• F1 driver Daniel Ricciardo signs on as brand ambassador…
• Even one of the world’s most powerful credit card companies, Visa, decides it’s better to offer a strategic partnership than to oppose these guys.

You bought at $1.65.

In a flash, we’re at $40.

Surely, you’d be smart to cash out now.

• After all, regulators keep hounding…
• A famous backer’s hit the papers in a big scandal…
• And the COVID recovery tech boom can’t last forever…

So, you decide that’s it.

You’re not riding your luck any longer.

You sell for a berserk gain of 2,324%.

What a ride though.

Happy days, right?

Well, not exactly.

Because this was one of those ‘weird’ investing scenarios…

And here’s the really weird part:

Today, you’d be looking back on that 2,324% win and slapping your head in frustration.

You bottled it TOO EARLY!

You sold at $40…

But ONE YEAR LATER — that same share is trading at $160.

Shortly after you sell, these jammy buggers are on 60 Minutes with a 20-minute feature.

Twitter founder Jack Dorsey’s Square buys them out completely for $39 billion, the biggest deal of its kind in Australian history.

Your 2,324% gain could have been over 9,500% if you’d only held on just one year longer.

Now, this is what I mean by a weird investing scenario…

Where even a giant win can feel like a loss.

But in what universe is a 2,300% mega-win a failure?

Answer: THE ASX SMALL-CAP UNIVERSE.

It’s a crazy and dangerous universe to operate in as a retail investor, but a very fun one.

Now, as you probably know, we’re talking about the legendary Afterpay [ASX:APT].

This is the ULTIMATE ASX small-cap dream scenario.

Their out-of-nowhere rise — creating 180% annual gains for four years — and ending in Australia’s biggest ever M&A deal.

That’s one hard act to follow — and chances are it will never be repeated.

But in this presentation that
follows, we’re going to
talk
about some other currently
unknown Australian
stocks at the beginning of their journeys…

Including one very special
outfit you need
to put right
at the top of your radar.

You see, the rise of Australia’s ‘Buy Now, Pay Later’ supergiant leaves us some solid clues about who might come next in 2026 and 2027…

You need to look for outfits that:

• Solve problems we didn’t even realise we had…
• Lock in first-mover advantage and rapid market capture…
• Have insane and relentless growth focus…
• Possess an almost supernatural knack for strategic partnerships and global expansion…
• Can run Australia’s regulatory gauntlet with ease and no small amount of cunning…

And ideally, have some kind of intangible X-FACTOR…

In Afterpay’s case, that was an ability to enter the global zeitgeist within just five years.

We’re currently looking at several tiny ASX small-caps that tick some of those boxes.

WOODY

Hello, I’m James Woodburn.

I head up an alternative financial intelligence company called Fat Tail Investment Research.

We’ve gone boldly into the Australian small-cap universe for over 20 years.

And we’re very familiar with the Afterpay scenario I just outlined…

BECAUSE WE LIVED IT.

Afterpay had a market cap of just $120 million when we got our followers into them at just $1.65.

By 2017, they were worth $1 billion.

Today, $20 billion.

It seems nuts to think about it now.

But in 2016 when we first recommended Afterpay as a buy, it was still called Afterpay Touch Group, and we recommended a buy-up-to price of $2.20.

Virtually no one had this stock on their buy list when we took that plunge.

Today, Afterpay is a behemoth.

But it wasn’t easy.

This was a true breakthrough story.

And it raises the question…

Is there a new Afterpay
out there?
And could there
be MORE THAN ONE?

Now, it’s time to bring in our small stock expert, Lachlann Tierney.

Lachy helms our small-cap division here at Fat Tail.

He has some ideas. And he’s come loaded with potential stocks.

Now, Lachy, welcome — it’s great to have you here, mate.

LACHY

Thanks, Woods – glad to be here.

Now, Lachy, you’ve identified a company you reckon could be following Afterpay’s rough playbook.

It’s a group of Aussies planning to revolutionise business operations with AI much in the same way Afterpay disrupted retail credit.

In fact, the timing may even be better.

Within the next year or so, this stock we’re going to talk about could emerge as one of the foremost AI pure plays in Australia.

By that, I mean there are a limited number of players on the ASX with only partial or ancillary exposure to AI.

But these guys are different — they’re ALL IN.

Everyone knows early investors in Afterpay made a lot of money as the company scaled globally on the back of its disruptive platform.

If this young stock we’re about to talk about successfully scales its ‘agentic AI’ technology, it could usher in a similar massive shift in the way businesses work — that’s why I love this story.

