Why Playing the Long Game Still Matters with Scottish Mortgage's Tom Slater | Merryn Talks Money

Scottish Mortgage Investment Trust manager Tom Slater outlines a long-term investment philosophy centered on identifying the small percentage of companies that drive global market returns. Rather than reacting to short-term volatility or narrow valuation metrics, the strategy prioritizes businesses with high growth potential and robust operational resilience. The portfolio leverages the transformative power of AI and digitalization, favoring companies that effectively deploy these technologies to increase their competitive advantage. To address infrastructure bottlenecks in the AI revolution, the trust has shifted exposure toward semiconductor manufacturers like TSMC and battery producers like CATL. Furthermore, maintaining a significant allocation to private companies, such as SpaceX and Stripe, provides access to unique growth opportunities unavailable in public markets. This approach balances high-conviction active management with a disciplined focus on long-term capital appreciation, even amidst geopolitical tensions and shifting economic conditions.