The Hidden Moat in Institutional Research (feat. Greg Irwin)
A deep dive into how BWG Global turns expert conversations into institutional-grade insight, balancing human judgment with scalable research systems.
In this conversation, Greg Irwin, co-founder of BWG Global, discusses the role of his company in providing fundamental research for institutional investors. He emphasizes the importance of community and networking in the tech industry, the logistics of organizing expert discussions, and the balance between art and science in research methodologies. The conversation also explores the transformative impact of AI on research and enterprise software, the geopolitical implications of technology, and the evolving landscape of investing in AI and technology stocks. Greg shares insights on lock-in strategies in technology and the role of AI coding tools in modern development, concluding with reflections on the future of enterprise software.
Takeaways
BWG Global provides fundamental research for institutional investors.
Community and networking are essential for knowledge sharing.
Organizing conversations requires logistics and finding the right experts.
There is a balance between art and science in research methodologies.
AI is transforming the way research is conducted and insights are gathered.
Geopolitical factors can significantly impact technology and investment decisions.
Investors are cautious about the implications of AI on enterprise software.
Lock-in strategies can benefit companies but also pose risks.
AI coding tools are changing the landscape of software development.
The future of enterprise software will be shaped by AI innovations.
Podcast
Summary
Introduction & Guest Overview
Welcome to the Snowpal Podcast and introduction of Greg Irwin, co‑founder of BWG Global.
Overview of BWG Global as a fundamental research firm serving institutional investors.
Greg Irwin’s Career Journey
Engineering background in electrical engineering and software development.
Transition into finance driven by exposure to Wall Street and investment banking.
Early career at Smith Barney, Solomon Smith Barney, and Citigroup.
Investment Banking & Technology Focus
Experience covering energy, then technology investment banking.
Advisory work with companies like Lucent.
Exposure to large‑scale corporate finance and strategic transactions.
Avaya Years: Product, Strategy, and Operations
Move from banking into corporate roles at Avaya.
Leadership in M&A, corporate strategy, and product management.
Firsthand experience with enterprise products, go‑to‑market, and operational realities.
Startup Experience & Lessons Learned
Founding a SaaS startup (PowerPoint‑as‑a‑service era).
Strong product but weak business economics.
Key lessons from winding down the company.
Founding BWG Global
Combining finance, technology, and research.
Mission: provide deeper insight beyond sell‑side research.
Focus on customers, partners, and real‑world usage signals.
What BWG Global Does
Fundamental research through expert conversations, surveys, and interviews.
Serving institutional investors managing large capital allocations.
Coverage across technology, media, consumer, semiconductors, and global markets.
The Value of Expert Communities
Power of moderated, high‑quality expert discussions.
Importance of intellectual curiosity and peer learning.
Long‑term relationships built through recurring forums.
Micro‑Communities as a Core Strategy
Building small, focused groups around specific domains.
Role of key influencers in sustaining communities.
Self‑reinforcing value once critical mass is reached.
Identifying Topics & Structuring Conversations
Mix of client‑driven needs and proactively scheduled topics.
Long‑term topic roadmaps (e.g., databases, AI, OpenAI).
Flexibility to adapt to breaking trends and emerging shifts.
Research Methodologies at BWG
Group discussions for qualitative insight.
Large‑scale surveys for breadth and pattern recognition.
One‑on‑one interviews for depth and operational truth.
Art vs. Science in Research
Art: conversation flow, curiosity, discovery, and “golden coins.”
Science: structure, repeatability, classification, and delivery.
Balance required to produce actionable insight.
Engineering View of BWG’s Workflow
Problem framing, requirement gathering, and expert matching.
Scheduling, moderation, recording, transcription, and reporting.
Viewing research operations as a scalable system.
Human vs. Automation Today
Core conversations remain human‑led.
Logistics increasingly automated: outreach, scheduling, tagging.
Post‑production, summaries, and distribution handled by bots.
AI’s Expanding Role in Research
Automation of workflows and operational scaling.
AI‑assisted sentiment tracking and time‑series analysis.
Limits of AI without human context and history.
Sentiment, Context, and Data Quality
Importance of group sentiment over individual noise.
Need for longitudinal and controlled datasets.
Human assistance still critical for nuanced interpretation.
Proprietary Data as a Competitive Moat
AI commoditizes generic research.
Proprietary, real‑time, hard‑to‑access data retains value.
Focus on what’s changing, not static information.
Global Perspective & Cultural Nuance
Research across geographies and languages.
Cultural differences in communication and sentiment.
Use of standardized surveys to normalize responses.
AI’s Impact on the Research Industry
“Good enough” research becoming widely accessible.
Faster, cheaper answers changing buyer expectations.
Pressure on research firms to differentiate meaningfully.
Narrative, Sentiment, and Investing
How sentiment shapes technology adoption and stock valuation.
Narrative as a driver of market multiples.
Connection between research insight and investment outcomes.
Closing Reflections
BWG’s role in surfacing real signals beyond public data.
Human insight as a complement—not replacement—for AI.
Staying ahead by focusing on change, sentiment, and proprietary insight.
