Ben Rogoff (Polar Capital) - The Importance Of Not Missing Out
Ben Rogoff is co-head of Polar Capital's Global Technology team. Having joined the industry just before the technology bubble of the late 1990's and early 2000's, Ben has a wealth of experience navigating different market cycles. We discuss the environment today, the similarities and differences with the TMT bubble and what it takes to be a successful tech investor. We also dive into Ben's investment themes, the benefits of being diversified and the importance of not missing out on big winners.Show notes:[1:33] Ben discusses his early career[4:12] Surviving the bursting of the tech bubble[5:21] Lessons from the tech bubble[7:44] Joining Polar Capital[9:01] Guardrails for tech investing[12:43] There is often no mean reversion in tech[14:23] Companies should behave differently at different stages of maturity[17:11] Reinvestment risk is high in tech[18:13] The importance of not missing out on the big winners[20:22] The benefits of being diversified[21:20] Sell discipline[23:36] False sell signals in the current environment[25:00] Investment themes and why tech as an enabler of new industries[28:25] Is AI a general purpose technology?[30:45] The semiconductor cycle and geopolitical risk[33:33] Similarities and differences with the tech bubble[36:53] Adapting to a different capital market environment[40:00] The scale advantages of Apple, Microsoft, Alphabet et al[43:42] Recording how you feel in the moment and getting to where you want to be as quickly as possible