GROWTH AND PROFITABILITY

Dev Kantesaria, founder of Valley Forge Capital, advocates for a concentrated, long-term investment strategy focused on high-quality businesses that exhibit both growth and predictability. Unlike the opaque, illiquid nature of private equity, public markets offer a transparent meritocracy where superior judgment yields significant returns. Kantesaria maintains a highly selective portfolio, favoring companies with durable competitive advantages and pricing power, such as ASML, Visa, and credit rating agencies like Moody’s and S&P Global. While acknowledging the transformative potential of artificial intelligence—which threatens to commoditize technology and displace labor—he remains skeptical of big tech’s capital allocation. Instead, he prioritizes businesses that function as essential "toll collectors" in their respective industries, capable of maintaining dominance regardless of macroeconomic volatility or the rapid evolution of AI-driven market dynamics.