![]() One company I’d highlight that is helping companies reduce their water use is Roper Technologies. There’s a big technological side as well to climate-change–related thinking and making companies’ operations greener. In software, HubSpot, one that we like, is helping to basically digitalize aspects of small and midsize businesses in the U.S. Palo Alto Networks would be a company that’s going to be at the leading edge of that. And some areas that we’re looking at include cybersecurity, as people move workloads from the edge of the network to the cloud. We think that enterprise spending on tech could be up 4% next year, which would be the highest projected growth rate in 10 years. And so this speaks to the importance of finding the next generation of companies. Those other nine companies since then have lost a cumulative $235 billion of market cap. If you think about the largest companies in the world by market cap 20 years ago and compare that to today, there’s only one company that’s still on that list, which is Microsoft. And we expect some of the big winners in tech next year and beyond actually to be outside of those dominant platforms that are listed in the U.S. Koch: That disruption in venture extends into the public markets too. I don’t think we’d be seeing this much traction if it weren’t for the great disruption of our lives over the past couple of years. All of the extra thoughtfulness that people have had, for better or worse, around personal health through the pandemic is creating all of these opportunities for spaces that venture capital has never touched before. Now you can just book an appointment and get on with your day. Now that insurance covers a lot more telehealth, it’s a lot more widely acceptable. I’m also seeing a lot of innovation around models for delivering health care differently. One is LegUp, which helps parents connect with early childhood education suppliers, and the other is Stack Education, which is delivering upskilling and rescaling programs through community colleges in the middle of America. Personally, I’m invested in a couple of companies in the space. And now as we realize that there are so many different ways of delivering education, we’re starting to see record investing. A lot of VCs were very cautious about the education industry before the pandemic. And we’ve had a major disruption in how we live and work and plan to do everything, and behavior hasn’t settled into what the new normal will be. Leslie Feinzaig: Building on that point, I think that in times of great disruption comes great opportunity. For many of them, they’re seeing that even as we reopen, their delivery efforts are actually holding up quite a bit better they’re above the levels where they were before COVID. And the results are really quite amazing. So for example, among restaurants, the most hard-hit industry other than airlines, many pivoted to delivery and online ordering. But the experience, I think, by and large has been very positive-including in some much older industries. Are we seeing some of that business flow to lesser-known names or smaller companies?ĭan Chung: The massive acceleration in the adoption of technology, in some ways, was a forced experiment for a lot of stakeholders. So in terms of resilience, areas where we’re looking to invest would include the reshoring of supply chains, which we all have discovered this year need to be more resilient digitalization of businesses and finally, investing in the transition to a more sustainable planet.Įarly in the pandemic, the benefits of digitalization seemed to flow mostly to Big Tech. And we’re going to have to be highly selective against that backdrop. Is 2022 a year when you see equities in general cooling off? Katie Koch: Big picture, we think of 2022 as a year of transitioning from recovery to more resilience, where returns will be more muted. ![]() Fortune: We’ve been through this incredible rebound year, but now we’re starting to see new headwinds, whether it’s inflation, labor and supply-chain problems, or the end of government stimulus. What follows are edited excerpts from our conversation read more at. Joining us on this year’s panel were Dan Chung, the CEO, chief investment officer, and portfolio manager at Fred Alger Management Leslie Feinzaig, the founder and managing director at venture capital firm Graham & Walker David Giroux, chief investment officer for equity and multi-asset at T. Rowe Price and author of the new book Capital Allocation: Principles, Strategies, and Processes for Creating Long-Term Shareholder Value Lori Keith, director of research and portfolio manager at Parnassus Investments and Katie Koch, cohead of fundamental equity at Goldman Sachs Asset Management. ![]()
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