Aug 7, 2026 · 58 min
Curiosity helps investors find tomorrow’s mega-caps
Two attributes to make you a better investor
The episode examines how disciplined research can turn uncertainty across technology, energy and healthcare into long-term investment conviction.
- 1Curiosity and persistence help Munro Partners uncover themes before they become obvious investment opportunities.
- 2Investors must balance conviction with uncertainty while searching for smaller companies that could become future market leaders.
- 3Ma identifies memory stocks, particularly Micron, as her preferred five-year investment amid AI-driven infrastructure demand.
Don't miss
Ma names memory stocks, particularly Micron, as her preferred five-year investment after discussing AI adoption and technology cycles.
The brief
Qiao Ma of Munro Partners begins with volatility in Korean technology stocks, then broadens the discussion into a case for curiosity, persistence and disciplined risk management.
Munro’s generalist process follows questions across supply chains, energy, climate, travel and healthcare, using broad themes to uncover opportunities before they become consensus.
The central tension is conviction without certainty: long-term returns often concentrate in a few companies, but identifying future winners requires looking beyond today’s largest names.
AI becomes a test case for this approach, as Ma looks past obvious technology leaders toward smaller businesses benefiting from infrastructure buildout and adoption across industries.
After reflecting on lessons from Apple and Nvidia, Ma names memory stocks—particularly Micron—as her preferred five-year investment, linking the thesis to AI-related demand.
What was said on this episode
26 statements · 18 positive · 5 negative · 1 mixed · 2 neutral
Memory companies are strengthening, with no evident demand or financial deterioration.
“the memory companies in general are probably going from strength to strength. And we have seen no cracks on the end demand, the economics, the financial aspect of these companies.”
Listen at 4:05
Korean stocks eventually follow company earnings over longer periods.
“if you just zoom out to a longer period of time, the stocks do eventually go back to following their earnings.”
Listen at 4:49
US electricity grids lack sufficient power for new industrial and data-center demand.
“the grid cannot cope with it. Um, so we just come up with this, you know, big idea, which is really simple. We are short on power. We don't have enough power.”
Listen at 9:47
The power shortage may persist for at least five years.
“we think the power shortage is not getting solved, not this year, not next year. Possibly this is going to take at least 5 years to, to, to work it out.”
Listen at 15:02
Solar power is currently the cheapest power-generation method.
“solar is by far the cheapest way of generating power.”
Listen at 15:51
New nuclear power plants will be built globally.
“new nuclear power plants will be built all over the world as well.”
Listen at 16:18
Most long-term stock-market returns come from the top five percent of companies.
“the entire stock market returns are usually generated by the top 5% of the companies”
Listen at 17:17
Approximately 95% of businesses or stocks fail to work out.
“95% of the business, 95% of the stocks don't work out.”
Listen at 18:03
Investors should combine conviction with awareness of potential error.
“you need to have conviction, but also you got to be smart about when you could be wrong.”
Listen at 18:11
Investors should identify stock problems early and exit before losses become severe.
“we have a risk management system. We need to work out a problem with the stock quick and early, and we gotta get them out of the portfolio before they become a really big problem.”
Listen at 18:58
Small and mid-cap growth companies are often mispriced due to limited attention.
“because nobody looks at them, they're often mispriced.”
Listen at 21:49
Small-cap companies are risky rather than inherently attractive.
“I don't think being small is beautiful. I think being small is risky.”
Listen at 23:12
Global travel demand has continued growing four to five percent annually.
“global travel demand continued to chug along at 4 to 5% per year.”
Listen at 37:29
Munro favors travel as an investment theme.
“we really like travel as areas of interest.”
Listen at 37:59
Munro invests in Formula 1 and TKO for growing live-sports engagement.
“we have 2 stocks. One is Formula 1 and one is TKO, which owns UFC and WWE”
Listen at 38:36
Healthcare meets Munro’s criteria for an attractive investment area.
“healthcare fits every single criteria what we're looking for at Munro.”
Listen at 39:14
AI will substantially improve efficiency in healthcare.
“AI is going to, number one, add a lot of efficiencies”
Listen at 39:34
Travel, sports, and innovative health will grow independently of AI capital spending.
“these 3 areas of interest are going to have their own robust growth drivers.”
Listen at 40:04
Global travel demand is 20–25% above its pre-COVID level.
“global travel demand is a solid 20%, 25% higher.”
Listen at 43:38
Howmet is uniquely capable of making the best turbine blades.
“there's only one person in the entire world that can make the best blades, and that's Helmut.”
Listen at 46:03
Howmet benefits from three simultaneous long-term structural demand drivers.
“This is a business that used to be an old school industrial. All of a sudden, 3 very long-term structural demand drivers hitting them all at the same time.”
Listen at 47:49
Howmet has delivered quarterly earnings upgrades since Munro bought it.
“since we owned it probably 2.5 years ago, every single quarter it was just a classic earnings upgrade.”
Listen at 48:42
Taiwanese clean-room contractors face sustained demand from global chip-fab construction.
“these little contractors just have endless work coming after them.”
Listen at 53:48
AI adoption is irreversible and AI will remain part of society.
“This is a journey that is irreversible. We're not going back to a world without AI. AI is here to stay.”
Listen at 55:34
AI use and deployment will continue expanding across daily life.
“AI is getting used, and it's getting built, and it's going to keep coming into different aspects of our lives.”
Listen at 55:48
Micron or another memory stock could hold cash worth 50–100% more than current market capitalization in five years.
“Micron or any memory stock for really simple reasons. If they don't need to trade, when you wake up 5 years from now, they will be sitting on a pile of cash roughly 50 to 100% bigger than the current market cap”
Listen at 56:39
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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