Behind the Balance Sheet #43 The Growth Investor
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Jan 23, 2025 In this discussion, Tom Slater, the calm and collected manager of Baillie Gifford's £10bn Scottish Mortgage investment trust, shares his insights on growth investing. He dives into his strategies for navigating volatile markets, particularly his varying stance on tech stocks like Nvidia and Meta. Tom elaborates on the importance of technical founders in the AI era and recounts a memorable encounter with Elon Musk. He also emphasizes the competitive edge gained from his firm's unique culture and collaboration, contrasting growth investment with traditional approaches.
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Back Enthusiasm, Not Persuasion
- Back enthusiastic investment ideas, even if you have doubts.
- Openly discuss pros and cons without needing to persuade others, fostering trust and flexibility.
Time Horizon Matters
- Long-term investing, not growth vs. value, is key for finding big winners.
- Over a 10-year timeframe, outliers emerge, regardless of growth or value.
Permanent Capital Advantages
- Permanent capital offers subtle but important advantages, particularly regarding flows and company relationships.
- It allows alignment with companies' timeframes, especially crucial for private companies.
