Charles Carter

In this insightful discussion, Charles Carter, a European Portfolio Manager at Marathon with expertise in capital cycles, dives deep into the frenzy surrounding AI investments. He highlights the potential dangers of over-investment fueled by market hype. Carter shares striking projections of trillions in spending and questions whether such lofty revenue expectations can be met, drawing parallels to the dot-com era. He examines the balance between long-term dominance and short-term fear among tech leaders, revealing the motivations driving the current AI capital rush.

Charles Carter, a European portfolio manager at Marathon Asset Management who helped compile the book Capital Account, joins to recount firsthand investor perspectives. He explores origins of capital cycle thinking and the telecoms and TMT booms. Short‑termism, earnings manipulation and overinvestment stories come up. Parallels between past bubbles and today’s AI and market concentration are examined.

Charles Carter, a European Portfolio Manager at Marathon Asset Management, dives into the tumultuous history of the European telecom sector. He discusses the pitfalls of inflated valuations and the struggle of companies like Vodafone amidst regulatory challenges. The comparison with the more consolidated US market highlights the difficulties faced by European firms. Carter shares insights from Marathon's investment experience with KPN, emphasizing how market dynamics and regulation hinder profitability, raising questions about the sector's future viability.