The Long View Best of The Long View 2025: Investing
45 snips
Dec 23, 2025 
In this engaging discussion, Eric Jacobson, a seasoned manager-research professional from Morningstar, delves into the world of evergreen funds and their liquidity risks. He sheds light on the redemption limits of these funds, emphasizing the significance of understanding their opaque features. Listeners learn about the hidden dangers associated with semi-liquid private markets and why careful consideration is essential for investors. Jacobson’s insights provide a thoughtful take on the complexities of modern investment strategies.
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AI Theme Versus Dollar Macro Forces
- Mike Pyle links U.S. equity strength to AI-led transformations while the dollar moved on macro and fiscal concerns.
- He highlights divergent market narratives: thematic equity bullishness versus traditional currency fundamentals.
AI's Gains Depend On Development And Diffusion
- Neal Shearing calls AI a likely general-purpose technology that could raise productivity significantly over years.
- He warns that fracturing and policy choices affect who develops, diffuses, and adapts to AI's gains.
AI Yields Cost Savings Before New Business Models
- Sudarshan Murthy expects AI-native business models to emerge slowly after an initial hype cycle.
- He sees companies first using AI to cut costs before revenue-generating uses surface.
