The 7investing Podcast

Crocs is a very inexpensive stock right now, which could represent an excellent value investment opportunity. Crocs is a global shoe retailer whose comfortable and inexpensive footwear generates $4 billion in annual sales. Its core Crocs brand is growing 17% internationally and 8% direct-to-consumer. Q3 sales got a boost from "Mini-Crocs" being included in McDonald's $MCD Happy Meals and "Batman Crocs" being sold through a recent partnership with DC Comics (both of which are quite adorable). But its recently-acquired HEYDUDE brand has been struggling. HEYDUDE's sales fell 17% this year, as it's not yet resonating with the younger consumer demographic. Crocs is doubling-down on HEYDUDE's brand by hiring Sydney Sweeney to be the long-term ambassador of its marketing. She's encouraging others to be comfortable in their own shoes, and this feels like a good first step to getting sales back on track. As an investment, Crocs looks very inexpensive. The stock is trading at just 7x earnings and 6.5x free cash flow, but it's generating a 70% return on equity and a 25% return on invested capital. There's a pretty clear disconnect there. Crocs' core business is solid and profitable. Yet the market is pricing it as a fad that's in a permanent decline. If the company's new marketing efforts pay off, this inexpensive stock might be worth snapping your jaws on as one of the stock market's most compelling opportunities. See our complete 7investing coverage on Crocs -- including how well it performs based on the legendary value investor Joel Tillinghast's framework -- at: https://7investing.com/company_name/crocs/…

Taiwan Semiconductor $TSM, the world's largest chipmaking foundry, today just issued the largest CapEx forecast of its company's history.Does this mean the chip industry is finally escaping from its cyclical lows, and is ready for a rebound in 2025? TSMC's 4Q 2024 results showcased a 38% year-over-year increase in revenue and a 57% increase in earnings. Those were good numbers. But there might be even better news on the horizon. Management just approved a 2025 capital budget of between $38 billion and $42 billion. 70% of that is dedicated to "advanced technology production" -- i.e. building new fabs to manufacture the cutting-edge chips demanded by AI. This aggressive CapEx forecast is good news for TSMC and also for the entire semiconductor industry. The company will be spending that 2025 budget on equipment vendors such as $ASML, Applied Materials $AMAT, and Axcelis Technologies $ACLS and also on boatload of supporting functions. Meanwhile, creative innovations are also unlocking new opportunities. Taiwan Semi is transitioning the fundamental architecture of its transistors from FinFET to gate-all-around. It's updating the foundation its entire house is built on; changing the physical design of the smallest building blocks of its circuits to support more efficient and powerful processors. The next few years will be an exciting time for this industry. The semiconductor renaissance looks well-primed to begin a new chapter. See all of our @7investing coverage on $TSMC -- including our current Conviction Rating on the stock -- at:https://7investing.com/company_name/taiwan-semiconductor-manufacturing-company/

Lemonade (NYSE: LMND) is a new player who's really adding zest to the insurance industry. Its AI-powered underwriting enables it to write new policies much more efficiently than its less-tech-savvy traditional competitors.And in addition to its agent-related costs being a fraction of others, its unique Synthetic Agents marketing approach is providing a very lucrative LTV/CAC of 3X (which is very good).In this 7investing exclusive livestream event, I shared a formal presentation that included insights about Lemonade's fundamental results, key metrics, competitive differentiation, current valuation, and technical trading factors that might make this stock particularly intriguing.It was also an interactive event, with a real-time chat and questions in the Q&A. I enjoyed this refreshing event, where we found out whether Lemonade is worth the squeeze as an investment. Thank you to all who attended live!

