Talking Research

Curious about how Walter Scott is charting a course through volatile stock markets? In this podcast, Investment Manager AJ Kyle and Executive Director Roy Leckie delve into three critical areas:Stock-by-stock scrutiny: Evaluating the supply chains of companies such as Intuitive Surgical to understand their tariff exposure.Project-based analysis: Identifying both defensive and offensive opportunities arising from the tariffs.New idea generation: Exploring opportunities in sectors such as precision instruments and Japanese IT solutions.Additionally, you'll find out which areas investors might want to avoid during such turbulent times.Join AJ and Roy as they also reflect on Warren Buffett, one of the greatest active stock pickers of all time. Mr Buffett recently announced his retirement as CEO of Berkshire Hathaway at the age of 94. They share lessons from his illustrious career that can be applied to investing.Listen to the podcast to learn more.Resources-       Tariff Tempests (article) The tariff turmoil has shaken markets, as investors ponder the potentially profound changes to the economic landscape. Roy Leckie, Executive Director, discusses some of the challenges ahead in these uncertain times, but remains confident that the world's leading companies can navigate their way through the current maelstrom.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

How did one man's prudent attitude spark a multibillion-dollar business empire? On a recent trip to the US, investment analyst Dr Oriana Beaumont visited Fastenal to understand how the industrial giant is still driven by its founder's razor-sharp focus on cost control.Fastenal has transformed itself from a retailer of industrial products to a strategic supply-chain partnerThe Fastenal model continues to evolve, with roomy retail spaces being turned into high-efficiency warehouses dedicated to key accountsA cost-conscious founding philosophy drives innovation and benefits for customersResources:Beyond the ‘Korea Discount': On the Road in South Korea (article)South Korea's rich ecosystem of cutting-edge companies offers opportunities for investors. Investment manager Connor Graham reflects on some of the standout meetings from his recent week-long trip to the country.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

Japan has a rich heritage in robotics, consumer electronics and the automotive industry. But where are the next growth opportunities? Investment Manager Lucia Gibbard went to Japan to find out. In the foothills of Mount Fuji, robots make robots in total darkness 24/7Companies are investing heavily in digital transformation to enhance efficiencyAs the global supply chain diversifies away from China, Japan's semiconductor industry looks set to benefitResources:ASML - The Future is AI (article)ASML's most recent results sparked volatility across the tech sector. Were investors right to be worried? Investment manager Tom Miedema visited the “the most important tech company you've never heard of” to find out more.Talking Research Q2 2024 (podcast)AI-driven technologies such as ChatGPT are being adopted at breakneck speeds. Because of this, companies are scrambling to keep up – they need smarter software, stronger networks and better computers. This has created huge opportunities for pioneering firms such as TSMC, ASML and Nvidia. Investment managers Tom Miedema and Jamie Zegleman explore whether these innovative companies will maintain their competitive edge.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For businesses and investors with a global perspective, the immense size of India's economy, combined with its impressive rate of economic growth, makes it critical to understand. Investment analyst Connor Graham discusses his recent trip to the country where he met with numerous companies across different sectors.With almost half of India's population under the age of 25, the scale of consumers entering the market is hard for businesses to ignore.  The turnaround time of Indian ports averages less than one day, which is significantly faster than many ports in the US and Australia. India's IT services sector sees generative AI as an opportunity to increase functionality, not a threat that will replace software engineers.Resources:India Rising (article and film)The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

A visit to China highlights the perils of making generalisations about such a vast and complex country. Investment manager Paul Loudon reports back from the bright lights of Chengdu, Chongqing and Hong Kong whilst investment manager AJ Kyle provides an update on the team's recent travels and investment insights.Key takeawaysThere are palpable signs of an economic buzz in Chengdu and Chongqing, from the cranes on the skyline to a shiny new airport.But consumers are cautious. Manufacturers of baijiu, China's favourite spirit usually enjoyed at banquets and celebratory events, spoke of notable weakness, pointing to the sombre mood of Chinese consumers.China currently imports 40% of the natural gas it consumes. The desire for energy security is driving remarkable innovations in solar power technology. The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

 AI-driven technologies such as ChatGPT are being adopted at breakneck speeds. Because of this, companies are scrambling to keep up - they need smarter software, stronger networks and better computers. This has created huge opportunities for pioneering firms such as TSMC, ASML and Nvidia. Investment managers Tom Miedema and Jamie Zegleman explore whether these innovative companies will maintain their competitive edge. The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals onlyIn a wide-ranging discussion, Investment Managers Des Armstrong and Alan Edington debate the ongoing concentration of US markets, Japan's impressive start to the year as well as trips to Denmark and LA to meet with, amongst others, healthcare, entertainment and medtech businesses. AI was the recurring theme throughout the discussion albeit there are question marks around how and, crucially, when this technology reaches meaningful scale.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals onlyIn our latest quarterly podcast, Walter Scott's Directors Charlie Macquaker and Roy Leckie discuss the remarkable performance of equity markets in 2023. They also reflect on some of the year's research trips, including Charlie's recent visit to Japan, and ask if the outperformance of the Magnificent Seven has been justified by fundamentals, and if it can continue.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals onlyIn our latest podcast, we hear from Walter Scott's Head of Research and Investment Manager Alan Lander, Investment Manager Fraser Fox and Investment Analyst Michael Scott, who've all recently returned from Asia. During discussions with companies across mainland China, Hong Kong, Indonesia, Malaysia and Singapore, they garnered plenty of valuable first-hand insights including on the reorganisation of global supply chains. Undoubtedly, China Plus One is a lot more complicated than such a simplistic phrase would suggest.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals onlyIn Walter Scott's latest quarterly podcast, Investment Manager Paul Loudon considers current goings-on in China and why, in his view, the picture there is not all doom and gloom. He also shares insights from recent debates and the team's latest travels before fellow Investment Manager Lindsay Scott joins him to talk about the ground-breaking, hugely topical and often controversial obesity drugs that have been developed by Novo Nordisk and Eli Lilly.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals onlyIn this episode, Walter Scott Investment Managers Des Armstrong and Tom Miedema discuss their recent research trip to China and Taiwan. With ongoing headlines around geopolitical tensions and the end of China's strict zero-Covid policy, it was a particularly timely visit.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals onlyWith reporting season underway, Walter Scott's Research team has been busy analysing, discussing, and debating the merits of numerous companies. It has also been a busy period for research trips – including the US, Italy, France, China, Taiwan, and a whisky distillery in the Scottish lowlands. In this podcast, Investment Managers Alan Lander and Lindsay Scott discuss these and other issues, including the consumer discretionary sector and, as LVMH becomes the continent's first $500 billion company, the extraordinary success of Europe's luxury businesses.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

For investment professionals only2023 has been a busy year so far, with members of Walter Scott's Research team travelling far and wide – to India, Germany, Spain and the US. Here, Investment Managers Tom Miedema and Matthew Gerlach discuss the findings from some of these trips, focusing particularly on their semiconductor industry visit to the US. Over two weeks, they met with businesses as well as policymakers to get an update on the industry's long-term outlook, growth expectations and US-based supply chain capabilities.The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.