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With developments in generative AI progressing at such a furious pace, how can investors cut through the noise to identify the companies that will really matter? Baillie Gifford’s Kyle McEnery shares his approach to meeting the entrepreneurs building the future – including his encounters with AppLovin, Anthropic, NVIDIA, Roblox and Reddit.   Background: Kyle McEnery is an investment manager in our Long Term Global Growth Team (LTGG) and previously led Baillie Gifford’s Artificial Intelligence Research Project.   In this conversation, he tells host Leo Kelion why AI’s ever-increasing capabilities make this one of the most exciting times to be a growth investor, and how leadership and culture act as signals in the noise to help identify companies with the greatest long-term growth potential.   In addition to discussing which of the firms enabling and using today’s language-based ‘frontier’ AI models are leading the pack, he explains how efforts to understand and simulate real-world physics could unlock further progress.   Portfolio companies discussed include: Anthropic – developer of the Claude AI models, which excel at coding, among other tasks. NVIDIA – the semiconductors firm whose accelerator chips are powering many of the advances in generative AI. Roblox – the video games platform whose Cube 3D technology allows creators to build objects and environments out of text-based descriptions. AppLovin – the ad-tech company whose AI-first strategy keeps the business lean and nimble. Reddit – the online discussion forum, whose authentic human conversations are gaining in value as a counterpoint to AI-generated output.   Resources: AI and the future of everything: a long-term perspective Anthropic: why we are backing the AI frontrunner Long Term Global Growth Strategy (institutional investors only) LTGG philosophy and process (institutional investors only) Private companies: from Anthropic to Zetwerk The forge of intelligence: exploring the rise of physical AI Short Briefings on Long Term Thinking hub   Companies mentioned include: Alphabet/Google Amazon Anthropic AppLovin Horizon Robotics NVIDIA Reddit Roblox Tesla     Timecodes: 00:00  Introduction – Dartmouth College’s artificial intelligence workshop 01:50   From quantum to AI via asset management 02:50  Creating and then culling a machine-learning initiative 08:05  ChatGPT’s wake-up call 10:35   Exceptional companies at the dawn of generative AI 12:10   Anthropic’s appeal to business customers 14:55   A winner-takes-all opportunity? 17:05   Dario Amodei and the scaling laws 19:10  NVIDIA’s foundational role in neural networks 22:55  Making video game items in Roblox with AI 25:00  AppLovin – a company built for the next era 26:55  Reddit’s valuable conversational communities 29:35  World models, spatial AI and the physical world 32:35  Staying open-minded and humble 33:35  Book choice     Glossary of terms (in order of mention):   Generative AI: AI systems that create new content such as text, images or code rather than just analysing data. Machine learning: AI techniques where systems learn patterns from data rather than being explicitly programmed. End-to-end, systematic (investment strategy): Fully automated, with decisions made by predefined rules rather than human judgement. Agentic AI: AI systems that can plan and carry out tasks autonomously rather than just responding to prompts. R&D: Research and development. GPT: OpenAI’s models, which power its ChatGPT chatbot. Natural language processing: AI that enables computers to understand and generate human language. Token: A chunk of text, such as a word or part of a word, used by language models. Foundation models: Large AI models that can handle a wide variety of tasks. Know your customer (KYC): Financial checks used by banks to verify customers’ identities and risks. Scaling laws: The idea that AI performance improves predictably as models, data and computing power increase. Compute: The processing power required to train and run AI models. Jevons’ paradox: The counterintuitive idea that efficiency gains can increase, rather than reduce, overall usage. CUDA: NVIDIA’s software platform for programming its chips for high-performance computing. Jensen: Jensen Huang, NVIDIA’s co-founder and chief executive. Metaverse: Shared virtual worlds where people interact, create and play online. Large language models (LLMs): AI systems trained on vast amounts of text to understand and generate language. Multimodal models: AI systems that can process multiple types of data, such as text, images and video. World models: AI systems that learn how the physical world works in order to predict and simulate it. Embodied AI: AI that learns through physical interaction with the real world, such as robots or vehicles. Imitation learning: Training AI by having it copy actions demonstrated by humans.

