$66 Billion. 17 Straight Outperforming Years | The Overlooked Strategy David Giroux Used To Do It скачать в хорошем качестве

$66 Billion. 17 Straight Outperforming Years | The Overlooked Strategy David Giroux Used To Do It

David Giroux, CIO and Head of Investment Strategy at T. Rowe Price Investment Management, has achieved something rare in investing—beating his Morningstar peer group for 17 consecutive years. In this conversation, Giroux shares his investment philosophy, including how he identifies GARP (growth at a reasonable price) opportunities, adapts to market inefficiencies, and constructs a resilient portfolio. He also discusses his outlook on AI, interest rates, market cycles, and why long-term thinking remains a powerful edge in today's short-term-obsessed market. We cover: Why most investors overlook high-quality GARP stocks—and how Giroux takes advantage How he navigates market cycles with 5-year IRR forecasts Why long-term thinking gives him a contrarian advantage The impact of AI on productivity, employment, and portfolio margins His quantitative and qualitative approach to evaluating companies What investors get wrong about financials, utilities, and passive investing The CEOs he admires most—and what makes them exceptional Why he thinks macro forecasts (including Fed-watching) offer little value Timestamps: 00:00 Introduction to David Giroux and his track record 02:00 What “growth at a reasonable price” means to him 05:00 Market outlook and 5-year return forecasts 10:00 How short-termism creates opportunity 12:00 Tariffs, macro shocks, and stock picking 16:00 The role of bottom-up IRR modeling 18:00 Does passive investing distort market signals? 22:00 The inefficiencies created by sector-based ETFs 26:00 How his process evolved to capture intangible-rich businesses 29:00 Tech valuations vs. the dot-com bubble 32:00 Where he sees opportunity: software, healthcare, utilities 36:00 Areas he’s avoiding: financials and cyclicals 38:00 The role of management and capital allocation in success 43:00 How he uses quantitative tools for downside risk 46:00 Risk-adjusted return as the true North Star 48:00 How investor behavior has changed over his career 50:00 The long-term economic implications of AI 53:00 U.S. vs. international stocks from a bottom-up view