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 if interest rates increase, then on the whole, what you will see all else equal is valuations will come down.

When interest rates fell close to zero post the financial.

Financial crisis, we found the price investors were willing to pay for growth increase significantly.

And then when we saw that reverse a few years ago, we saw a big reversal in that.

But 25-bit shifts don't really have a massive change in terms of the actual evaluation of companies.

So what it really comes down to is a couple of other things.

The most important is the likelihood of the moat being sustained in the long term.

And that is what is key right now.

Because the longer any of these moats around the earnings will be sustained, the higher the valuation should be.

And that is going to be dependent on not just the pace of structural change within AI, but also other things, for example, government policies and the geopolitical world order.

So that can be really, really challenging to get right, but it is something as fundamental investors that we try to do.

The other thing I'd like to just mention, and this is something we've talked about previously, is the premium for structural growth, which historically has been pretty high.

What you've historically had is buyers with a long-term view.

And if you have buyers with a long-term view, they care about getting

These companies, and they are basically willing to almost pay whatever price it takes to get them.

So what you saw historically was a real premium for structural growth: 10-20% above what might be normally expected for any company that has got that level of earnings growth, if that growth has got high returns.

The issue at the moment, Eloise, is that we are now seeing more and more.

More short-term investors come in.

And that has eroded the premium away, because there are fewer investors around willing to pay an additional premium for that structural growth.

So the challenge is really understanding how big that premium really should be.

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