From Pony.ai launching a robo-taxi service during a Shanghai storm to E Ink revolutionising the way supermarkets label their shelves – emerging market companies are in many cases leapfrogging western counterparts. In this episode, investment manager Alice Stretch reveals to host Leo Kelion some of the most disruptive companies innovating at speed in Asia and Latin America.   Background: Alice Stretch is an investment manager in Baillie Gifford’s Emerging Markets Equity Team. In this conversation, recorded as part of our annual Disruption Week briefings, she explores some of the growth companies in her portfolios turning constraints to their advantage and reducing friction in their customers’ lives.   Companies discussed include:   PolicyBazaar – the Indian insurance platform making it easier for people to protect themselves against life’s financial shocks. Nubank – the Brazilian digital lender extending access to banking and credit. Meituan – the food delivery and local services app extending its reach beyond China. MercadoLibre – the Latin American ecommerce and fintech giant expanding into advertising. Mobile World – the Vietnamese conglomerate that has expanded from mobile phones to competitively priced groceries. Sea Ltd – the Singaporean gaming, shopping and fintech group eyeing the possibilities of agentic AI. TSMC (Taiwan Semiconductor Manufacturing Company) – the world’s leading chip manufacturer. E Ink – the Taiwanese e-paper pioneer building on its ebook success to provide supermarkets with updateable price tags and marketers with low-power digital billboards. Pony.ai – the first driverless car company to offer a robo-taxi service in four of China’s most populous cities.   Resources: Disruption Week Emerging markets: how we do what we do Emerging markets: from imitators to innovators Emerging markets: the next engines of growth (podcast) Emerging markets in 2050: growth in a changing world Imec Short Briefings on Long Term Thinking hub   Companies mentioned include: Amazon ByteDance Chroma E Ink MercadoLibre Mobile World Meituan Nubank NVIDIA PolicyBazaar Pony.ai Sea Ltd Stellantis TSMC   Timecodes: 00:00  Introduction – Pony.ai takes to Shanghai’s roads 02:00  The imitators become the innovators 05:10   How PolicyBazaar benefits from not being locked into a legacy system 07:10   Nubank: reducing friction while expanding access to banking and credit 09:25  MercadoLibre’s multi-act expansion leads it to advertising technology 10:25   Mobile World’s move from selling handsets to groceries 11:50   Ways Sea Ltd developed capabilities while operating under constraints 13:45   Sea CEO Forrest Li’s ability to adapt and pivot 15:25   Taking the long-term view and a generalist approach 17:30   Studying the semiconductor industry with the help of Imec and TSMC 19:45   Investing in Chroma and E Ink in Taiwan 21:10   Walmart and other supermarkets adopt E Ink’s updateable price labels 22:45  The case for investing in Pony.ai as a long-term growth investor 24:10   Pony.ai’s cost advantage and international partnerships 25:55  Taking macroeconomic and geopolitical risk into account 27:15   Putting deep knowledge and research to our clients’ advantage