Now, Lachy, you’ve been deep in the small-cap scene for years.

It’s very rare you get onto superstar small-caps like Afterpay before anyone knows about them.

But we got our followers in right after the 2016 IPO and rode it, like we said, to a 2,324% win.

Should have held on longer, but them’s the breaks with this kind of investing.

Now, you’re about to focus on
a set of stocks,
and one in
particular, with certain things
in common
with Afterpay’s
origin story — is that right?

LACHY

That’s absolutely right, Woods.

And one thing I would just note, since you mentioned this is an AI stock…

With AI, timeframes are compressed.

We know the major players — your Metas, your Microsofts, your Googles — they’re in an AI arms race.

But the other thing that’s not being talked about here is how quickly change happens, and how quickly that leads to valuation growth.

So, I’m just going to tease a few aspects of this company right now.

This is agentic AI, which means that this is what all the big players are working on right now.

But I think this company’s solution has the potential to be better, because it includes multiple agents working together within an operating system.

They’ve recently rolled out their first major test of this platform, and I think it could do very well in the current market.

Now, like Afterpay, they’re looking to expand into the US — they have a beachhead there.

So, if you’re not paying attention yet, pay attention now — because this is it.

Now, I want to just rattle off some facts and figures about this particular market.

Let’s start with customer relationship management. In other words, how things get sold.

Consider this: Salesforce is capped at US$300-plus billion, with only 20% market share.

But what about the other 80%?

I genuinely think this agentic AI company could reshape how sales take place…

Because we’re talking about AI technology which can handle marketing, HR and sales — and they all work together.

Plus, Salesforce is also in an arms race of its own, with regards to AI.

The companies that are out there building agentic AI could gut their business model if they don’t bring them into the fold.

That’s why, in my opinion, Salesforce recently made an acquisition for another company — a similar type company to the one I’m recommending today — for $2 billion.

It’s likely they could see this threat coming from a mile off, and, ultimately, $2 billion is a small amount of money relative to the risk they face for their business model.

So, I think anyone looking to compete with Salesforce may be forced to look at acquiring this pure play company I’m recommending today — or a company just like it — for a similar, or higher, valuation.

Now, that’s the thesis here, plus there’s some other aspects we can get into as well.

WOODY

That’s a really intriguing setup that you’ve found. And you’re right — it has echoes of very early Afterpay.

Because just as Afterpay’s US expansion became its defining growth catalyst, this new play is about to break into the American market too.

Now, Afterpay reinvented credit cards in Australia and then took it worldwide.

These guys are setting out to do the same with agentic AI.

Now, let’s focus on this theme a little bit — because it’ll be everywhere in a few months…

Agentic AI had, I believe, a 5% adoption rate in 2025.

In 2026, that’s predicted to skyrocket to 40%.

So, this is an emerging ASX
pure play on this
AI explosion
— that hardly anyone has
even heard of yet…

What these guys are setting out to do is break and potentially own a new market 15 times larger than Australia.

Now, Afterpay IPO’d with $25 million in cash in May 2016.

This agentic AI company you’re recommending today has just raised a similar amount — but it does have some important differences.

Can you tell us a bit more about them?

LACHY

Certainly, Woods.

And compared to Afterpay, the market conditions might be even more favourable for this agentic AI company’s upside potential right now…

So, look, as we know, Afterpay worked to circumnavigate people’s aversion to credit.

Now, that works really well in Australia where people are quite attached to their debit cards.

But in the US, they’re very hooked on credit.

So, they had a great testing ground in Australia and then they were able to move that model overseas.

But let me tell you something that’s actually quite surprising…

Only 68% of small and medium enterprises in the US either use AI or intend to use AI…

But in Australia, I believe that number is already at 80%.

So, in terms of AI uptake, Australia is significantly ahead of the US.

And I think that provides an excellent testing ground for this company’s soon-to-be-launched agentic AI system.

But what’s really interesting here is that they have a distribution agreement that allows them to enter the US market.

They’ve already got two important distribution agreements through major software providers and a particular career, HR-style business.

Now, that provides great access to small and medium enterprises.

So, they could build their model very well in this country — and then spread like wildfire in the US.

Remember, when Afterpay started, they had Australia as a petri dish and then they moved into the US.

And I reckon this agentic AI company’s next step is to penetrate that US market.

And you mentioned that Afterpay started with $25 million.

This company is effectively starting with $20 million — a very similar figure.

So, I think there’s some strong parallels there.

