Alex Sacerdote - How to Invest Through Technology Cycles - [Invest Like the Best, EP.477]

Hello and welcome everyone. I'm Patrick O'Shaughnessy and this is Invest Like the Best. This show is an open-ended exploration of markets, ideas, stories, and strategies that will help you better invest both your time and your money. If you enjoy these conversations and want to go deeper, check out Colossus, our quarterly publication with in-depth profiles of the people shaping business and investing. You can find Colossus along with all of our podcasts at Colossus.com. Mm-hmm. Chick O'Shaughnessy is the CEO of Passitive Sum. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Some.

This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of Positive Sum may maintain positions in the securities discussed in this podcast. To learn more, visit psum.vc. My guest today is Alex Sacerdot, founder of Whale Rock Capital Management. WhaleRock is a technology focused investment firm that manages more than 17 billion dollars across hedge fund, longly, and hybrid strategies. Over the past three years it's been one of the best performing funds, compounding up roughly forty four percent per year. Alex invests through a single lens that he has refined over 20 years. He looks for technology S curves, durable competitive advantages, and underappreciated earnings power.

This conversation is a tour through how he applies that framework today. We start with his highest conviction position, which is anthropic. And use it to work through the entire AI stack from chips to models to applications. Please enjoy my conversation with Alex Saccherdo. Alex, you were saying that your highest conviction position is anthropic right now. Can you tell the story of

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