AI – Thematic Investors

Thematic Investors: Gavin Baker Blending Sci-fi, History and Literature for Tech Investing Success

By Thematic Investors | July 1, 2024

Michael Steinhardt offered invaluable insights into investing, emphasizing the importance of conviction, balance, and the willingness to acknowledge mistakes. This rings especially true in the dynamic world of technology investments, where assessing asset pricing and risk in areas like artificial intelligence, application software, GPUs, and data management is crucial for success.

In this latest episode of the Thematic Investors podcast, Kieran Cavanna is joined by Gavin Baker, CIO & Managing Partner, Atreides Management, LP. Gavin shares how his love of history and games of chance ignited his enthusiasm for technology investing.

Additional key points discussed in this podcast with Gavin include:

how he said goodbye (momentarily) to the dream of living in a pickup and rock climbing and doubled down on investing in technology-themed investments.
throughout history, starting from the era of the steam engine, we have observed the emergence of technological bubbles that often herald a new wave of investment opportunities. As we contemplate the rise of AI, the question arises: could we be on the brink of another such transformative bubble?
how can VC’s or private equity firms take advantage of data center investments for the future.
the challenges that numerous multi-billion dollar startups encounter in this industry and the significant risks associated with investing in them, particularly with the formidable presence of industry giants such as Google, Meta, and Microsoft and the rest of the Magnificent Seven..
how his time at Fidelity prepared him with an ‘investing lens’ to see the truly different CEOs of our time. He explains how it’s almost like watching Jordan play basketball and comparing the way Elon and Jensen run Tesla and Nvidia.
how his parents’ love of literature and history helped him open his imagination to technology investing across both public and private asset classes.
And more.

Resources:

Technological Revolutions and Financial Capital by Carlota Perez
Google: Attention is All You Need

Connect with Kieran Cavanna:

About Gavin Baker:

Gavin Baker is the Managing Partner and Chief Investment Officer of Atreides Management, LP. In addition to overseeing investments and research at Atreides, he is responsible for the firm’s day-to-day portfolio management. Prior to founding Atreides in 2019, Gavin was at Fidelity Investments from 1999 to 2017, most recently as the portfolio manager of the Fidelity OTC Portfolio from 2009 to 2017. He also helped spearhead Fidelity’s venture capital investing from 2013 to 2017. Prior to managing the Fidelity OTC Portfolio, he was a portfolio manager of the Fidelity Select Wireless Portfolio from 2007 to 2011, the Fidelity Select Telecommunications Portfolio from 2007 to 2009, and the Fidelity Select Pharmaceuticals Portfolio from 2002 to 2005. Gavin started his career at Fidelity as an analyst and focused on semiconductors, pharmaceuticals, retail, consumer packaged goods, and telecommunications. Gavin earned an AB in economics and history from Dartmouth College.

Please note, the information covered and posted represents the views and opinions of the guest, and does not necessarily represent the views or opinions of Vidrio Financial and or our host, Kieran Cavanna. The content has been made available for informational and educational purposes only. The content is not intended to be a substitute for professional investing advice. Always seek the advice of your financial advisor or other qualified financial service provider with any questions you may have regarding investment planning.

All opinions expressed by Gavin Baker in this podcast (the “Podcast”) are solely his own opinions and do not necessarily reflect the opinion of Atreides Management, LP (“Atreides”). This Podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Atreides may maintain positions in the securities discussed in this Podcast. This is not an offer to sell, nor a solicitation of an offer to buy, any security in any fund managed by Atreides. The statements and opinions contained herein may change at any time, based on market or other conditions. This Podcast includes forward-looking statements, including projections of future economic conditions, and information that is provided for illustrative purposes. Atreides does not make any representation, warranty, guarantee, or other assurance whatsoever that any of such forward-looking statements will prove to be accurate.

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Thematic Investors: Scott Bessent a Global Macro Veteran on the Path Ahead

By Thematic Investors | May 13, 2024

Legendary basketball coach Pat Riley was once quoted as saying, “Keep the main thing, the main thing”, which is a great tip for anyone wishing to enter the field of macro investing on the global stage. Everyone has similar data but the secret is how you interpret that intelligence in terms of risk, economic indicators, and even a bit of financial market history.

