The power of Actual investing during changing times

In this episode of Short Briefings on Long Term Thinking, Malcolm Borthwick interviews Stuart Dunbar about his paper "Let's Talk About Actual Investing" five years after its publication. Dunbar reaffirms his core thesis of focusing on companies and capital allocation, despite market volatility. He emphasizes the importance of understanding companies and their opportunities, rather than trying to time the market. The discussion covers Baillie Gifford's investment philosophy, the evolution of their portfolio, and the impact of technology on various sectors like energy and healthcare. Dunbar also addresses the challenges posed by higher interest rates and inflation, highlighting the importance of companies with pricing power and strong cash flow. The episode concludes with a discussion on maintaining independent thinking and a look at Dunbar's current reading list, which includes books on pandemic preparedness and the economics of fund management.