The digital advertising industry is, in many ways, a bellwether of the American economy. It's a direct look at how and where companies are acquiring new customers, as well as how things are going in the business world.PubMatic (Nasdaq: PUBM) is one of the digital advertising industry's earliest trailblazers. Founded in 2006, its mission has always been to provide a platform for PUBlishers to autoMATICally monetize their websites, podcasts, and streaming TV channels with programmatic ads. In the future, that might expand to new formats like VR headsets or even self-driving cars. 7investing recently sat down with PubMatic founder & CEO Rajeev Goel to discuss how he sees the digital ad industry evolving. Here's a look at the topics we discussed:1) Industry overview (0:00): Where does digital advertising stand in 2025?2) Competitive advantage (4:45): What are PubMatic's structural sources of competitive advantage, especially compared to your peers?3) The Next Big Thing (13:32) : Header bidding for CTV in 2020, then Connect in 2022, then Activate in 2023. What's your next major growth format?4) Connected TV (18:26) : Streaming ads seem more interactive now. How is CTV evolving?5) Supply Path Optimization (22:32) : SPO is still 55% of total activity yet DBRR fell during Q1. Have the large publishers now fully consolidated their inventory?6) The Trade Desk (26:02): The Trade Desk continues to promote OpenPath and says it will disrupt the industry. How do you believe OpenPath will most likely impact PubMatic?7) The Macro (33:24): Several forecasts are reducing expectations for ad budgets in 2025. What are you seeing on the near-term horizon?8) Capital Allocation (37:46): Just announced a $100m buyback expansion. How are you prioritizing capital allocation to maximize shareholder value?Are you ready to begin investing in your future? Join 7investing today at 7investing.com/subscribe and get your first 7 days absolutely free!

Today's 7investing podcast is all about Rocket Lab!The space economy is hitting an inflection point. And that will be good news for its earliest investors.Eastern European conflicts, standoffs between China and Taiwan, and new commercial interests are creating a trillion-dollar industry in Earth’s orbit. And this is much more than just glorified media hype. An unprecedented number of applications is forcing the FCC to streamline its review process, as the number of active satellites is growing incredibly quickly.Rocket Lab (NASDAQ: RKLB) is in the perfect position to benefit. This small-cap, small-launch provider’s revenues will skyrocket during the next decade, while also dramatically reducing its costs due to the reusability of its rockets.Its rocket scientist CEO Peter Beck is a New Zealand gem, not afraid to get his hands dirty and don the hard hat to build bigger rockets and serve more demanding customers. Credibility and long-term relationships are vitally important in the launch industry. Rocket Lab is gaining both…at an accelerating pace.The Solar System is the limit for this disruptor. Rocket Lab is a very high risk investment who faces a myriad of challenges, but is also growing quickly in a massive and mostly unexplored new market. It’s time to place another bet on the Final Frontier.

Today's 7investing podcast is all about Rocket Lab!The space economy is hitting an inflection point. And that will be good news for its earliest investors.Eastern European conflicts, standoffs between China and Taiwan, and new commercial interests are creating a trillion-dollar industry in Earth’s orbit. And this is much more than just glorified media hype. An unprecedented number of applications is forcing the FCC to streamline its review process, as the number of active satellites is growing incredibly quickly.Rocket Lab (NASDAQ: RKLB) is in the perfect position to benefit. This small-cap, small-launch provider’s revenues will skyrocket during the next decade, while also dramatically reducing its costs due to the reusability of its rockets.Its rocket scientist CEO Peter Beck is a New Zealand gem, not afraid to get his hands dirty and don the hard hat to build bigger rockets and serve more demanding customers. Credibility and long-term relationships are vitally important in the launch industry. Rocket Lab is gaining both…at an accelerating pace.The Solar System is the limit for this disruptor. Rocket Lab is a very high risk investment who faces a myriad of challenges, but is also growing quickly in a massive and mostly unexplored new market. It’s time to place another bet on the Final Frontier.

