EP.02 - Holding Conviction: Long-Term Investing Through Secular Growth

In this second episode of Innovation Conviction, John Gross joins Nels Wangensteen and Ingrid Yin to dissect the principles and practices behind long-term growth investing. The team reflects on cornerstone holdings like Amazon and Nvidia, detailing the research-driven conviction that has kept these positions in the portfolio for over a decade.

They explore how the strategy thrives by identifying companies at the forefront of secular trends—from AI and cloud computing to telemedicine and cybersecurity—regardless of market noise or short-term volatility. The discussion also examines the expanding role of GPUs in data centers, China’s shifting economic influence, and why thematic focus and global flexibility are crucial to sustained performance. 

 

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(00:00:52) MayTech's long-term portfolio approach and notable historical holdings

(00:01:56) Research process as a filter for volatility versus fundamentals

(00:03:07) Characteristics of businesses with high incremental margins and durable growth

(00:04:24) Amazon as an example of platform evolution and misunderstood valuation

(00:06:06) Strategy performance since 2008 and its differentiated approach to growth investing

(00:07:55) Theme-based investing with a concentrated, unconstrained portfolio

(00:08:42) Nvidia's evolving demand drivers and transition from gaming to AI infrastructure

(00:11:17) Shift to accelerated computing and emergence of large language models

(00:13:09) Nvidia's competitive moat, chip complexity, and data center leadership

(00:14:34) Emerging investment themes: cybersecurity, India, and genomics

(00:15:36) Future potential of telemedicine and chronic disease management

(00:15:58) Apple's opportunity through services and device-based AI platforms

(00:17:28) Global economic considerations including China's EV export strategy

(00:18:57) Secular growth's ability to outperform in economically challenged regions

(00:20:03) How Nvidia's growth is supported by rising GPU share in data centers

(00:22:00) Nvidia's competitive edge and strong margins through chip scaling

Links: 

John Gross on LinkedIn: https://www.linkedin.com/in/john-gross-cfa-caia-6b54788 

Nels Wangensteen on LinkedIn: https://www.linkedin.com/in/nelswangensteen 

MayTech Global Investments: https://www.maytechglobal.com/ 

DISCLAIMERS

MayTech is a registered investment adviser. Registration of an investment adviser does not imply a certain level of skill or training.

The opinions expressed herein represent the views of MayTech’s management (or investment professionals) based on market conditions as of the date of this video and may change at any time without notice. We assume no obligation to provide an update to this video. Recipients are advised not to infer or assume that any securities, strategies, companies, sectors or markets described will be profitable or that losses will not occur. It should not be assumed that recommendations made herein or in the future will be profitable. The discussion in this podcast includes references to information from third party sources believed to be reliable; however, we make no representation as to its accuracy or completeness.

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