Eloise Goulder

speaker

129 appearances 3 recordings 1 series first heard May 2026 last heard 28 Jul

Eloise Goulder’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Jul 2026 with 2.

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Making Sense · Momentum vs. fundamentals in the AI trade: Insights from BlackRock · 28 Jul 2026 podcast

the longevity of the growth is actually not that impressive, or because the cash flow itself isn't necessarily growing that strongly, even if earnings are, in all of those cases, differentiating and potentially finding underweights is the goal.

So which data points will you be tracking to get a better handle on those questions?

And turning to the perceived losers group, the area that's underperformed has been software, as you mentioned.

Helen, how do you think about differentiating within this segment?

priced in.

Interesting.

And talking of valuation, what sort of models do you utilize in order to determine fair value for all of these companies?

You know, you're looking at earnings growth, you're looking at cash flow growth, you're looking at return on capital.

How do you put that together in a valuation framework?

And Helen, it was so interesting to hear you speak earlier about this increase in presence of momentum exposed investors.

Because certainly, if we look at market structure over the last six years or so, there has been a phenomenal change.

And if you dissect what are the main drivers of that increase in volumes, it's really fourfold.

First of all, there's the retail investor who, in US equities in particular, have really shot up in share of volumes.

Post-COVID, now representing 20 to 25% of volumes on a daily basis.

Second of all, you've seen these shorter dated options, including zero data expiry options, which now make up about half of SP 500 options, volumes, having been less than 5% of those volumes in 2020.

Third of all, you've obviously continued to see this growth in passives and ETFs over many years.

Finally, you mentioned quant strategies.

Well, if we look in our prime book, we do see that quant hedge fund exposures have grown more than any other hedge fund category over the last couple of years.

And of course, if we look at those four market participant changes, many of those investor types have shorter holding periods.

Many of those investor types

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