From steam trains to AI vision: 150 years of investing

In this episode of "Short Briefings on Long Term Thinking," Malcolm Borthwick interviews James Dow, joint manager of the Scottish American Investment Company (SAINTS), to commemorate its 150th anniversary. They discuss the company's founder, William Mingus, and early shareholders like Janet Wehab, highlighting the company's pioneering role in democratizing global investment. James shares key historical inflection points, such as the 1973 bear market and the challenges of the late 1990s dot-com boom, and how SAINTS has learned from these events. He also details changes since Baillie Gifford took over management in 2004, including a shift towards global investment and a focus on long-term dividend compounding, exemplified by companies like L'Oreal and Cognex. James emphasizes a bottom-up, company-focused investment approach, valuing strong, adaptable management teams, and shares his current reading list of business autobiographies, including those of the founders of Reebok and Volkswagen.