Ben Rogoff is co-head of Polar Capital's Global Technology team. Having joined the industry just before the technology bubble of the late 1990's and early 2000's, Ben has a wealth of experience navigating different market cycles. We discuss the environment today, the similarities and differences with the TMT bubble and what it takes to be a successful tech investor. We also dive into Ben's investment themes, the benefits of being diversified and the importance of not missing out on big winners.
Show notes:
[1:33] Ben discusses his early career
[4:12] Surviving the bursting of the tech bubble
[5:21] Lessons from the tech bubble
[7:44] Joining Polar Capital
[9:01] Guardrails for tech investing
[12:43] There is often no mean reversion in tech
[14:23] Companies should behave differently at different stages of maturity
[17:11] Reinvestment risk is high in tech
[18:13] The importance of not missing out on the big winners
[20:22] The benefits of being diversified
[21:20] Sell discipline
[23:36] False sell signals in the current environment
[25:00] Investment themes and why tech as an enabler of new industries
[28:25] Is AI a general purpose technology?
[30:45] The semiconductor cycle and geopolitical risk
[33:33] Similarities and differences with the tech bubble
[36:53] Adapting to a different capital market environment
[40:00] The scale advantages of Apple, Microsoft, Alphabet et al
[43:42] Recording how you feel in the moment and getting to where you want to be as quickly as possible