And one last thing.
Recently, I was at an

investor conference where
I got to see the CEO speak…

Now, I asked a couple of uncomfortable questions in a public setting. So, he probably didn’t like me very much.

And fair enough — he was trying to raise $20 million.

But this particular individual, he might not be the friendliest guy — but let’s just think of why tech people do well…

He’s very driven. He’s potentially a little bit ruthless.

Look, Steve Jobs was not a nice guy.

Bill Gates, Bezos, the list goes on.

I think he’s cut from a similar cloth.

WOODY

Now, I just wanted to say, Lachy, you’re in no way predicting a performance that matches or beats Afterpay.

$10,000 invested in Afterpay shares at its 2016 IPO would’ve been worth $1.2 million by 2021.

Making those kinds of gains, especially within just four to five years, puts Afterpay squarely in outlier territory — even among the most successful small-cap growth stocks on the ASX, or worldwide.

The point today is not that your ‘After Afterpay’ small-cap play will mimic those gains — although extreme growth could be on the cards if you’re right on these guys.

It’s just that the new opportunity shares much of Afterpay’s early DNA.

This ‘After Afterpay’ play you just put a ‘buy’ recommendation on is part of a much wider strategy for 2026.

Because this isn’t an isolated incident, is it?

Based on what you’re seeing, small-caps are ripping once more.

And you reckon 2026 is going to
be an
opportune time to start
looking for new
visionaries,
like the two Afterpay guys…

So, with that in mind, can you explain this ASX small-cap resurgence phenomenon going into 2026?

LACHY

Look, the small-cap sector often moves up or down as a whole.

But what I’m trying to do is pick the small-caps that outperform most small-cap benchmarks.

What I’m seeing in the market is that the ASX Emerging Companies Index — ticker XEC — that has now pushed above the 2021–22 peak, which is when we last saw small-caps do really well.

Based on my watch list, I’m looking in cool parts of the market, and I’m looking for things that most other people haven’t spotted yet.

And relative to what I’m seeing on my watch list, we’re still a ways off that late 2021, early 2022 peak.

And here’s another thing: on an inflation-adjusted basis, we’re even further off that all-time high.

So, what I’m really saying here is: I think there’s another run-up happening.

And I would just urge readers to consider that every time you think a bull market is going to end, it’s usually got another leg up.

I’ve been through multiple cycles and, especially given some of the monetary stimulus yet to enter the system…

I can say confidently that we’ve got a great chance of this small-cap run continuing into 2026 and potentially well beyond that.

WOODY

Lachy, I know you’ve also got some other special disrupter situations like that in your portfolio.

You’re eyeing a few companies right now in areas of the market that haven’t moved yet, but you’re also breaking everything into five key emerging growth themes for 2026.

So, we’re going to drill down on some other specific opportunities now with that in mind.

Can you give us your small-cap battle plan for the coming months?

LACHY

So, that’s right, Woods.

We do have five portfolio themes:

The first one is AI Collision — these are companies with existing data that should benefit from the AI megatrend, which includes the agentic AI pure play we’ve been talking about today.

The next theme is what I’ve dubbed ‘Lithium’s Final Run’ — I’m very bullish on lithium and the medium to long term, and we’ve got four lithium developers on the buy list right now.

After that, we’ve got Innovation & Technology — we’re talking about companies that already have an edge and have carved out a nice niche in the market.

Next up, we’ve got the ‘65 Money Wave’ — this is all about global liquidity, driving the performance of major financial institutions in a small-cap sense.

And the final theme I really like is Resources & Energy — and it looks like we’re edging into the start of a new supercycle in that area of the market too.

So, we’ve got a good spread — it’s nicely diversified, and we’re already seeing some great winners across the board as well.

There’s lots to get into…

WOODY

That’s fantastic, Lachy — and I know one principle you play this game by is ‘Go big or go home’.

Which is important, because the stocks we’re about to cover today are highly speculative.

We all know these types of stocks. These small-caps are very risky and often very volatile — so they’re only for capital that readers are willing to lose.

And they need to make sure that any recommendations they put into their portfolio are consistent with their own risk profile.

Now, small-caps flared up in the early pandemic, but then fell back down to earth.

And the last real ripper of a bull market, specifically in Australian small-caps, was years ago — in the post-GFC.

That run peaked in early 2011, when small-caps outperformed large-caps by about 35% on a relative basis.

It went on for a good couple years — the pickings were plentiful…

Your assessment today, Lachy, is that we could be about to enter a similar period in 2026.

