Merryn Talks Money Why Playing the Long Game Still Matters with Scottish Mortgage's Tom Slater
29 snips
Jul 25, 2025 
Tom Slater, the Scottish Mortgage Manager with over two decades of experience, discusses the importance of long-term investment strategies. He delves into navigating the ever-changing branding amidst market fluctuations, including the impact of COVID-19. Slater highlights the growth potential of luxury brands like Ferrari and Hermes, while also tackling the complexities of investing in China's tech landscape. The conversation shifts to the future job market in an AI-driven world, stressing the need for STEM education and understanding AI's limitations.
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Global Long-Term Growth Focus
- Scottish Mortgage invests in a global portfolio of exciting growth companies, both public and private.
- The trust is patient and focused on long-term ownership regardless of geography or listing status.
Post-COVID Consumer Shift Impact
- During COVID, Scottish Mortgage's companies thrived as consumer habits shifted online.
- Post-COVID, habits reverted faster than expected, challenging these companies to adapt to rising costs and profitability pressures.
Valuation and Resilience Philosophy
- Returns come from a small fraction of companies, highlighting the importance of patience and resilience.
- Valuation is considered over a five-year horizon, focusing on required returns rather than short-term price multiples.
