David Giroux, CIO and Head of Investment Strategy at T. Rowe Price Investment Management, has achieved something rare in investing—beating his Morningstar peer group for 17 consecutive years. In this conversation, Giroux shares his investment philosophy, including how he identifies GARP (growth at a reasonable price) opportunities, adapts to market inefficiencies, and constructs a resilient portfolio. He also discusses his outlook on AI, interest rates, market cycles, and why long-term thinking remains a powerful edge in today's short-term-obsessed market.
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
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