Now, you just mentioned that your first opportunity is centred around AI Collision.

Tell us a bit more about that…

LACHY

With AI Collision, we’re talking about companies that already have a ‘data’ edge.

I’m talking about companies that can distribute new AI products to an existing market.

This is where my latest ‘After Afterpay’ agentic AI recommendation will be going.

Plus, we’ve also got two AI Collision stocks already in the portfolio.

One works with local governments, the justice system — so, it’s mission-critical tech.

The other stock we have in there is a mining services provider. This one’s really fascinating because they have the sensors to drive mining development stories quicker.

Most importantly, they’ve already got the data.

And that’s where AI really thrives — if you’ve got a large data set, AI can work with that.

So, there are two existing recommendations in there.

And today’s recommendation is a pure play, as I mentioned, because I wanted to add a bit more aggression into this theme.

WOODY

Now, you already have two positions related to this theme.

One is down 37%, but the second is up 132%.

Now, that shows the wild nature of small-cap action — nothing is guaranteed — and what you hope for is that your wins outpace your losses.

That seems to be happening so far in the AI Collision part of your portfolio, but it’s very early days.

And there’s another related segment — one that’s not pure play AI small-caps…

But disrupters in tech and innovation who are also using AI to speed up their growth runways.

It’s also worth pointing out this section of the Aussie small-cap portfolio you manage is going gangbusters right now — it’s up by an average 169% gain.

This is your Innovation & Tech theme. So, Lachy, explain a bit more about this one for us, mate…

LACHY

So, the Innovation & Technology part of our recommendations is particularly focused on ASX companies that have carved out a powerful niche in the market.

We’ve got one company, they do disinfection in hospitals — this for me is a really powerful niche.

Now, we know about the rise of superbugs — they’re not going anywhere.

This company could dominate this niche with a special type of technology that disinfects products in the hospital setting.

We also have another tech company that’s up 433% right now.

It used to be up over 600%!

And that’s because it’s started to make serious inroads into a small, wealthy nation’s telecommunications market.

This is quite fascinating, because the revenue numbers just keep improving and it’s incredibly tightly held.

So, again: two companies, two lucrative niches — both dominant players in their respective markets.

I think these kinds of companies will perform very well, particularly as another rate cut cycle potentially becomes a major part of the market narrative…

WOODY

And that company combating superbugs — that’s a problem not contained just in Australia’s borders, is it?

That’s a global problem — and therefore a GLOBAL market for a niche player.

Now, the third opportunity set for this coming ASX small-cap resurgence might come as a surprise to some investors…

LACHY

Certainly — and I know some people might be shocked by this…

I’m talking about lithium.

It’s been down in the dumps, absolutely beaten up.

The price chart for lithium does not look great — but some lithium companies are starting to move once again.

And I can say right now, one of the stocks I’ve just recommended has moved up dramatically.

Why? Because it’s in the US, and we know the US is hungry for critical minerals.

So, we’ve got four lithium-related recommendations in the portfolio.

Every recommendation in this space is a developer.

These are companies that, I believe, could get access to capital quite quickly — if the US is serious about building out its critical minerals supply chain.

Now, of course, there’s been a pullback — but that could end up being the optimal time to get in here.

Because I think valuations are quite depressed still, but there’s plenty of opportunities out there.

So, bear with me, but I think big things are in store here across the lithium sector.

As I mentioned, we’ve got four recommendations in the portfolio right now…

And I think it would be very, very aggressive to add a fifth one, but it’s certainly not off the cards.

WOODY

And Lachy, lithium is one of those opportunities that the mainstream really is behind the 8-ball on.

Because if you’re right about what you’re calling ‘Lithium’s Final Run’, these stocks could be HUGE standouts in the next few years.

And the same goes with Resources & Energy more broadly, which is another small-cap theme you’re building out for 2026.

Now, you’ve already tapped into this theme with five positions.

Only one is down, and the average percentage gain across all five is 32%.

That’s already a great base, but you reckon 2026 could be a breakout year for certain ASX mining and energy small-cap plays…

So, what’s the plan from here, Lachy — and what stocks are you looking at?

LACHY

Well, for starters, we’ve got a great mix of stocks.

For starters, we’ve got an oil and gas stock.

Now, I know oil and gas might not be too exciting right now — but I’m quietly bullish on this space, Woods.

So, that one is ticking along nicely — it’s got a nice growth avenue in Southeast Asia.

We’ve also got a listed investment company — these guys are stellar stock pickers in the resource space, and their track record is excellent.