AI lab Anthropic, digital bank Revolut, Chinese social network Xiaohongshu and supply chain specialist Zetwerk count among Baillie Gifford’s most recent private growth company investments. These bold pioneers are part of an expanding asset class, representing some of the world’s fastest growing and most disruptive businesses. Investment manager Robert Natzler tells host Leo Kelion how and why we backed them on behalf of our clients.   Background:  Robert Natzler is an investment manager on our Private Companies Team and deputy manager of The Schiehallion Fund.   In this conversation, recorded as part of our annual Disruption Week briefings, he brings you up to date on his team’s recent activity, bringing our tally of private company investments to more than 160, with a total value of over $10bn.  Companies discussed include:  Mottu – the motorcycle rental and service provider, serving gig workers and others in Latin America.  Revolut – the digital bank that has surpassed HSBC and other traditional lenders in terms of its customer count.  Anthropic – the frontier AI lab behind the chatbot and coding champion Claude.  Xiaohongshu – the Chinese social network, also known as RedNote, with a strong and growing following, especially among young women.  Zetwerk – the outsourcing specialist giving western brands and manufacturers the ability to broaden their supply chains beyond China.  Resources: About Robert Natzler  Disruption Week  From code to culture: private companies shaping the world  Private Companies Team  Private growth: looking over the overlooked  Short Briefings on Long Term Thinking hub  Why we are backing Anthropic    Companies mentioned include:  Anthropic  ByteDance  Mottu  Revolut  Xiaohongshu (RedNote)  Zetwerk    Timecodes:  00:00 Introduction – Mottu CEO Rubens Zanelatto’s masterstroke  02:20 Investing in ‘real’ companies with ambitious leaders  05:20 Helping growth-stage companies prepare to go public  08:35 Exceptional companies in California and beyond  09:55 Mottu: providing motorcycles and maintenance to an underserved segment  13:10 Revolut: pursuing a different playbook to traditional banks  16:35 Gaining conviction in AI lab Anthropic  23:40 Dario Amodei’s appeal to other AI talent  24:30 Xiaohongshu (RedNote)’s popularity among women in China’s wealthiest cities  26:25 Zetwerk: expanding access to factories around the world  28:37 How Baillie Gifford clients can access private companies  29:35 Taking a global perspective on private companies 

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.

“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

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

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  

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

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.

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.

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.

From smarter robots to intelligently designed drugs, Baillie Gifford partner Stuart Dunbar discusses some of the transformations that will define the years ahead.

The US’s transformational upgrade of its drainage, power and road networks is a long-term investment opportunity hiding in plain sight. In this podcast, Michael Taylor reveals some of the outstanding companies involved and makes the case that the markets have yet to fully appreciate the advantages working in their favour.   Background:   Michael Taylor is an investment manager in Baillie Gifford’s US Alpha strategy. In this Disruption Week briefing, he explains why years of neglect coupled with the destructive consequences of wild weather and our insatiable appetite for data-processing power have led the US to embark on a massive renewal of its physical infrastructure.   Taylor suggests that many of the companies creating long-term value benefit from supply advantages, which help them defend their commoditised products’ prices. These range from ownership of gravel quarries, which are difficult to get planning permission for, to the use of a gigantic, portable plastic drain-making machine.   In addition, Taylor discusses what a second Trump presidency might mean for the sector and why finding standout companies involves travelling off the beaten track.   Resources:   Disruption Week Building back: the great US infrastructure opportunity Spotting the winners from the great US infrastructure renaissance   Companies mentioned include:   Advanced Drainage Systems Eaton Comfort Systems USA Martin Marietta NVIDIA Stella-Jones   Timecodes:  00:00 Introduction 1:35    Exceptional businesses confronting an exceptional problem 3:20   The US v global infrastructure opportunity 4:35   Donald Trump’s second presidency 6:40   The benefits of patience 7:35   Wild weather 8:45   Investing in Advanced Drainage Systems 11:05  Labour shortages 12:15  Stella-Jones’s wooden telegraph poles 14:05  Tree-spotter specialists 16:15  Martin Marietta’s supply-side advantage 18:55  Recycled aggregates’ limitations 20:15  Finding US infrastructure investments 21:45  Comfort Systems USA and keeping datacentres cool 24:20  “Massive in terms of magnitude of spend and duration”

