Short Briefings on Long Term Thinking - Baillie Gifford

Baillie Gifford
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Baillie Gifford’s Short Briefings on Long Term Thinking bring valuable insights into the benefits of taking the long view. You’ll hear frank, thought-provoking opinions from our team in Edinburgh and experts around the world. These podcasts do not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. They are provided for information only and should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Our podcasts have been compiled with considerable care to ensure their accuracy at the date of publication. No representation or warranty, express or implied, is made to their accuracy or completeness. For further details please see our legal information at www.bailliegifford.com

  1. 23 OCT

    Where obsession meets opportunity: Japan’s ‘overlooked’ small caps

    From using AI to create better weather forecasts to helping people with disabilities get their dream job, Japan’s small companies are a disruptive force.

    32 min

  2. 16 SEPT

    Beyond the benchmark: Baillie Gifford CEO on why being different pays off

    “If you’re trying to find the very best growth businesses on the planet – a benchmark isn’t a sensible place to start.” Baillie Gifford’s chief executive Tim Campbell explains the advantages of our style of active investing, the importance of long-termism and how AI fits into our process.   Background: In April, Tim Campbell became Baillie Gifford’s chief executive and one of its managing partners. Earlier in his career, he was an investment manager before switching to Client Services, where he led our Emerging Markets Clients Team. In this podcast, he explores how our investment teams adopted a conviction-led approach that centres on each company's merits, regardless of its weighting in benchmark stock indices. He describes what we mean by long-termism and the importance of having the right incentives in place. And he explains why being “out of step” with some market trends helps us serve both society and our clients’ interests. The second half of the show focuses on changes afoot, ranging from further private company investments – including a recent holding in AI lab Anthropic – to our own adoption of artificial intelligence technologies and an exploration of new ways to access our strategies.   Resources: Baillie Gifford: Actual investors Disruption Week Drayton and Mackenzie One Useful Thing: Ethan Mollick’s blog Our history Private company investments Short Briefings on Long Term Thinking The Friction Project   Companies mentioned include: Anthropic Amazon MercadoLibre NVIDIA Runway AI Timecodes 00:00 Introduction 02:10 From music in the Middle East to investing in Edinburgh 03:15 Making the move to Client Services 05:00 Rewriting the investment playbook 06:30 Client hunger for benchmark agnosticism 07:40 Active versus passive investing 10:20 A mutual understanding with clients 11:55 Drawdowns and hold discipline 14:30 Defining long-termism 17:00 Private company investments 19:30 Investing in Anthropic and Runway AI 24:55 ‘The mission doesn’t change’ 27:35 Book choice

  3. 15 AUG

    Skin in the game: the hidden power of persistence

    Inside ownership can give companies an advantage when it comes to long-term growth. That includes having a leader or family with a substantial stake in the business. And it also covers firms with farsighted backers, such as philanthropic foundations, which encourage management to take the long view. From airline Ryanair to hearing aid specialist Demant, investment manager Jenny Davis explores how having skin in the game drives firms to act with persistence.   Background: Jenny Davis is a Baillie Gifford partner and an investment manager in our International Alpha Team. She specialises in companies based outside the US that offer ‘quality growth’ – combining the potential for outperformance with durability. In this podcast, she explores how persistent, inside ownership works to the advantage of companies she has backed. Examples include firms with founders who have retained a significant stake, those with long-serving hired leaders rewarded with shares and other long-term incentives, companies with family owners where control has passed between generations, and businesses backed by a foundation or holding company with long-term objectives. Companies covered include: Discovery – the health insurer that has gone global, using data to nudge customers into improving their fitness. Ryanair – the European airline that benefited from its chief executive’s obsession with controlling costs. Technoprobe – the family-run ‘probe card’ specialist whose ability to spot faults in computer chips has kept pace with semiconductors’ increasing complexity. Demant – the hearing aid specialist backed by a charitable foundation, which has invested in getting closer to its customers. Scout24 – the German property portal whose independence Baillie Gifford helped preserve, allowing it to pursue a successful long-term growth strategy. Resources:  Baillie Gifford A new age of discovery: the case for international (restricted to certain clients) Pioneers: 8 Principles of Business Longevity from Immigrant Entrepreneurs Short Briefings on Long Term Thinking     Companies mentioned include: Demant Discovery Ltd Ferrari Hermès Investor AB LVMH Novo Nordisk Richemont Ryanair Scout24 Shimano Technoprobe TSMC Timecodes: 00:00 Introduction 01:55  The “scenic route” to asset management 03:00  Focusing on quality growth 04:35  Persistence’s enduring edge 05:45  Different types of inside ownership 06:30 Discovery’s healthy nudges 08:10  Adrian Gore’s visionary leadership 09:45  How Michael O’Leary turbocharged Ryanair 12:45  Ryanair’s scale advantage 14:00  Technoprobe’s family leadership 16:25  Engaging with Richemont’s Johan Rupert 18:30  Demant’s long-term philanthropic backer 20:55  Providing persistence’s benefits to Scout24 22:55  Selling out of Credit Suisse 24:30  Persistence and alignment 26:10  Book choice