Three Catalysts that Could Send Crocs' Stock SoaringOriginally recorded: May 9, 2025Some great investment opportunities are sexy tech companies that are growing quickly and everyone is familiar with. But others can be boring shoe companies, who are growing slowly and yet are ridiculously profitable.Crocs (Nasdaq: CROX) is an example of the latter. Stuck between the uncertainties of a recession, slowing consumer spending, and a trade war, CROX is now selling for just 7x its trailing earnings. That's very cheap; a clear sign the market is putting these shares on the bargain rack.But Simon has found three hidden catalysts that he believes could drive the price of this small-cap significantly higher. He discussed them on today's 7investing podcast. This show is sponsored by Prophet. Prophet's AI engine incorporates fundamental and technical analysis to make stock recommendations every month. With an outstanding track record over 16 years, it's the perfect tool for passive investors who want actionable ideas but don't have a lot of time.Through 7investing's exclusive partnership, new members can get a $50 discount and also the first two months free by visiting ⁠https://www.useprophet.com/7investing⁠But hurry: this no-upfront-cost deal is only available until July 7th!

Palantir and Upstart: Soaring Growth but Falling Stock Prices Originally recorded: May 7, 2025Palantir Technologies (Nasdaq: PLTR) and Upstart Holdings (Nasdaq: UPST) are two of the market's hottest stocks. Both are using AI to enhance their intelligent platforms and are seeing their top-line growth accelerate.Yet curiously, even after reporting excellent quarterly results, both stocks are selling off significantly.Are there hidden risks that investors are becoming more worried about? Or have the baked-in expectations simply gotten too high?Simon digs into both companies on today's 7nvesting podcast.As a perfect fit for an episode about AI, this show is sponsored by Prophet. Prophet's AI engine incorporates fundamental and technical analysis to make stock recommendations every month. With an outstanding track record over 16 years, it's the perfect tool for passive investors who want actionable ideas but don't have a lot of time.Through 7investing's exclusive partnership, new members can get a $50 discount and also the first two months free by visiting useprophet.com/7investing. This no-upfront-cost deal is only available until July 7th!

What the heck is going on at Wolfspeed?!Originally recorded: May 6, 2025The WSJ published an article that WOLF is now the most shorted stock in the entire US market. The company's CFO then unexpectedly stepped down.And yet even after what appeared to be the worst-case scenario, recent negotiations have resulted in its stock price doubling within just the past two weeks.I dug into the filings and took a closer look at a Bloomberg terminal with a special situations guru that I called up earlier this week.Here's exactly what's going on with one of the market's most volatile stocks. Are you ready to get started with 7investing, to see all of our active recommendations, our five monthly Best Buys, our buy/hold/sell conviction ratings, and our interactive community forum? If so, your first week is free at: ⁠7investing.com/subscribe

We're bringing back the 7investing podcast!After remaining dormant for a few months, 7investing founder Simon Erickson introduces the new-and-improved show format. That will include:Deeper company-specific insights - including Wolfspeed's financial stability, AMD's leap into the datacenter, Palantir's stock-based compensation, and The Trade Desk's valuation (and that is all just this week!)New guests - including those looking at different sectors of the market such as REITs, crypto, banking, dividends, special situations, and international opportunitiesExclusive offers - new partnerships with other investing newsletters and products with exclusive rates for the 7investing audienceLivestream formats - recorded live and available for guests to join at riverside.fm/studio/7investing-live.I'm excited to get started with our new-and-improved 7investing podcast. See you in the speakers!Are you ready to get started with 7investing, to see all of our active recommendations, our five monthly Best Buys, our buy/hold/sell conviction ratings, and our interactive community forum? If so, your first week is free at:7investing.com/subscribe

