#70. Uncovering growth opportunities others miss, Baillie Gifford's Peter Singlehurst

Grillattavana Euroopan tunnetuimpiin kasvuyhtiösijoittajiin
kuuluvan Baillie Giffordin partneri ja listaamattomien
markkinoiden tiimin johtaja Peter Singlehurst.
Grillaus on englanniksi mutta haastattelu on tekstitetty
suomeksi.Peter Singlehurst discusses how future growth
opportunities are systematically underestimated in both public
and private markets. He shares fascinating insights into how
Baillie Gifford spotted a mispriced opportunity in Elon
Musk’s SpaceX. The firm invested in the company back in
2019, at a time when its valuation was practically based on its
launch business alone. They saw a significant, mispriced
opportunity in the Starlink program, which has since proven to be
a key driver of the investment's success. We also delve into the
growing importance of private equity, discussing why many large
growth companies, like the nearly €400 billion valuation SpaceX,
are staying off the stock market. Peter argues that this
phenomenon is not a forced move but a major opportunity for
investors who can gain access to these companies. Singlehurst
also reveals Baillie Gifford's "recipe for growth," discussing
both the quantitative and qualitative factors they look for in a
company, such as a strong competitive advantage and the ability
to multiply in value over the years. We also touch upon their
investment philosophy in China, where they hold a significant
position in ByteDance, the parent company of TikTok. Karon Grilli
interview was produced in collaboration with Baillie Gifford. The
company paid for its participation in the program, but did not
influence the questions asked.