Ryan Specialty is a US-based insurance broker helping businesses get insured for hard-to-insure risks. From cyber attacks to catastrophic weather events, Ryan can get clients insured without taking on any balance sheet risk. In this episode, analyst Annabel Riggs joins Anthony Doyle and tells us what she thinks really matters for Ryan’s earnings outlook, what the market is missing, and what the bull and bear case is for the company's stock price. Ryan Specialty is a key holding in the Firetrail S3 Global Opportunities Fund. This podcast is prepared by Firetrail Investments Pty Limited (‘Firetrail’) ABN 98 622 377 913 AFSL 516821 as the investment manager of the Firetrail S3 Global Opportunities Fund ARSN 653 717 625 (‘the Fund’). This communication is for general information only. It is not intended as a securities recommendation or statement of opinion intended to influence a person or persons in making a decision in relation to investment. It has been prepared without taking account of any person’s objectives, financial situation or needs. Any persons relying on this information should obtain professional advice before doing so. Past performance is for illustrative purposes only and is not indicative of future performance. Pinnacle Fund Services Limited ABN 29 082 494 362 AFSL 238371 ('PFSL') is the product issuer of the Fund. PFSL is not licensed to provide financial product advice. PFSL is a wholly owned subsidiary of the Pinnacle Investment Management Group Limited (‘Pinnacle’) ABN 22 100 325 184. The Product Disclosure Statement (‘PDS’) and Target Market Determination (‘TMD’) of the Fund are available via the links below. Any potential investor should consider the PDS and TMD before deciding whether to acquire, or continue to hold units in, the Fund. Links to the Product Disclosure Statement: WHT3093AU Links to the Target Market Determination:  WHT3093AU For historic TMDs please contact Pinnacle Client Service Phone 1300 010 311 or Email [email protected]