Behind the Balance Sheet · Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities

#54 The Innovation Fans - James Anderson & Morgan Samet on Finding the Next Ten‑Baggers

·49 min

James Anderson and Morgan Samet, co-managers of Lingotto Innovation Strategy, discuss the current investment landscape amid AI mania, hyperscaler capex, and autonomous vehicle development. James brings Santa Fe Institute-influenced skepticism about LLM capabilities, arguing real breakthroughs are 10+ years away and current valuations reflect irrational exuberance. Morgan counters with optimism about atoms-on-bits cycles, infrastructure buildout, and concrete opportunities in China and AVs. Both discuss power law characteristics, ecosystem dynamics (NVIDIA as kingmaker), and the need for societal risk management alongside investment opportunity. The conversation balances James' wariness of dot-com parallels against Morgan's belief in transformational potential.

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