David Toms
speaker
276 appearances
2 recordings
1 series
first heard Apr 2022
last heard Oct 2022
David Toms’s voice in public audio — every appearance, attributed to the second.
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Appearances
But
Not too aggressively.
And I I suppose I I'll throw this back to you at this point because our job isn't just to swing around like the public markets and say we're not going to buy anything for three weeks.
Oh, now we're going to buy everything again.
So so if I throw it back at you, Matthew, in terms of IC, what are what do you think we're seeing at the moment from a valuation perspective?
Yeah, and I guess thinking thinking to my my Amazon analogy of of the ninety-five percent fall when all the other dot coms fell ninety five percent, uh and that being the real opportunity with Amazon, I guess.
When we look at that same approach, that's also going to yield opportunities in some of those same high growth companies because
If you can get far enough into the underlying economics, then you can determine that actually there's a truly profitable business in there, but it is masked by usually expansionary spending of some kind.
And if we can get deep enough into the snowballs, the cohort analysis, and so on.
That gives us quite a rare edge to potentially be able to make investment decisions that might look quite brave at the time, frankly, but actually are very well underpinned.
Yes, no, I doubt we're gonna find any fifty thousand percenters.
In fact, I suspect our investors might get a little upset with the degree of risk they think we're taking.
But I agree, I mean, there there should be some very interesting stuff that shakes out over the next year or two.
I think what we're seeing across the market, uh, I particularly look at areas like the industrials, because they just give you a very broad view globally and cover lots and lots of industries.
So the multi-industrial space, names like G and so on, um, just tend to to give an overall perception of how their customers, who are everybody's customers, how they're trading.
And
What I'd say we're seeing there is
A certain degree of caution around the first half.
With some optimism for the second, but but a a shape to the year that does require a bit of a second half acceleration.
And
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