We cover:
Why most investors overlook high-quality GARP stocks—and how Giroux takes advantage
How he navigates market cycles with 5-year IRR forecasts
Why long-term thinking gives him a contrarian advantage
The impact of AI on productivity, employment, and portfolio margins
His quantitative and qualitative approach to evaluating companies
What investors get wrong about financials, utilities, and passive investing
The CEOs he admires most—and what makes them exceptional
Why he thinks macro forecasts (including Fed-watching) offer little value
Timestamps:
00:00 Introduction to David Giroux and his track record
02:00 What “growth at a reasonable price” means to him
05:00 Market outlook and 5-year return forecasts
10:00 How short-termism creates opportunity
12:00 Tariffs, macro shocks, and stock picking
16:00 The role of bottom-up IRR modeling
18:00 Does passive investing distort market signals?
22:00 The inefficiencies created by sector-based ETFs
26:00 How his process evolved to capture intangible-rich businesses
29:00 Tech valuations vs. the dot-com bubble
32:00 Where he sees opportunity: software, healthcare, utilities
36:00 Areas he’s avoiding: financials and cyclicals
38:00 The role of management and capital allocation in success
43:00 How he uses quantitative tools for downside risk
46:00 Risk-adjusted return as the true North Star
48:00 How investor behavior has changed over his career
50:00 The long-term economic implications of AI
53:00 U.S. vs. international stocks from a bottom-up view
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