Options guru Jeff Fischer discusses with 7investing how options can be used as a complement to stocks to boost the returns of a long-term investment portfolio.When used responsibly, options can be a fantastic way to boost the overall returns of an investment portfolio.But options are also shorter-term in nature and they are more highly-exposed to risks and uncertainties. So how, exactly, should investors be using them responsibly? Jeff Fischer has three decades of investing experience. Between writing content for retail investors, co-founding multiple options newsletters, and even managing a hedge fund, he has a wealth of knowledge about investing strategies to generate long term returns.In our recent conversation on March 7, 2025, Jeff discussed how options can be a long-term investor's best friend for boosting returns -- but they also have a few nuances that shouldn't be ignored.Options are best used as a complement to stocks. Jeff describes why he's often writing puts to generate income when he wants to buy a stock at a particular price and writing calls when he's willing to sell a stock for a certain price.We also discussed how investing in options can be slightly different than investing in stocks. Due to their shorter-term nature, options are more exposed to the behavior of the stock market and are more heavily influenced by its current mood of optimism or pessimism. While technical factors do play a role, options strategies should still be built upon fundamental research and valuation.Jeff then described the tradeoff between an option's intrinsic value and its time value. When selling options, you get paid the premium upfront; and you can later buy it back in the future to close out the contract. Jeff typically looks to close out options positions he has written if they've reached 80% or more of the premium's total value -- meaning there's less than 20% of the initial premium left on the contract.We then discussed the difference between retail and institutional investors. Retail investors have the freedom to invest anywhere they would like, but institutions prefer much more predictability and credibility. When retirement funds are at stake, institutional investors are looking for their fund managers to reliably execute on the strategy they were created to accomplish. In the outro, Jeff offered the sectors and stocks that he most enjoys to invest in. During his 30 year career, he's mostly preferred software companies like Alphabet and Meta Platforms. He also mentioned Airbnb as a most recent opportunity investors might want to consider.To have our investing insights delivered to your Inbox every week, please join our free 7investing newsletter today.

Innovation and regulation are quite often at odds. Technology relentlessly marches onward; yet it also needs to safely serve the common good. This is ever so true in banking. While banking may have traditionally been considered to be a rather conservative industry, its innovation curve has steepened significantly as physical banks have gone digital, digital banks have employed AI for lending, and managed accounts are embracing cryptocurrencies. Today's 7investing podcast features two banking experts, Caitlin Long and John Maxfield, who share their perspectives on the industry's innovation and offer their insights on: - How crypto-bank Silvergate managed (amazingly) to survive an 80% run on its deposits after the collapse of FTX. - Why overly-restrictive regulations such as excessive capital requirements and limitations on crypto might be soon to change. - What expectations the industry should have of the incoming SEC Chairman Paul Atkins and how he differs from outgoing chair Gary Gensler. - How 'debanking' is unfairly punishing many of the industry's key innovators In the final outro, 7investing CEO Simon Erickson plays a game of "over or under", to hear Caitlin and John's differing insights on a variety of popular companies and topics. This was truly an epic conversation between two banking Wyomingites! Follow @CaitlinLong_ and @MaxfieldonBanks on X/Twitter for even more of their insights. Disclaimer: 7investing's hosts and guests may have positions in the companies or cryptocurrencies discussed on this podcast. Nothing discussed in this program should be considered professional financial advice. To learn more about 7investing, visit our website at 7investing.com.

Innovative Industrial Properties is America's only publicly-traded REIT who's exclusively focused on the cannabis industries. It buys cannabis-growing facilities and then rents the spaces out to tenants through triple-net leases. Business was booming in the zero-interest rate economy, with IIP's committed capital skyrocketing 60-fold from $30 million in 2016 to $2 billion in 2023. But with interest rates rising and a shaky economy, growth is much slower these days. The stock currently pays a dividend of 6.7%. That's much higher than money market funds and bonds, with the possibility of rising if the Fed cuts rates in 2024. https://7investing.com/company-update/innovative-industrial-properties-patience-is-a-virtue/ See our current conviction rating on IIPR -- as well as all of the stocks in our universe of coverage -- by starting your 7investing membership today. Visit 7investing.com/subscribe and use promo code "IIPR" at checkout to get your first week for absolutely free!

