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

So this again is a really interesting one from an example of where the market has just been indiscriminate.

The view in terms of software has been that the future earnings potential has been disrupted and all of the names have been put into the same bucket.

What they're basically saying, the market is saying, is that the terminal value of these companies is going to be zero and zero quite soon.

And the last time in my career that I remember saying that is when we were talking about the energy names.

And that wasn't the case with the energy names, certainly not in the near term.

I think when it comes to the software, the two areas that we should focus on is the ones that have got valuable data sets and the ones that they've got.

What a really, really useful use case for the end consumer.

The market at the moment is really not valuing either of those things.

It is assuming that if you can utilize any of the models, that you will do that rather than using any kind of software interface.

I don't think that will be the case.

I think actually, again, the terminal value is a lot, lot longer out than perhaps we think at the moment.

Similarly, data sets.

Data sets are incredibly valuable, and data that has been collated in a structured way over a very, very long period of time is very difficult to replicate quickly.

So, again, I think that the market is really overestimating the damage that is being done to those kinds of companies.

Now, I don't think we've got enough confidence in the short term to be able to say there is a catalyst for this view to change.

Change.

But if you again are a long-term investor who is willing to look at these valuations and think, actually, from a valuation perspective, these look really interesting.

You are potentially getting a company, maybe low growth and low return on capital, but certainly a company that has got earnings potential going forward that isn't currently.

So, whenever we're looking at valuation, we're looking at the future earnings and we're looking at the multiple that the market is willing to pay for that.

And that always goes back to what the future earnings growth will be, what the return will be, and also what the risk-free rate is.

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