In this latest installment of the Thematic Investors podcast, host Kieran Cavanna welcomes a guest who has successfully blended those aspects into becoming one of the great macro thinkers in the hedge fund world. Scott Bessent, Founder of Key Square Capital, has built his career from early investigative journalism roots to a financial analyst at Brown Brothers Harriman, to a Middle Eastern family office, and on to becoming the CIO of Soros Fund Management. Delve into a captivating discussion with Scott as he offers insights into global financial markets spanning Japan, China, Europe, and the United States, unveiling the future landscape for investors and emerging trends.

Further highlights from Scott include:

how a Yale Career Advisory job posting, (complete with sofa bed) led him to reboot his career focus after being on the fence as a computer scientist or journalist.
his transfer to the London office of Soros Fund Management, and his big bet on the Quantum Fund.
a view of data analytics today and how his investment style is a mix of liberal arts, math, and Excel formulas.
his thoughts around the abuse of the “exorbitant privilege” in the United States, and what that means for national security and the future debt trajectory.
his run-in with Sam Bankman-Fried.
thoughts on artificial intelligence and whether it’s inflationary or deflationary, and how hyperscalers who are investing trillions in new data center projects may be working us towards an electricity shortage.
how the lead-up to the 2024 election is impacting financial markets and what sort of outcomes could occur if a Republican or Democrat becomes president.
And more

Resources:

Connect with Kieran Cavanna:

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Thematic Investors: Alan Bezoza, DigitalBridge on finding the shiny penny in telecom investing

By Thematic Investors | December 18, 2023

In the fast-paced world of institutional investing, the speed of innovation varies across different sectors. However, in the realm of telecommunications, investment strategies are constantly evolving. Whether your focus is on the cutting-edge upstream products like carriers, data centers, and telecom companies, or the dynamic downstream products such as semiconductors and the intricate supply chain that supports them, this industry is always driving forward.

In our latest episode of the Thematic Investors podcast, host, Kieran Cavanna, speaks with Alan Bezoza, Managing Director, Liquid Strategies at DigitalBridge Investment Management. The conversation will touch on the evolution of the telecom sector, cloud wars (both 1.0 and 2.0) and the overall ecosystem, future trends, and a lot more.

Alan covers:

how his early intellectual curiosity led to a career in telecom investing by blending an inner tech nerd with financial analyst expertise.
the demand for power, space, and connectivity in the cloud ecosystem and how the shift to AI is driving change in this area.
how is the industry balancing the power hunger of servers and the data centers that are being built to meet the needs.
The power requirements for AI and the need to move data centers to areas with cheaper power
what plans are in place by the likes of Google, Microsoft, and Amazon to enhance AI in Cloud Wars 2.0.
how the investment narrative in supply and demand change depending on semiconductor analysts vs. data center analysts.
why many analysts viewed cable as a product that couldn’t scale, and yet DSL ended up being the biggest loser in the telecom battle..
why are Comcast and Charter floundering, while T-Mobile and Verizon are adding almost a million subscribers per quarter.
why Denver is such a linchpin for the telecom industry.
Speculation on the future of telecom, chips, artificial intelligence, and longer-term increments.
And more!

Connect with Kieran Cavanna:

Connect with Alan Bezoza:

About Alan Bezoza:

Alan Bezoza is a Managing Director of Liquid Strategies at DigitalBridge Investment Management with a focus on public equity securities within the Technology, Media, and Telecom sectors. Mr. Bezoza has spent over 20 years researching and investing in the TMT sector with a particular focus on the global Communications and Media Ecosystem, which includes media, cable, telecoms, mobile towers, data centers, communications technology, data networking, and their respective supply chains.

Prior to joining DigitalBridge in 2020, Mr. Bezoza was a Partner and Sector Head at Dorsal Capital, a market-neutral hedge fund, where he focused on the Media, Telecom, and Communications Technology sectors. Prior to Dorsal, he spent over seven years at Janus Capital, where he was a Senior Analyst and Co-Sector Lead of the Communications investment team that included the Telecom, Media, and Internet sectors. Mr. Bezoza previously worked in equity research as a Senior Vice President at both Oppenheimer and Friedman Billings Ramsey. He has published numerous industry white papers, appearing in print and financial news outlets (CNBC, Bloomberg, WSJ, etc.), and has keynoted industry conferences. In 2005, he was recognized by The Wall Street Journal as a “Best on the Street” analyst for his stock picks in the Broadcasting and Entertainment sector. Mr. Bezoza started his career at Lazard Asset Management, where he worked on the Emerging Markets and International small-cap portfolios.

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