Capital Ideas Podcast Building resilient portfolios in volatile markets
May 22, 2025
Diana Wagner, an equity portfolio manager at Capital Group, shares her financial journey from Latvia to New York City. She highlights how recent market volatility can reveal investment opportunities and the importance of diversifying portfolios. Wagner discusses identifying durable companies that thrive through economic cycles, and underscores the critical role of leadership in investment success. The conversation also delves into balancing conviction with diversification, and the personal connections that drive passion in investing.
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Durable Growers as Portfolio Pillars
- Durable growers with expanding moats serve both offense and defense in portfolios.
- MasterCard exemplifies this with network effects and consistent 13% revenue growth over 20 years.
Management Transforms Company Success
- Management skill often determines the gap between best and worst companies, more than scale or products.
- Molina Healthcare's turnaround after hiring Joe Zabretsky showcases how great management transforms profitability and growth.
ASML’s CTO Drives Innovation
- ASML's CTO, Martin Vandenbrink, was key to its success by anticipating customer needs, more than the CEO initially.
- Their culture emphasizes language that reflects partnership and stakeholder value, strengthening company mindset.