Motley Fool Money Interview with Tom Slater, Head of U.S. Equities at Baillie Gifford
25 snips
Sep 7, 2025 
Tom Slater, head of U.S. Equities at Baillie Gifford, discusses the keys to long-term investing. He emphasizes the need to identify standout market winners and maintain a disciplined mindset through market fluctuations. Slater explores the dynamics of founder-led companies like Tesla and shares insights into innovative strategies that tap into emerging e-commerce markets. The conversation also highlights the importance of understanding organizational culture as essential for enduring success.
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Power Law Returns Favor Few Winners
- Over a roughly 10-year holding period returns concentrate in a small number of big winners.
- Chipping away at winners in the name of risk control breaks the structure of returns.
Ask Two Questions Before Trimming Winners
- Ask whether the company's opportunity has grown and whether the likelihood of capitalizing on it has increased.
- Only then evaluate valuation and risk before trimming a position.
Twenty Years Holding Amazon
- Baillie Gifford has owned Amazon in Scottish Mortgage for almost 20 years.
- Each time Amazon rose they reassessed the opportunity and the likelihood of success, which justified holding it.
