David Smith | Source | Senior Vice President, Domestic Equities at Bailard
David Smith
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.
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Bailard (https://www.bailard.com/)
Senior Vice President, Domestic Equities
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2024 tech outlook: Will AI plays still be all the rage?
The Magnificent 7 tech stocks stole the show in 2023, driven particularly by the mass adoption of AI. Is tech still the way to go in 2024? Bailard Executive Vice President of Domestic Equities Dave Smith believes so, forecasting a broadening rally in tech. 2023 returns were heavily concentrated on AI, but that shouldn’t be expected as “we’re really going to see a broadening of that rally," Smith tells Yahoo Finance, also believing the rally will continue throughout 2024 and into 2025. Bailard groups the US economy and the tech sector as having both gone through "a series of rolling recessions in the past 18 months." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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New Year’s resolutions for investors in 2024
Eat healthier, exercise more, have a better work-life balance. These are all common New Year's resolutions. But what are some resolutions that investors should make for 2024? Yahoo Finance spoke to experts across the industry for their investing advice in the New Year. Diversify your portfolio (00:00:03) "We should all be happy when we get higher returns in our portfolios, Apollo Global Management Chief Economist Torsten Slok said. "But the composition of these returns really matters. Thinking about, am I diversified enough in my investments?" Do your research on undiscovered companies (00:00:44) "It's been really easy in the past couple years to stick with the large cap names," Bailard Executive Vice President of Domestic Equities Dave Smith said. "I think it's going to be increasingly important to seek out those undiscovered names and really do the hard work on names that have been disproportionately impacted over the last year." Create...
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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.