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‘The problem is the next year’
Growth investors are, by nature, optimistic. They believe we are living through a once-in-a-generation wave of technology-led change and that a small group of companies can make exponential gains by shaping the future. The role of the successful investor is to identify these businesses.
For this Big Read, I sat down with a number of the world’s top growth investors — from the likes of Coatue Management, Baillie Gifford, T Rowe Price and Polar Capital — to understand how they are thinking about the market environment right now. Their investment philosophy has run into the buzzsaw of rising interest rates, inflation, war and a looming recession, all of which has led to an indiscriminate sell-off in tech stocks.
Tiger cub Philippe Laffont, founder of New York-based Coatue, is among the more bearish voices. After the market downturn earlier this year, Coatue liquidated positions in its hedge fund. In May, the fund was sitting on more than 80 per cent cash, according to investors.
“It feels to me like there’s definitely value in the public markets over the next five years,” says Laffont. “The problem is…
