Joined June 2018
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275 Photos and videos
Watch Brian Kersmanc, Portfolio Manager, discuss why we believe investors are becoming more skeptical of CapEx spending across the Mag 7 companies and where we see opportunities.
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Jun 11
In our view, even the best AI tools still suffer from an insidious hallucination problem. Cases like this recent federal dispute—where nonexistent, AI-invented citations appeared on both sides—underscore why longer-term adoption and durable value creation remain challenged. tinyurl.com/4tc5ydft
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Jun 4
Short on time? Explore GQG’s Fast Takes for timely, short-form insights delivered through data visualizations, infographics, and cartoons. tinyurl.com/47s8ju57
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May 28
Is today’s rally building confidence, or complacency? The longer nothing breaks, the easier it becomes to miss any vulnerabilities building beneath the surface. “What in the World?!” brings unique weekly insights to individual investors on what’s really driving the markets. Read it and subscribe: tinyurl.com/4vncfadr
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May 27
Can these IPOs live up to the hype?
Watch Ben Larsen, CFA, Client Portfolio Manager, and Geoff Doyle, Senior Director, Business Development, as they discuss the potential IPOs of OpenAI and Anthropic, SpaceX’s filing, and the bigger question: how much of today’s excitement is already reflected in stock prices?
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May 22
Watch Deputy Portfolio Manager Sid Jain provide an update on where we see strong earnings growth in emerging markets and why we believe markets may be too complacent about the risk of an oil shock. Watch the full interview: tinyurl.com/mr24t3dj
Views of GQG Partners as of 27 April 2026 are subject to change and do not constitute investment advice.
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May 21
Can these IPOs live up to the hype? Watch our latest 7 Minute Alpha for our perspective on the potential IPOs of OpenAI and Anthropic, as well as SpaceX’s filing, and what these impending listings might mean for investors. tinyurl.com/9b3hfwec
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May 14
We think investors typically lose their memory around what late-cycle enthusiasm tends to look like right before pricing resets and demand destruction set in.
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May 14
And the story continues!
Valuation numbers are even higher since we released this piece.
Google is at 252x expected free cash flow…
@ThierryBorgeat
🚨Alphabet $GOOGL trades at 133x free cash flow.
For context: its pre-COVID multiple was ~20x.
And free cash flow hasn't grown since 2021.
GQG Partners — one of the world's top institutional investors — just published a full research note titled: "Not Much Alpha Left in This Bet."
Their three concerns:
1. AI is cannibalizing Google's core search revenue. Over 50% of searches may now end without a single click. No click = no ad impression.
2. CapEx is exploding. Google Cloud's capital spending now exceeds the revenue it generates. $175–185B in CapEx planned for 2026. Google Cloud generated $ 59B in revenue in 2025.
3. Advertising is cyclical. When the economy slows, ad budgets are the first to be cut. The last time this happened — 2022 — the stock fell 40%.
Alphabet is an extraordinary business.
But 133x FCF leaves no room for anything to go wrong.
And a lot could go wrong.
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May 13
Are canceled data center projects creating a chip glut? We think investors may be underestimating the risk of chip orders running ahead of actual deployment.
Reflects the views of GQG as of 22 April 2026. GQG’s views may change without notice. Any forward-looking statements or forecasts are based on assumptions and actual results may vary.
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May 12
Some say Dotcom was different—yes, we agree, in 2001 Wired reported that the internet generated substantial real revenue and employment during the bubble, unlike today’s AI bubble!
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May 6
Portfolio Manager Brian Kersmanc highlights why “boring” sectors like staples and utilities may present what we believe are relatively more defensive opportunities during periods of elevated volatility. Watch the full interview: tinyurl.com/fhch4een
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May 5
CIO Rajiv Jain discusses the intersection of geopolitical instability and macroeconomic challenges. How can investors prioritize resilience in uncertain times? Read the full article: tinyurl.com/3dm4475y
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May 4
In our view, memory is entering a late-cycle dynamic, where capacity growth and elevated pricing look increasingly difficult to sustain.
Reflects the views of GQG as of 22 April 2026. GQG’s views may change without notice. Any forward-looking statements or forecasts are based on assumptions and actual results may vary.
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Apr 29
Generative AI’s growth isn’t just about tech, it’s about water, power, and public trust. Is the AI boom sustainable as communities push back on data center development? Check full article: tinyurl.com/5b3hm2y8
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Apr 23
Feeling locked into your private credit investments? We see opportunities across energy, insurance, healthcare, and utilities.
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