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Baillie Gifford: Change as a driver of growth
Over the past decade, tailwinds such as globalisation, low interest rates and many disruptive changes have driven economic growth in general and the performance of growth companies in particular. Now some macro factors, including geopolitics and monetary policy, have darkened the environment for growth companies.
Actual investors think in decades, not quarters
Transformational growth companies such as Amazon and Tencent are rare. Finding them requires patience, resolve and long-term horizons. Yet many investors cling to mathematical models based on short-term trading and believe decisions can be made on numbers crunched by supercomputers and complex algorithms.