Equity Mates Investing Podcast Buy or Sell with Ally Selby and Vihari Ross
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Oct 20, 2025 Join Ally Selby as she chats with Vihari Ross, Portfolio Manager at Antipodes, a seasoned pro in value investing and global equities. They dive deep into market bubbles and the potential for a crash, unraveling risks tied to concentration and valuations. Vihari shares insights on AI earnings, specifically why he favors AMD over NVIDIA, and highlights companies like Tencent leveraging AI. He also discusses value opportunities in China, his preference for mid/small caps, and even reveals an unconventional pick with strong growth potential!
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Concentration Creates Hidden Bubble Risk
- Market concentration and rising valuations create bubble-like risks even if aggregate PE multiples look lower than 2000.
- Vihari warns that expensive stocks will fall regardless of their quality, so valuation discipline matters.
Quality Doesn’t Immunize Pricey Stocks
- High-quality tech firms can still crash if priced for perfection, just like Cisco in 2000.
- Vihari stresses stock-picking within big tech rather than blanket exposure to avoid overpaying.
Diverging US Cohorts Inflate Hidden Risks
- The US economy shows diverging cohorts: stressed borrowers and wealthy savers, complicating central bank policy.
- Vihari highlights private credit and highly leveraged firms as hidden systemic risks despite strong large-cap balance sheets.