Few of us would’ve predicted that by June the S&P would not only be positive, but up over 11%. On face value, a healthy market.
But dig a little deeper, and it quickly becomes apparent that this performance has been carried by the big mega-cap tech stocks. Such is their performance, and the lack of performance by the rest of the index, that Apple, Microsoft, Alphabet and Nvidia now account for a third of the S&P500.
This all begs the question: what next?
Do these mega cap stocks sell off, does the rest of the market trade up, or will it be a bit of both?
If it’s the former, which companies will take the reigns?
These questions, and more, are answered by today’s guest – Jacob Mitchell, founder, CIO and lead Portfolio Manager at Antipodes Partners. Antipodes houses two global funds, an emerging markets fund, and an actively traded global shares ETF (ASX: AGX1). 
Before starting Antipodes, Jacob spent 14 years at Platinum Asset Management, where, as the co-CIO and lead portfolio manager of the Platinum International Fund, he oversaw $3.5 billion in assets under management.
Jacob goes to town on a lot of subjects, including:
his bear case for consumer-facing mega cap tech;
whether the AI boom is in fact a bubble;
where he’s seeing low multiples despite strong earnings growth; and
the stocks that will lead the the next cycle.

Note: This episode was recorded on Wednesday, June 5 2023

Timestamps


2:30 - Megacaps have dominated. What's next?
5:30 - Is AI a bubble?
9:10 - Slowing in the West, reopening in the East
12:00 - Market valuations and fundamentals don't line up
15:30 - Eyes on smaller companies bridging the gap
20:10 - Primed sectors
22:50 - Holding the line
27:20 - Liquidity is draining
30:20 - The secular winners of tomorrow
34:45 - Retail investors are sceptical of the energy transition
41:00 - Investment case for fossil fuels
44:00 - Hedging risk in today's market
48:00 - High conviction stocks

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