Helen Jewell

speaker

156 appearances 1 recordings 1 series first heard Jul 2026 last heard 28 Jul

Helen Jewell’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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

Well, that's a great question.

What it really means is focusing on the earnings that a company is able to deliver over the longer term and trying to look through the day-to-day noise that you see in the market.

That is actually much more difficult than it might seem because, as investors, you are by your very nature thinking every day about that mark to market.

But as long-term investors, you have to focus.

Focus on the real things that matter.

You have to focus on which of the companies that you are looking at have got a moat around that earnings.

You have to look at the key themes that you are seeing, which of course at the moment is the AI space.

So whether that's semiconductor companies, tech, hardware, memory names, the key thing that we're trying to do is work out which one of those will really deliver earnings growth over the

Longer term

And which of them are getting a real bid, not because the earnings are going to go up, but instead because people are just basically making a short-term bet on the short-term performance.

Well, the key thing is that if you are long term and active, you will see the benefits of compounding coming through.

In the first few years of any share price, what you tend to see is that the valuation, the multiple that you pay, actually matters more than the earnings.

But there is a lot of research that shows that after those first few years, the earnings matter more than anything.

And so that again is what we're focused on.

What you're looking for here is a function not just of the earnings growth, but also the return on capital.

I know some people don't think this, but not all growth is good growth.

If you are a company that is growing, but actually eroding returns at the same time.

That is not a good thing from a long term investment perspective.

And that is a challenge, to be honest, Eloise, with the markets at the moment, because the market has been focused on growth rather than focusing on the quality of that growth.

And it's so important to understand the benefits of compounding.

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