Equity Mates Investing Podcast “There’s always a bull market somewhere in small caps” - Tobias Bucks
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Apr 6, 2026 Tobias Bucks, portfolio manager focused on global small caps and electrification niches. He discusses why valuations still matter and where small‑cap bull markets persist. Short takes cover AI/data‑centre CapEx, the rebuild of the grid, defence plays, and how he screens for niche leaders in a value‑aware growth process.
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Value Bias Is Essential For Growth Investors
- Growth investing works but human bias pushes investors to overpay for perceived high growth, so valuation matters even for quality growth names.
- Tobias cites lab studies showing perceived price alters judgement and pleasure, urging a value bias alongside growth focus.
Bull Markets Rotate Into Industrial Small Caps
- Small cap bull markets rotate; software has peaked but niches tied to electrification, defense and data centres are still in motion.
- Tobias points to Europe and Japan small caps plus grid, data centre optics and defence as active bull pockets.
Peak CapEx Risk For AI Data Centre Builders
- AI-driven data centre capex likely nears a peak as physical constraints and second-derivative slowdown appear.
- Tobias tracks quarterly capex growth rates and notes ecosystems must broaden to scale beyond current $650bn run-rate.