    30 min

  4. 16 JUL

    The ‘invisible’ millions: banking’s new frontier

    From microloans for farmers to free savings accounts for the ‘unbanked’ to customised insurance for gig workers to a cheaper, faster way for migrants to send money to loved ones: a growing range of services is helping many of the world’s least advantaged citizens increase their financial resilience. Previously, banks and other traditional lending institutions overlooked these customers. But as impact director Ed Whitten explains, by backing the companies now involved, you have an opportunity to improve people’s lives and achieve strong growth.   Background: Ed Whitten is an impact director in Baillie Gifford’s Positive Change Strategy. Its dual objective is to provide our clients with attractive returns while contributing to a more inclusive, healthy world. Whitten’s role is to ensure that the companies it holds fulfil the second part of that pledge.   In this episode, he explores the topic of financial inclusion, explaining why the companies involved need to do more than simply provide access to loans, insurance and money transfers. Topics include how firms can use data and apps to deliver customised services that address specific people’s needs while protecting them from indebtedness. Whitten also explains how conversations with the companies Positive Change backs can nudge them towards better outcomes, such as providing customers with better financial education. And he explores the importance of helping people gain financial resilience against the effects of climate change and other events that could otherwise devastate their livelihoods.   Companies covered include:   Nubank – the digital-only bank used by most Brazilian adults that’s also growing in Mexico and Colombia.   Grab – the south-east Asian ride-hailing and delivery service that provides loans and insurance to drivers and merchants using its platform.   Remitly – the remittance service offering migrants a quick, low-cost and reliable way to transfer money to family and friends.   HDFC Bank – the Indian lender expanding its rural branch network to explain face-to-face how its services can put customers on a better financial path.   Resources: Case study: Maliga Nubank’s Beyond Access study Positive Conversations 2024 The Song of the Cell Trip Notes: Brazil (UK version / Ex-UK version)   Companies mentioned include: Chime Bank Rakyat Indonesia Grab HDFC Bank MercadoLibre Nubank Remitly   Timecodes: 00:00 Introduction 02:05  From the British Army to impact investing 03:40  A sustainable, inclusive, healthy world 04:25  The different types of financial inclusion 05:40  Eyes open to the risks of indebtedness 06:45  Volatile repayment rates 07:35  Beyond accessibility: the personalisation of products 09:05  Partnering with CGAP and other development bodies 10:25   Nubank’s Caixinha money boxes 12:45   Nubank’s Mexican banking licence 14:15   Ensuring growth comes with impact 15:20   Grab’s loans and insurance 16:40   Grab’s data-driven approach to risk 19:45   The fast growth of remittances 21:25   Remitly’s cheaper money transfers 22:35  Gaining market share from Western Union 23:40  HDFC Bank’s expanding rural branch network 24:55  Financial inclusion in advanced economies 26:55  The ‘lucrative customers of the future’ 28:15   Book choice

