Navigating Market Dynamics and Investment Strategies

David Giroux, CIO and Head of Investment Strategy at T. Rowe Price Investment Management, has achieved something rare in investing—beating his Morningstar peer group for 17 consecutive years. In this conversation, Giroux shares his investment philosophy, including how he identifies GARP (growth at a reasonable price) opportunities, adapts to market inefficiencies, and constructs a resilient portfolio. He also discusses his outlook on AI, interest rates, market cycles, and why long-term thinking remains a powerful edge in today's short-term-obsessed market.

We cover:

Why most investors overlook high-quality GARP stocks—and how Giroux takes advantage

How he navigates market cycles with 5-year IRR forecasts

Why long-term thinking gives him a contrarian advantage

The impact of AI on productivity, employment, and portfolio margins

His quantitative and qualitative approach to evaluating companies

What investors get wrong about financials, utilities, and passive investing

The CEOs he admires most—and what makes them exceptional

Why he thinks macro forecasts (including Fed-watching) offer little value