There is an upcoming disruption of the food systems industry, and investors today can get in ahead of an exciting new S-Curve that's developing. Elysabeth Alfano is the CEO of VegTech Invest, and also advisor to the EATV ETF. EATV is the world’s only Plant-based Innovation & Climate ETF. 7investing CEO Simon Erickson recently interviewed Elysabeth for our 7investing podcast. In the first part of the conversation, Elysabeth describes how she got interest in food systems transformation and why it is important to solving issues like climate change, biodiversity loss, food insecurity, and human health care. The global food supply system hasn't changed much in the past 1,000 years and it could be ripe for disruption. Elysabeth goes on to describe the limitations of our traditional supply chain. Animal husbandry isn't really innovating any more, whereas the plant-based innovation curve is just getting started. She explains that our current system isn't economical and is often bad for the environment. Beyond Meat has published research that says animal agriculture accounts for about 15% of the world's greenhouse gas emissions; with two thirds of those coming directly from cows. Consumers, governments, and businesses are all stakeholders who are interested in making food systems more efficient. Simon then asks what parts of the supply chain will require the most investment, in order to create a $290 billion new industry by 2035. Elysabeth says it will be investment from businesses into their processes and supply chains. Perhaps with support from their governments. In the final segment, Simon asks what the most common criticisms have been from people who are opposed to change in food products. Elysabeth also describes the investing methodology that she uses for her index. Publicly-traded companies mentioned in this podcast include Beyond Meat, Cargill, ConAgra, Costco, Dannon, Nestle, and YUM Brands. 7investing's advisors and/or its guests may have positions in the companies that are mentioned. Don't miss out on future conversations like this! 7investing will be publishing upcoming interviews with the CEOs of PubMatic, Rocket Lab, and more. Join 7investing's free email list to get our podcasts and investing insights delivered directly to your Inbox.

In episode 19 of No Limit, Luke and Krzysztof focus on Nvidia. It’s overvalued, so you should sell! But selling a great company is often the most expensive mistake investors make, so you should hold! But AI runs on Nvidia and AI is just getting started, so you should buy! If this kind of investing complexity makes your head spin, tune in to hear us frame this kind of difficulty into principles and a process you can follow with confidence. As a special bonus, Luke puts Krzysztof in the student’s chair and surprises him with a quiz about Nvidia. Does Krzysztof flunk or does he know a thing or two about? We discuss the investing lessons aplenty in the movie Air about Nike’s courtship of Michael Jordan, and Luke schools Krzysztof about innovation at Nike headquarters. Sometimes shoes are not just shoes. With the Apple reveal of its Augmented Reality device 45 minutes into the future, we captured a predictive time-capsule of what we thought Apple might reveal and what that signifies about the upcoming metaverse. How quickly has this segment aged? What did we get right and wrong? Aiming to retire early? Luke, our resident James Bond on a motorcycle, not only talks the talk, but walks the walk and offers insights into making that dream a reality. If you missed episodes 17 & 18, we also recap our insightful conversation with Krishna Bahirwani and how to approach investing in India, which we see as a massive opportunity in the coming decades.

Investors love dividends. There's something special about receiving cold hard cash into your brokerage account every quarter, which you can use to pay for expenses or reinvest and buy more stock. Over time, reinvesting dividends can compound your returns. But how do dividend-paying stocks compare against other segments of the market? Have they been impacted by the tricky macro of the past year? Are dividends more attractive in rising-rate environments? And what factors should investors consider before buying dividend stocks? To answer those questions, we've brought in an expert. James Early is the Chief Investment Officer of BBAE, and formerly the Advisor of Motley Fool's Income Investor. 7investing CEO Simon Erickson recently spoke with James about dividends and dividend-paying stocks. In the first part of the conversation, James describes what got him into dividend investing and the "3M" factors -- "management, moat, and money situation management" -- that investors should look for. He describes how dividends are a good way to keep management teams responsible in their capital allocation decisions. He also describes how dividend-paying stocks perform through different market environments. Simon then asks James to describe the tradeoff between dividend yield and dividend growth. Is it more advantages for investors to look for higher yields upfront? Or should we patiently wait for dividends to grow over time? In the final segment, James describes two of his favorite dividend-paying companies: Diageo (NYSE: DEO) and Unilever (NYSE: UL). Publicly-traded companies mentioned in this podcast include Diageo, and Unilever. 7investing's advisors and/or its guests may have positions in the companies that are mentioned. Don't miss out on future conversations like this! 7investing will be publishing upcoming interviews with the CEOs of PubMatic, Rocket Lab, and more. Join 7investing's free email list to get our podcasts and investing insights delivered directly to your Inbox.

