Tristan Waine, known as @hurdle_rate on Twitter, is an editor and author specializing in microcap investing, particularly in accounting and document management software. In their conversation, he shares insights on the importance of investing within one's circle of competence. Tristan discusses his shift from bookkeeper to full-time investor, and the strategies for creating competitive advantages in the SaaS sector. He also delves into case studies that highlight successful investment approaches and offers valuable advice for newcomers to the Australian microcap market.