Capital Ideas Podcast Investing in AI for the long term: A tech investor's view
25 snips
Aug 14, 2025 Tomoko Fortune, an equity portfolio manager at Capital Group, has a rich background in tech investing, emerging from the dot-com bubble. She discusses the rush in AI investments, sharing insights on differentiating between disruptors and the disrupted. Tomoko emphasizes the importance of long-term investment strategies, strong management, and the adaptability needed in today’s market. She also highlights the value of mentorship and a supportive ecosystem in navigating challenges, offering a fresh perspective on opportunities in the evolving tech landscape.
AI Snips
Chapters
Books
Transcript
Episode notes
Winners Are AI Adopters With Moats
- Tomoko focuses on companies that apply AI to widen their moats, not only pure-play AI infrastructure firms.
- She looks for incumbents that can leverage scale, quality data, and strong management to win.
Prioritize Management And Durable Moats
- Favor companies with durable moats, sticky users, hard assets, and proactive management during AI transitions.
- Prioritize management teams that hire tech talent and move faster than peers.
Carvana: When A Thesis Breaks And Returns
- Tomoko described her Carvana investment: initial success, a mis-timed acquisition, and impaired balance sheet that broke the thesis.
- She sold before a 99% decline, later regretted being slow to re-enter when Carvana repaired its balance sheet.