    31 min

  5. 3 JUN

    Emerging markets: the next engines of global growth

    Emerging markets are reshaping the global economy, and a convergence of powerful, long-term trends is accelerating this shift. These include surging demand for commodities, exploding middle-class spending power and booming inter-regional trade. Investment specialist Andrew Keiller reveals some of the standout growth companies positioned to capitalise on this transformation and why now might be the perfect time to take advantage.   Background: Andrew Keiller is a partner in Baillie Gifford and an investment specialist in our Emerging Markets Clients Team. In this episode, he discusses how some of the fastest-growing developing economies are driving change in the world and the forces that could further hasten that trend. The discussion builds on his recent paper, Emerging markets in 2050: growth in a changing world, which identifies long-term structural shifts tilting the odds in favour of standout companies in Asia, Latin America and eastern Europe. In the podcast, he expands on this by identifying some of the companies that could be big winners, including: the lithium miner SQM (Sociedad Química y Minera de Chile), which is set to benefit from a mismatch in supply and demand for the critical ingredient to electric car batteries and other energy storage systems the South Korean high bandwidth memory chipmaker, SK Hynix, whose products are critical to training artificial intelligence systems at speedthe ‘super-app’ operator Kaspi.kz, which provides everything from bill payments, banking and travel bookings to shopping, maps and messaging  the Singaporean ecommerce, fintech and gaming conglomerate Sea, whose chief executive has ambitions to extend into further sectorsChina’s biggest coffee chain, Luckin Coffee, which is giving the country’s 1.4 billion citizens a passion for the beverage with its ever-changing menu of inventive recipes In addition, Keiller discusses the implications of President Trump’s tariffs and why many Chinese companies still offer an exciting investment opportunity.   Resources:   Emerging markets in 2050: growth in a changing world Emerging markets: our philosophy Emerging markets: rethinking the opportunity Finding high-calibre growth companies in emerging markets (podcast) Luckin Coffee: looking forward Kaspi's super-app South-east Asia’s rising export stars (podcast) SQM: powering the future The Time-Travelling Economist by Charlie Robertson   Companies mentioned include: Kaspi.kz Luckin Coffee Sea SK Hynix SQM Timecodes: 00:00  Introduction 01:35  Baillie Gifford beginnings and a trip to Hong Kong 03:15  Transformational trends playing out to 2050 and beyond 05:05  US exceptionalism and multiple spheres of influence 07:25  Rising trade between emerging market nations 08:35  Redesigning Chinese e-scooters for Vietnam and the Philippines 10:15  The possibility of reduced reliance on the US dollar 11:40  Increasing demand for raw materials and semiconductors 12:35 Digital-first companies and underserved communities 14:45  Four types of firms capitalising on long-term growth factors 16:25  SQM’s lithium mines in Chile’s Atacama Desert 17:55  Lithium’s long-term commodity cycle opportunity 18:45  SK Hynix’s high bandwith memory and its role in AI 20:40  Kaspi.kz’s Kazakh super-app 21:40  Kaspi’s expansion plans in Uzbekistan and beyond 23:00  Sea’s founder Forrest Li and importance of culture 24:30  Luckin Coffee’s huge domestic opportunity 25:25  Luckin’s taste for invention 26:40  Investing in China amid a trade clash 28:50  The risk of underexposure 29:40  Book choice 30:55  Investing in Africa

    32 min

  6. 14 APR

    UK growth: opportunities amid tariff turbulence

    Prime Minister Sir Keir Starmer has pledged to "turbocharge" Britain's growth strategy in response to new US tariffs. His government is prioritising key sectors poised to drive prosperity, including advanced manufacturing, AI and the creative industries. Baillie Gifford's head of UK equity, Iain McCombie, discusses some of the companies already excelling in these sectors how they can prosper over the long term despite the current uncertainty.

    31 min

  7. 18 MAR

    European growth: unique brands, hidden champions

    Are European stocks coming back into favour? After years of underperformance, many of the continent’s companies appear undervalued when compared to their historical prices and US counterparts. Investment manager Stephen Paice suggests that a group of growth-focused stocks could be among the biggest winners if sentiment shifts, and he identifies a handful of places they are thriving.

    35 min

  8. 3 FEB

    Quantum, space, fusion: 3 firms engineering the future

    Three technologies – quantum computing, reusable rockets and nuclear fusion – could change the trajectory of human progress. Find out how a trio of private companies is bringing them closer to fruition.

    30 min
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4.8
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96 Ratings

About

Baillie Gifford’s Short Briefings on Long Term Thinking bring valuable insights into the benefits of taking the long view. You’ll hear frank, thought-provoking opinions from our team in Edinburgh and experts around the world. These podcasts do not constitute an offer of or solicitation for purchase or sale of securities or provision of any investment services. They are provided for information only and should not be considered as investment advice or a recommendation to buy, sell or hold a particular investment. Our podcasts have been compiled with considerable care to ensure their accuracy at the date of publication. No representation or warranty, express or implied, is made to their accuracy or completeness. For further details please see our legal information at www.bailliegifford.com

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