In this episode of "Short Briefings on Long Term Thinking," Leo Kellyan interviews Stephen Paice, Head of European Equities at Baillie Gifford, about investment opportunities in Europe. They discuss why Europe is currently undervalued compared to the U.S., addressing concerns about economic underperformance, political uncertainty, and potential tariffs. Stephen argues that these concerns are already priced in and that Europe offers high-quality companies at reasonable prices. He highlights specific sectors like biopharma (Novo Nordisk, Lonza, Camurus), dominant digital platforms (Spotify, Adyen), semiconductors (ASML, ASM International), and luxury goods (LVMH, Richemont) as areas with significant growth potential. Stephen emphasizes the importance of long-term investment, focusing on companies with strong competitive positions, innovative products, and trustworthy management, aiming for at least a 2x return over five years. He also shares book recommendations, including "Seeing What Others Don't," which has influenced his investment approach by identifying inconsistencies in the market.
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