To help us answer those questions, we've brought in a few expert tech investors. 7investing CEO Simon Erickson recently spoke with Deepwater Asset Management's Gene Munster and Doug Clinton, who have been investing in technology for decades. Deepwater is a global asset manager based in Minneapolis, MN. The three kicked off their conversation by discussing Deepwater's investing philosophy and vision. Gene explains that their firm likes to dive deep into three core areas of technology: AI, automation, and the Metaverse. They use those as a starting point, to further screen for the best-in-breed companies with persistent growth. And finally, they look for the select few which they have the most conviction in; which is something that can't be easily found or simply modeled in spreadsheets. Doug goes on to explain the "three buckets" of investing timeframes. Some investors think only in terms of quarterly earnings and others only in terms of long-term trends. But Deepwater prefers to be in the third bucket -- from 3 to 5 years -- where they can more measurably assess what will happen in the near-term future. It turns out that predicting what the world will look like a decade from now is incredibly difficult. Gene and Doug both then discuss the FinTech sector, which is quickly transitioning from bricks and mortar to digital. Brazil's NuBank, Block, and Apple could all be opportunities for investors, as they are gaining share but without having legacy operational costs. The group then discusses the macroeconomic climate. Gene points to several companies like Home Depot still reporting disappointing earnings, and that is leading to institutional investors being cautious. But bigger-picture, it's more important to find quality companies and to size into positions over time. Simon asks them about valuation, and they described their methodical process for determining a fair price. In the second segment, the three discuss several of Deepwater's larger positions, including Meta Platforms (Nasdaq: META),  CrowdStrike (Nasdaq: CRWD), ACV Auctions (Nasdaq: ACVA), and Everbridge (Nasdaq: EVBG). They conclude with a fun "lightning round", where Simon spots them up with questions about AI and the market's largest technology companies. Publicly-traded companies mentioned in this podcast include Meta Platforms, CrowdStrike, Everbridge, ACV Auctions, NuHoldings, Block, Amazon, and Apple. 7investing's advisors and/or its guests may have positions in the companies that are mentioned. Don't miss out on future conversations like this! 7investing will be publishing upcoming interviews with the CEOs of PubMatic, Rocket Lab, and more. Join 7investing's free email list to get our podcasts and investing insights delivered directly to your Inbox.

Welcome to 7investing in June 2023! We’ve just issued our latest stock recommendations, where we share reports on our favorite opportunities in the stock market with 7investing members. To see all seven reports, please click here to get started with a 7investing membership for only $1, to unlock full access to all of our recommendations and premium content. This month, our team chose a nice mix of companies across different industries, risk levels, and sizes:  Two advisors chose Moderate Risk recommendations this month. Luke Hallard went with an critical player in the energy industry, while Matt Cochrane chose a global e-commerce powerhouse. Two advisors chose High Risk companies. Simon Erickson re-recommended a semiconductor company who is focused on supplying electric vehicles, while Steve Symington re-recommended one of his very favorite Financial Technology companies. Three advisors chose Very High Risk companies this month. Dr. Dana Abramovitz chose a promising biotechnology company who just won an important FDA approval, Dr. Anirban Mahanti went with an international payments enabler, and Dr. Krzysztof Piekarski chose a small cap energy company who could be hitting an inflection point of upcoming demand. Investing is the stock market is a lifelong journey, and it involves much more than just reading a single month’s reports. We have built 7investing to be long-term investing advisors, who will help guide you through that journey and to learn which types of stocks are right for you. We purposely make recommendations of all types — from moderate risk to very high risk; from Financial Services to Biotechnology — so that you can find the right fit for your portfolio. And then enjoy reading our recommendation reports, and discussing them with us in our Subscriber Calls and Community Forum to follow along with how they’re doing. If you would like to sign up with 7investing and see all recommendations since our launch in March 2020, click here to get started with 7investing today! Questions about our 7investing membership? Please email us at info@7investing.com