We’ve also got — bizarrely enough — a tin miner…

You wouldn’t think tin would be very popular these days, but it’s actually a tech metal — and this company is spitting out good revenue numbers.

Plus, they’ve got multiple investments — so that means they can tap into those investments when they need to build their cash and grow their business.

Finally, I’ve also got a particularly interesting gold company.

It’s got quite a bit of gold on its hands, and it’s run by an absolute son-of-a-gun. I won’t name him specifically, but I’ve had chats with him…

His dad is a legend — and he is very much trying to follow in his footsteps.

Oh, and I almost forgot my absolute favourite play in this space…

It’s a copper-zinc developer and producer.

And people who know the ASX know how hard it is to find good copper exposure…

So, this one’s up 78% so far and it’s tracking really well on the charts…

WOODY

Now, all this is part of a curated portfolio for a dedicated advisory that Lachy runs called Australian Small-Cap Investigator.

And he’s absolutely hitting it out of the park right now…

Every targeted section of the Australian Small-Cap Investigator portfolio is firing like a Formula One engine.

Take the live positions in Resources & Energy small-caps — this section alone is sitting on an average gain of 43%.

That’s a result any mining specialist on Collins Street would envy right now.

But even that 43% would be a lot higher if we hadn’t just banked a huge win on a tiny gold explorer called Spartan Resources [ASX:SPR]…

We recommended Spartan to Australian Small-Cap Investigator members back in May 2024.

Within a month, major producer Ramelius Resources [ASX:RMS] charged in and took a 9% stake. Then, sure enough, Ramelius moved to take full control of Spartan.

If you’d gotten in and out when we advised, you would have had the chance to bank a ripping 164% win.

These are the kind of asymmetric bets Lachy specialises in uncovering for Australian Small-Cap Investigator members.

And I want to highlight that our overall average gain across 21 current live positions sits at 67%.

That figure accounts for a couple of stocks we have in the red as well.

Now, let me just hammer home how exceptional that current average gain is — because I don’t want it lost in the noise:

That 67% gain across 21 open positions is far beyond the average growth investors typically experience.

To put it in perspective, even top Australian managed equity funds often target annualised returns of around 10–15%.

Achieving 67% gains on average across an entire portfolio, including losing positions, is well beyond what many professional fund managers deliver.

Now, that average gain is a dynamic figure — and past performance should not be taken as a guide to the future.

Because things can move around quickly in the small-cap world.

But look, you’re not waiting decades — or even five years — for these results.

Because the current average holding time on Australian Small-Cap Investigator’s open positions is just 493 days.

Now, it goes without saying we carry middling positions too, and we cut losses when necessary.

Across 21 open positions, three are in a loss.

Two are small — under 5% — and one is not so small — over 30% — which we’ll look at cutting soon if it doesn’t improve.

And, to make sure we’re being completely transparent, we’ve been talking about the live buy list here.

So, what about sold positions?

Well, between January and October 2025, Australian Small-Cap Investigator exited six small-cap plays.

Two were unpleasant losses of 44% and 61%, and these are certainly rare and on the extreme end of the failed small-cap trades, which we sometimes stomach.

Thankfully, this doesn’t happen too often — as our risk protocols usually get us out before it gets that bad, but not always.

So, we do our best to manage this risk, but it is the reality of the small-cap game.

The other four positions we closed between January and October 2025 were sold for profits of 6%, 23%, 127% and 164%.

So, that puts those two losses into context — and I hope you appreciate the warts-and-all breakdown of our track record here.

We’ve got nothing to hide.

I just want to make sure that you’re clear that Lachy is doing something rather special with this unique small-cap project.

He’s perhaps one of the
best-kept secrets
in the
Aussie investing scene.

And while there are no guarantees that 2026 is going to be the year Australian small-caps enter another blistering bull market…

Australian Small-Cap Investigator has been around for a while now.

We came on the scene in the mid-2000s boom, when resource small-caps were going bananas.

We rode the post-GFC recovery — and weathered the comedown afterwards.

We took full advantage of smaller blips of small-cap outperformance — like the one that followed the COVID crash in early 2020.

Which goes to show that when you’ve been playing this game for decades, you begin to recognise tells that the scene is coming alive again…

And that’s what we’re seeing now.

So, if Lachy is right — and that’s still a big IF — just imagine what that 67% average gain might look like, even a year from today.

Now, as I mentioned, Lachy has a small batch of urgent buy recommendations — spread across his five opportunity sets — that he wants to share with you immediately.

