DS

David Smith

Senior Vice President, Domestic Equities at Bailard
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Dave serves as a portfolio manager for the Bailard Technology and Science Strategy, where he specializes in technology sector research. Dave graduated in 2008 from the University of California at Berkeley with a double major in business administration and economics. He received his Chartered Financial Analyst® designation in 2012 and is a member of the CFA Institute and the CFA Society of San Francisco. In 2016, he received his MBA from the Haas School of Business at the University of California, Berkeley. Originally from Portland, Maine, he is an avid sailor and kayaker, and also enjoys distance running, traveling and all things outdoors.

Employment
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  • Tech Portfolio Resilience: Balancing Innovation and Stability
    Dave emphasizes including tech disruptors in non-traditional sectors like transportation. He advises blending established tech leaders with emerging innovators to diversify portfolios. This approach balances the security of companies with strong competitive moats and the potential upside of fast-growing disruptors, creating a resilient investment strategy.
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  • Generative AI is a revolution. We believe this has potential to be the most impactful breakthrough in the last decade. We expect to see a Cambrian explosion of uses and products over the coming months and years. Like the early days of the internet, many of them will sputter, but we believe the next crop of great technology products is poised to rise from the noise.
    Much of the initial hype around AI has been focused on a few select megacap technology companies. We believe that the opportunity set of winners will be broad and we are excited with some of the early direction by several smaller companies.
    Our framework for analyzing our universe has been to divide our opportunity set into two categories: AI enablers and disruptive adopters. AI Enablers include companies that provide the hardware and software that power generative AI applications. They are the picks and shovels companies. Disruptive Adopters include companies that are primed to harness the power of generative AI in either new products or to materially enhance current offerings.
    Societal impacts of generative AI are still very uncertain. This is a rapidly developing area of technology, and there is considerable uncertainty in the evolution path. There will be winners and losers in this, and some workers- perhaps knowledge workers- will certainly be displaced. Net/net, unlike many of the other recent technology booms (e.g. social media), this does look to be a productivity enhancer as opposed to a leisure good. It’s our belief that the net impact will skew significantly positive though the transition will undoubtably be challenging for many.