In part II of our conversation with Krishna Bahirwani, 7investing’s own Luke and Krzysztof embarked on a wild ride through the bustling bazaars of the Indian investment landscape! We zigzagged through throngs of Systematic Investment Plans (SIPs) where retail investors have a favorable set-up with low or no fees, thanks to its scale. We also discussed the information goldmine that was screener.in, where we could dig up 10 years’ worth of financials on any company. As we journeyed through the potential growth of India as a global powerhouse, we found tantalizing opportunities that came with the rise in per capita and disposable income. We also eavesdropped on the sophisticated chatter in the “Indians Invest Globally” community — make sure you ask Krishna about it on twitter. And just when you thought we were done, we took a detour to explore the exciting terrain of India-focused ETFs, especially those feisty small cap ones. So, buckle up and enjoy the ride through the emerging and thrilling world of Indian investment! Go to www.7investing.com/subscribe to support the 7investing podcast through your membership.

Join our 7investing FREE email list to receive our investing insights and conversations with the CEOs of PubMatic, Rocket Lab, and more at 7investing.com/email. We as investors often suffer from "home court bias", where we're most interested in the opportunities who are based in the country that we live in. We're familiar with the culture and the currency, so it's easier for us to invest closer to home. Yet the business world stretches to all corners of the globe, and investing is similarly an global phenomenon. Astute investors who are willing to put in a bit more research are often rewarded by the opportunities offered by other countries. So where are those opportunities today? Are there certain countries that are particularly lucrative for investors? Are there specific companies who are winning on the global stage? To answer those questions, we're welcoming back two of our favorite guests. 7investing CEO Simon Erickson recently spoke with Comgest's portfolio managers Rick Mercado and Richard Kaye about international investing. Comgest is an independent global asset management firm based in Paris, who manages $30 billion and has a knack for finding long-term growth opportunities. The three kicked off the conversation by sharing perspective on the global macroeconomy. Interest rates are rising and threats of a recession are looming, yet bottoms-up research and stress-testing of companies still shows that the fundamentals of most businesses are still sound and attractive. Tech companies like Microsoft (Nasdaq: MSFT) appear well-positioned to benefit from AI, while the membership-based Costco (Nasdaq: COST) appears resilient to an economic downturn. Perhaps surprisingly, high-end consumer discretionary names like Louis Vuitton Moët Hennessy (OTC: LVMHF) and Ferrari (NYSE: RACE) have similarly shown a resilience to the challenging macro. Richard then discussed investing in Japan. He points out that Japan's growth rate is amongst the highest of OECD nations, yet its market valuation multiple is among the lowest. Several under-the-radar companies like Ibiden (OTC: IBIDF) and Advantest (OTC: ATEYY) are manufacturing the equipment necessary to manufacture the microprocessors to support high-performance computing. Due to the rising popularity of AI and machine learning inference, those are seeing a dramatic increase in demand. Rick and Richard together described how sometimes a country's equity markets could be a springboard for it's companies to enter other markets. Simon and Rick then dive into the computing industry, specifically about ASML's (Nasdaq: ASML) dominance of lithography. They discuss whether rising geopolitical tensions between China and Taiwan could disrupt the semiconductor supply chain and the impact that might have on ASML. The three then discuss India, where mega-conglomerates with close ties to the government often "write the script" of emerging industries. One example is Suzuki, who is working with the government on the rollout of electric vehicles. Similar situations have happened with renewable energy and telecommunications. This can often make it challenging (and messy) for international companies like American Tower to compete in countries like India. But it can often also backfire, as seen recently with Adani Group's troubled financial statements. In the final segment, the group discusses investing in 2023 as compared to 2022. "Earnings matter now", as fundamentals and good quarterly reports are increasingly being rewarded by the market. Rick and Richard close out by discussing their approach to valuation, especially using a long-term mindset.