This includes his big swing for the next two years — a small company gunning for AI domination, like Afterpay did with the ‘Buy Now, Pay Later’ industry.

I’ll show you how you can unlock his full research on those recommendations shortly.

But first, we’ve only covered four of Lachy’s opportunity sets…

There’s a final mega-theme —
and it’s
perhaps the most
intriguing one…

It’s called the ‘65 Money Wave’.

Now, Lachy, there are two holdings in your portfolio attached to this theme.

They’re up 74% and 97% — plus a recently sold position for another gain of 39%.

So, mate, what is the ‘65 Money Wave’?

And why do you believe there could be some HUGE emerging opportunities linked to this theme over the next 12 months?

LACHY

Basically, Woods, there are some really smart guys out there called Cross Border Capital, and they’ve done some excellent analysis on this front.

They’ve basically marked out how the global financial system works — specifically in terms of liquidity.

I’m talking about market activity plus trading activity. Essentially, all of the money that’s pumping through the system.

And the guys at Cross Border Capital have mapped out that a period of 65 months is generally the time it takes to start seeing serious inflection points in global liquidity.

So, this is really fascinating stuff.

And just to show you what I’m talking about here, Woods, I’m going to talk through a couple charts.

So, the first chart I’ve got for you is that global liquidity cycle I just mentioned…

This is an index — so, you see a blue line.

And effectively, you see it go up, down, up, down, in a roughly 65-month cycle.

The thesis here is that this uptick in liquidity will dramatically improve the margins of major institutions.

I’m talking about fund managers, mortgage loans, all these various players in the financial sector. You know, the ‘suits’ of the world…

And when global liquidity pumps, those suits tend to make more money.

So, we’ve already had some excellent recommendations in this particular space.

The one I cut recently for a 39% win, which I only cut from the portfolio because it was moving too slowly.

So, there’s room to add to this theme in 2026.

Now, there’s a second chart I wanted to show you as well.

This chart tells you about what’s happening on the weekly growth in global liquidity…

Again, this is a Cross Border Capital chart — because they do excellent work.

And I want people to pay attention to that orange line that runs through the middle of that larger black line.

What we’re seeing here is that although there was a drop in weekly global liquidity, it’s starting to track back up again.

So, I think this particular theme is alive and well.

And I’m looking to add a well-placed, ASX-listed financial firm to the portfolio at some point soon, depending on what signals I see.

WOODY

So, essentially, this ‘65 Money Wave’ is telling us NOW is the time to act…

And I guess it just goes to your point that it’s very telling that a 39% winner is too slow for you — in the context of this theme.

LACHY

Yep. And for this theme, I’ll tell you the precise company I was looking at — Judo.

Judo is a neo-bank.

And these guys were always pitched as a nimble, fast-acting, mostly digital bank.

But they added 10 new locations this year — and for me, that means increased overheads.

Now, they were doing some very good things. But in my view, they expanded a bit too quickly in terms of physical locations…

So, I could see a bit of an inflection point in perhaps their margins there.

So, that’s why I moved to issue a sell alert on that particular company.

But the good thing is, that leaves additional room for a new position in the coming months.

WOODY

Okay, so let’s get down to it.

If you’re fired up by what Lachy’s been talking about today, then I would like to invite you to join Australia’s best-kept investing secret, Australian Small-Cap Investigator.

Australian Small-Cap Investigator has been dedicated to exploring the belly of the Aussie small-cap beast for more than two decades now.

And today, our ‘spidey senses’ are tingling — because everything points to a stellar period ahead for the sector in 2026 and 2027.

Lachy’s best recommendations
are positioned across
his five
opportunity sets — AI
disrupters, the lithium

recovery, innovation leaders,
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supercycle, and
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All these opportunities create a wealth of angles to attack with gusto.

Now, if you take the special offer to join Lachy today, you’re not betting on just ONE outcome…

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As you’ve seen, our current track record here at Australian Small-Cap Investigator is piping hot.

So, just imagine where it could be in a few years if we really are entering a small-cap bull market, like the one that followed the GFC.

Now, this is unlike any small-cap advisory you might have come across.

Because as I said, Lachy’s very much a small-cap field analyst — and you don’t get many of those anymore.

By that, I mean he’s constantly meeting with board members and brokers — to gain their investment insights through direct, first-hand engagement.

He conducts detailed, bottom-up research by visiting company sites, asking deep operational and strategic questions…

But he doesn’t attend AGMs because, in his words, ‘they’re boring and they actually suck.’

