Ep 220: David Jenkins - Dot-Com on Steroids Reality Check for the AI Era

Is the current AI-driven market rally a structural revolution or a speculative mirage? David Clark sits down with David Jenkins , Client Portfolio Manager at GQG Partners , to dissect the firm's recent contrarian stance on the technology sector. Investors are feeling the squeeze of a "growth-at-any-cost" market. Jenkins explains why GQG, a firm managing over $250 billion AUD, is moving toward a defensive, value-oriented posture. We dive deep into their provocative white paper series, "Dot-Com on Steroids," exploring the "circularity" of AI capital expenditure and the looming risks in the private credit and data center boom. If you’ve been questioning the sustainability of triple-digit multiples and wondering where to find quality when "gravity" eventually returns to earnings, this conversation provides a necessary, fundamental-based reality check. Key take aways: The AI Capex Mirage: Why the massive spending by "hyperscalers" may be creating a circular revenue trap that isn't backed by real-world earnings. Quality vs. Hype: Understanding GQG’s "forward-looking quality" philosophy and why they believe traditional tech "quality" is actually deteriorating. Hidden Gems in Value: Why sectors like insurance, healthcare, and utilities are becoming the new frontier for compounding capital. Infrastructure Red Flags: The risk of securing long-term debt against short-lived assets like GPUs that may burn out in 18 months. The "South Beach" Story: A look inside the rapid rise of GQG Partners and how they’ve achieved a 90% alpha strike rate over rolling five-year periods.

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Ep 220: David Jenkins - Dot-Com on Steroids Reality Check for the AI Era is an episode from Inside the Rope with David Clark by Inside the Rope with David Clark.

This episode is 00:52:10 long.

This episode was published on Apr 13, 2026.

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