Saxo Market Call Special guest Peter Garnry of Gesda Capital
12 snips
Feb 10, 2026 Peter Garnry, founder and CEO of Gesta Capital and concentrated global equities manager, joins to discuss big market themes. They cover Novo Nordisk and GLP-1 dynamics. They dig into AI-driven capex races among hyperscalers, SaaS vulnerabilities, where true moats lie in data and pipelines, and the SpaceX IPO outlook.
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Episode notes
Peak Profit Pools Are Shifting To The Physical
- Garnry frames market leadership as shifting 'profit pools' that peak then recycle into new sectors.
- He says AI-driven capex is moving profits from software to the physical economy like grids, robotics and batteries.
Tech May Become Permanently Asset‑Heavy
- If tech firms become permanently asset-heavy, valuation frameworks must change.
- Garnry warns permanent reinvestment could compress profit margins and trigger large repricing.
Assess Switching Costs Before Dumping Software
- Do not reflexively sell large incumbents; assess integration and switching costs first.
- Garnry notes entrenched software like SAP and Salesforce act as nervous systems with high switching friction.