This active engagement provides nuanced understanding of the small-caps we’ve been talking about — the business models, management quality, growth prospects, risks and industry dynamics.

This kind of stuff is often not fully captured in public disclosures.

Lachy utilises every management connection he has…

Every broker relationship he’s built…

Every invite he gets to closed-door presentations…

To identify mispriced opportunities in an inefficient small-cap market.

Now, Lachy, can you just explain why this approach is actually so rare, and so useful?

LACHY

So, when you say I’m a field analyst, it means I’m not just sitting at a desk all day.

I’m also not just wandering around the New South Wales countryside looking at gold projects — though I’ve got some very odd pictures from that particular trip…

What I’m really saying here is: I engage directly with these particular small-cap CEOs and managing directors.

And that means very precise, targeted questions when I’m on the phone or in the same room with them.

You can’t just be sitting at a desk all day — although I do sit at a desk too, I’ll be honest. But the key point is, from my experience, small-caps rely on people.

So, at this end of the market — when you’re dealing with these sub-$2 billion companies — you really need to understand the key people that surround a particular company.

Like, I frequently call CEOs and just pinpoint the precise things they don’t want to answer, and then I squeeze them a bit.

I’m often asking about the cap structure, where the options are at…

I mean, no small-cap CEO with a sea of options on issue wants to voluntarily say there are these options out there.

So, for me, seeing how they respond to that, I feel, is a great way to learn more about the company.

In many ways, you’re assessing how they can act under pressure.

You have to understand the quality of their character, how they respond to difficult questions…

Basically, you want to be able to ask them the tricky questions.

WOODY

Awesome. And I guess you get a very different vibe and take when you’re in front of someone, having a coffee or a drink or whatever you are, and you can look them directly in the eye.

So, at its core, Australian
Small-Cap Investigator
is an
alternative information source
to
conventional small-cap
brokerage firms.

Now, typically, brokers are a primary source of information about special situations like the one Lachy’s been telling you about today.

But those brokerage services come with a big catch.

They’ll take a slice out of every transaction.

But since we’re not brokers, we don’t do that here at Australian Small-Cap Investigator.

To become a member, all we ask is a very modest flat fee.

And if you don’t believe our guidance and stock recommendations can make you money…

You can cancel your membership at any time, and you won’t owe us another cent.

Now, that’s a weird arrangement in the small-cap world.

In fact, I don’t know of any business like ours — with a similar degree of expertise — that would willingly operate on such a results-based arrangement.

In my view, there’s nothing out there even remotely comparable to what we do here at Australian Small-Cap Investigator.

And the best part is, your membership is fully covered by our 90-day money-back guarantee.

That means you’ll be able to immediately test-drive your membership today…

• Discover all the details on Lachy’s ‘After Afterpay’ AI disruption pure play recommendation…
• Familiarise yourself with the most urgent buy alerts across all five of Lachy’s opportunity sets…
• Dig into our members-only website…
• Including Lachy’s latest state-of-play updates, which will give you a fascinating glimpse into an ASX small-cap scene that’s moving from simmer to full boil…
• And, most importantly, stay tuned for each new recommendation that gets added to the current buy list…

Now, Lachy is supremely selective about which stocks he lets into the portfolio, because he has a brilliant record to protect.

After you become a member today, each one of Lachy’s brand-new recommendations will be dispatched directly to your email inbox…

And they’ll also include a riveting deep-dive into the backstory of every company Lachy recommends.

So, get the full Australian Small-Cap Investigator experience for 90 days, and, if you end up deciding this style of investing simply isn’t for you…

You’re still entitled to claim a full and immediate refund.

Simply contact our Melbourne-based customer service team within that first 90 days — and we’ll return every cent of the membership fee you pay today.

No hassles, and no questions asked.

Now, Lachy, that 90-day refund window is super important, because you certainly don’t shy away from or sugarcoat how risky this type of investing is.

Can you briefly outline how you can help members manage that risk?

LACHY

Certainly, Woods.

One of the things I do with the service is sell positions that are underperforming, or take half profits, or even sell entire positions that are in the money.

Small-caps are risky — they’re the speculative end of the market — so I try and manage risk as best I can.

Now, I will note, for example, that the other day I decided to sell two positions.

One was Judo Capital, as I mentioned.

The other one was a laggard in the portfolio.

I won’t go too much in-depth there, but basically what I wanted to do there is take some money off the table ahead of a potential market retracement.

And guess what happened three days after I issued those sell alerts to subscribers. Trump pulled his tariff madman approach, and there was a massive downward move in the markets.