Many of the world’s most exciting, high-growth and disruptive companies are private. Moreover, the entrepreneurs running them are typically keeping them private for longer before trading their shares on public stock exchanges – and in some cases have no plans to do so. Baillie Gifford’s Private Companies Team seeks out exciting businesses and founders in this space to give our clients access to an increasingly important source of long-term growth. Taking a highly selective approach, it has invested more than $9bn across over 140 firms over the past 12 years. In this podcast, Alexander Nicolier explains how it does so and discusses some of our notable holdings.   Background:   Alexander Nicolier is an investment manager in our Private Companies Team. In this Disruption Week briefing, he reveals the scale of the opportunity and the increasing impact that the sector’s restless founders and their exceptional companies are delivering. From SpaceX to Bending Spoons, Epic Games to ByteDance, one of the distinguishing features of these pioneering firms is that they’ve been able to choose their shareholders. Nicolier reveals why Baillie Gifford’s patient approach and reputation have helped make us a favoured partner. He also reveals how deep research helps him and his colleagues embrace the uncertainty that can be involved with backing companies at an earlier stage of growth than many public market stocks. And he introduces some of his team’s most recent investments, including the immersive experience specialist Cosm and the next-generation computing company Tenstorrent.   Resources:   Alexander Nicolier profile Armand Spitz: seller of stars Baillie Gifford Private Companies hub Disruption Week Private companies: investing in trailblazers The hidden cost of software   Companies mentioned include:   Bending Spoons ByteDance Cosm Disney Epic Games Loft MercadoLibre Meta NuBank Oddity SpaceX Starlink Tempus Tencent Tenstorrent Tesla     Timecodes:   0:00 Introduction 1:30    What’s often misunderstood about private companies 2:40   Relationship building in Brazil and Colombia 3:40   Why reputation matters 5:35   “Look out for a gringo” 6:30   Private markets’ scale 7:00   Our clients’ advantage 9:25   SpaceX and uncertainty 12:40  Dealing with setbacks 13:45  Bending Spoons’ business model 16:50  Cosm’s ‘shared reality’ experience 18:50  Tenstorrent and Jim Keller’s talent magnetism 20:20 The state of the IPO market 21:55  Why Epic Games has stayed private 25:00  Disney’s $1.5bn stake in Epic Games 26:40 “Too big to ignore”

China is transitioning from a property-led economy to one focused on advanced manufacturing. It already leads the world in electric car production and the batteries that power them. And it’s also a growing force in renewables, robotics and biotech. Investment manager Helen Xiong discusses some of the growth companies involved, why concerns about overcapacity seem overstated and why rising trade barriers have implications for stocks traded inside and outside China.   Background: Helen Xiong is an investment manager in Baillie Gifford’s Global Alpha Team and recently became joint deputy manager of The Monks Investment Trust. In this episode of Short Briefings on Long Term Thinking she discusses why global growth investors can’t ignore China even if they don’t directly own stakes in any of its companies. She describes how the country has made ‘advanced manufacturing’ a strategic priority, laying the foundations for future growth. This has already yielded results, with companies such as the electric vehicle maker Li Auto and battery producer CATL creating long-term value for shareholders – with the prospect of more to come. Xiong suggests that ‘rising trade barriers’ are one consequence of Western nations’ seeking to protect domestic industries and discusses how she takes this into account when deciding which companies to back. In addition, she considers the implications of Chinese retaliation and what that might mean for some of the US and Europe’s leading exporters. Xiong also shares her view on recent stimulus by the Chinese central bank and government agencies, focusing on signals of a shift that could create long-term shareholder value.   Resources: China: finding the new shoots of growth Jonathan Haidt: The Righteous Mind – Why Good People are Divided by Politics and Religion   More from Helen Xiong: Beyond NVIDIA: investing across the semiconductor ecosystem Global Alpha Investor Forum 2024   Companies mentioned include: Li Auto CATL   Timecodes: 00:00    Introduction 1:30      The advantage of being Chinese, African and European 3:00      Relationships v individualism 5:15      China’s post-Covid economy 7:00      Why China matters to global investors 8:30      Overcapacity: a feature, not a bug 10:15    Brutal competition 10:55    Investing in Li Auto 13:45    Li Xiang’s attention to detail 14:30    The car industry’s iPhone moment 16:25    Trade tariffs 18:20    Potential Chinese retaliation 19:35    Chinese regulators 20:35    Stimulus 21:35    Focusing on long-term shareholder value 22:20    Book choice 23:45    Conclusion