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 · last 12 months

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

If a company is growing,

And returning high returns on that growth, high returns of capital, it can effectively reinvent itself on an ongoing basis.

So it's in a really, really strong virtuous cycle.

It generates good growth, it reinvests that growth at high returns, and then those high returns generate even more growth going forward.

So you're in this perpetual cycle that is really, really beneficial from a long-term investment perspective.

It's a little bit like Trigger's Broom in Only Falls on Horses, where effectively he said he only had one broom, but when he was pressed, he actually said, uh, I've only had to change the head five times and the stick ten times.

In his mind, it was the same broom, but actually what he'd been able to do is reinvent the broom a million times.

I think the challenge is that the market doesn't really know at the moment.

What we're definitely looking for is growth where the return is higher than the cost.

So the return on equity is higher than the cost of equity.

And that is the big thing that we'll need to really differentiate within the AI theme at the moment.

The challenge is is that the market year to date has been really driven by momentum.

And momentum has been exacerbated by things like leveraged ETFs.

Then, on top of that, you have a large retail investor base and you have systematic strategies.

And there are also active investors who maybe don't think necessarily from a long-term earnings perspective.

So at the moment, the market has been driven by momentum.

But that's not to say that everything we're seeing in the AI space is low quality growth.

The problem is that the market at the moment does not seem to be discriminating based on future return on capital.

We know that not all AI is created equally.

We know that at some point the AI Capex spend from the hyperscalers will exceed the demand for that capex.

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