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.

_______________________________________________________________

(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/