In our latest quarterly podcast, directors Charlie Macquaker and Roy Leckie discuss the remarkable performance of equity markets in 2023. They also reflect on some of the year’s research trips, including Charlie’s recent visit to Japan, and ask if the outperformance of the Magnificent Seven has been justified by fundamentals, and if it can continue.
- Valuations in the AI-related space have a lot of expectation built into them. And whilst AI-related profits should start to come through at certain companies, it might not happen as quickly as some investors expect.
- Japan remains good stock-picking territory, particularly across the semiconductor, automation, IT, and healthcare sectors.
- The change in the cost of money is challenging weaker financial models and its impact is still to fully work its way through the system.
- Long-established companies that spend large parts of their profits on R&D have the potential to shine in 2024.
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The information provided in this podcast and transcript relating to stock examples should not be considered a recommendation to buy or sell any particular security. Any examples discussed are given in the context of the theme being explored.