So, what I really like here is that I managed to put a bit of cash into members’ pockets, ahead of a potentially difficult pocket of time in the market.

But with that said, I still think the small-cap market has a long way left to climb — and the Fed in particular has plenty of monetary policy ammo.

Those are some of my approaches to risk management. I think it’s really important.

I also instituted a number of stop losses to protect our best winners. I set stop losses at positions on the chart where I thought it would be a good point to protect our wins.

So, there’s a strong risk management approach within the service, which I believe is important to get across to potential members…

WOODY

Alright. So, if you’re in, just how much does it cost to become a member of Australian Small-Cap Investigator?

Well, the official sticker price is $299 per year.

And frankly, that’s an absolute bargain — less than a buck a day.

But for a limited time, you can
activate
your membership for
three months for just $49.

Now, that is an absurdly low fee for this kind of specialist market intelligence.

So, why so low?

Well, as publisher, this is my way of introducing you to our flagship investment advisory service.

And I’m so confident that you’ll love how Lachy goes about the business of small-cap hunting — and the opportunities he brings you — that you’ll be gagging to stick around for more.

So, today — for just $49 — you’re getting access to three months of Australian Small-Cap Investigator.

And again, if for any reason or no reason at all you believe this advisory is not for you, you can still get your special $49 membership fee fully refunded within your first 90 days.

Now, that’s a remarkable test-drive deal.

This is your chance to see what all the fuss is about for under $50.

All you have to do is click the ‘Join Now’ button below.

JOIN NOW

When you do, you’ll be taken to a secure order form on the next page.

Fill in your details to activate your initial three-month membership.

After the first 90 days, if you’re loving the investment ideas and research you’re getting from Australian Small-Cap Investigator, and you want to keep receiving it, you don’t need to do a thing.

The newsletter will continue to arrive in your inbox each month, and your card will be charged another $49 for the next three months and so on.

Plus, as I mentioned earlier, since the official price for an annual membership is $299, you’ll be saving more than a hundred bucks over the next 12 months with today’s limited-time offer.

As soon as you join, we’ll rush you a short, clear email, directing you to the live buy recommendations we’ve been talking about today.

You’ll be able to read our complete analysis and put your buy orders in straight away if you like.

From there, you’re welcome to dig into our entire current buy list.

You’re free to pick and choose which investment recommendations you want to build stakes in.

Then each month going forward, you’ll receive a new issue of Australian Small-Cap Investigator via private email.

Below you’ll find just a sample of the kind of feedback that we’re constantly getting from Australian Small-Cap Investigator members…

Lachy, mate — this is some incredible feedback.

So, any final words on what we’ve discussed today?

LACHY

One last thing I really want to stress, Woods…

Most retail investors, when they look at a stock, it’s usually a tipoff from a mate who’s just searched something on the internet and gotten excited…

Or better yet, they’ve done a bit of their own research…

But still I don’t think many people are looking deeply enough into this market, the small-cap market, right now.

And to come full circle to Afterpay — today, we know they had some very clever people around them.

You don’t raise $1.4 billion over multiple funding rounds by accident…

The AI company I’ve been talking about today, they’ve just raised $20 million…

And this technology has only been present in this company for about six to eight months.

So, if that’s anything to go by — and especially considering the background of the people involved — I think there’s real potential here to follow a similar trajectory.

And I would really encourage people to check out this service — because I believe this run-up in the market is just going to keep going.

WOODY

Well, folks, there you have it.

If you’re interested in joining Lachy today for a three-month test-drive, you can do so for the cost of a couple movie tickets (without the popcorn)…

Simply click the ‘Join Now’ button below and you can get started right away.

As Jeff Bezos once said, ‘Given a 10% chance of a 100X payoff, you should take that bet every time.’

Well, Lachy’s buy list is already firing in a big way…

He’s just greenlit his ‘swing for the rafters’ AI play…

And there’s an entire range of plays — across all five opportunity sets — ready and waiting for you right now.

Again, $49 for everything you’re getting today is a crazy-good deal.

And if you ultimately decide this style of investing isn’t for you, no dramas…

Just let us know you wish to cancel your membership within your first 90 days, and we’ll give you a full refund of the membership fee you pay today.

That’s right — you’ll get it all back.

Thanks again to Lachy for joining me today — and thank you for participating as well.

So, that’s enough from us. All YOU have to do now is click the button below.

We look forward to seeing you on the inside.

Sincerely,

James ‘Woody’ Woodburn,
Head Publisher, Fat Tail Investment Research

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