Leo Kelion

speaker

268 appearances 3 recordings 1 series first heard Jun 2026 last heard 4 Aug

Leo Kelion’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 Jun 2026 with 2.

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Short Briefings on Long Term Thinking - Baillie Gifford · Why American culture feels so chaotic – and how investors can benefit · 1 Jun 2026 podcast

Welcome to Short Briefings on Long-Term Thinking.

I'm Leo Kellyan, and I'm joined by Dave Buznowski, Bailey Gifford partner and an investment manager in our US equity growth team.

In this episode, we're going to discuss his paper, When Systems Fragment, Entropy, Cultural Change, and the Next Great US Companies.

But before we begin, a quick reminder.

As with all investments, your capital's at risk and your income is not guaranteed.

Dave, welcome to the show.

Thanks, Leo.

It's a pleasure.

So, Dave, before we explore how entropy relates to growth, I'd like to reintroduce you to our audience because it's the first time that you've been on the show in just over...

three years.

And within Bailey Gifford, you're known as one of our leading systems level thinkers.

So can you start by just explaining what that

And then before joining Bailey Gifford, you co-founded a company of your own, Coburn Ventures, which specializes in understanding how change happens.

So how did the work that you did there inform your approach to stock picking today?

So if we turn our attention specifically to entropy, entropy obviously helps scientists with thermodynamics understand heat dispersion.

But how are you using the term entropy in the context of finance?

Before I even get to

And just to clarify, why focus on entropy rather than just change in general?

So was there a moment where it clicked for you, this idea of moving from centralized systems to fragmented distributed ones, a kind of light bulb moment that everything fitted in place?

So that conversation with Matthew Prince got you thinking how fragmentation can lead some companies to rise and others to fall.

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