Rajiv Jain
Chairman and CIO, GQG Partners. On 1 show, 1 appearance. The Shows tab opens the full record on each.
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Rajiv Jain is the Chairman and Chief Investment Officer of GQG Partners, which he co-founded in 2016. He previously spent over two decades at Vontobel Asset Management, serving as Co-CEO, Chief Investment Officer, and Head of Equities.
1shows
1appearances
53statements
8resolved
5supported
0contradicted
63%fully supported
Everything Rajiv Jain said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Jain: Semiconductor barriers to entry are declining as China ramps capacity
“Semiconductor industry, the barriers to entry are getting lower, not higher. Chinese are coming in a very aggressive way, including into semi-cap site, equipment site, memory site, the ramping up capacity. That's a far lower barrier to entry business than what…”
Jain: If Chinese firms compete in an industry, they will overproduce
“One of the big lessons investing is if Chinese are a competitor, be very careful because they will overproduce and kill you.”
Jain: Google's operating margin would be single digits without depreciation changes
“If you look at Google, if they had not changed the depreciation policy, the margin would be high single digits, operating margin.”
Jain: AI is powerful, but infrastructure economics are structurally bad
“Our view is that this is a powerful technology, but the economics are really bad. And time is not a friend. So if you're trading here, different matter. But the economics are not good economics.”
Jain: Over half of hyperscaler backlog stems from OpenAI and Anthropic
“Now we're getting more clarity that more than half of the backlog, hence probably the revenue too,
Is coming from basically anthropic slash open AI.
If you look at Google and Microsoft is more than half open AI.
Amazon is more than half.
So they invest with op…”
Jain: CoreWeave and GPU cloud providers are bleeding heavily from underpricing
“When you're underpricing everything, if you look at CoreWeave and EBS, they're bleeding heavily.
That means they're not covering the cost.
The real test of shortage is when you're priced appropriately.
It's a capitalistic system, so when you subsidize somethin…”
Jain: Sector specialists are usually wrong at major market inflection points
“Because specialists at major inflection points are usually wrong. If you're not able to compare, you don't know what good or bad is.”
Jain: Asset managers must prioritize absolute returns over relative benchmarks
“Relative is fine in an up market, but over the long run, if you don't have absolute returns, nobody needs you. You don't pay bills with relative performance. In a bull market, everybody thinks a relative, but if you want a long-term survival, you need an absol…”
Jain: GQG's research team is half journalists hired to criticize investments
“Now we have an equal amount of journalists and traditional analysts. Their job is to take the opposite view by default. Journalists are pretty good at that. I've learned a lot hanging out with journalists. Half the team is journalists who basically criticize e…”
Jain: Hedge funds charge too much in today's highly efficient markets
“Fees, I think what's the biggest problem in hedge funds? They charge too much. There's only so much juice in the game. These are efficient markets. It's not like seventies. Buffett can do whatever sitting, reading Moody's manual and pick up stock two times ear…”
Jain: Software has low entry barriers; almost none survive 30 years
“If you look at it, how many companies have survived in software business over 30 plus years? Microsoft is an exception, and maybe Oracle, it's a lower barrier to business.”
Jain: GQG holds almost zero exposure to tech and semiconductors today
“Today, for example, in 12 months now, we have almost nothing in semiconductors. We have almost nothing in tech.”
Jain: Nvidia invested in over 50 of its own customers recently
“NVIDIA invests in over 50 plus of their customers in the last six, nine months.”
Jain: Established software at 10-12x earnings shows strong growth and lock-in
“Look at software today. We feel that it's a very intriguing area. These established businesses, but 10, 12 times earnings and folks feel they're completely going out of business. There's no sign of that. Not only that, they're growing 20% in some cases, and yo…”
Jain: Altria outperformed Meta, Microsoft, and Amazon over the past five years
“Cigarette volume has been declining at seven, eight percent in US. And guess what, last five years? Altria has outperformed Mera. I think now Microsoft and Amazon last five years.”
Jain: Position sizing should follow credit analyst logic, not equity conviction
“The sizing should be based on how a credit analyst would think. You can't have a very large position in monoline business, which operates a very narrow niche. Can't do it. So if you think about how does S&P would give AAA, it would never give AAA to an E&P com…”
Jain: Exxon generates $50B cash flow vs AMD's $9B at comparable valuations
“Exxon is almost similar market cap as AMD. Depending on the oil prices, this year they generate probably fifty billion of clean free cash flow. AMD will be lucky if they generate nine.”
Jain: SpaceX generates $18B in revenue but loses $5B
“SpaceX is wonderful, but eighteen billion revenue and five billion loss.”
Jain: Top-down macro should only reduce risk, never justify adding it
“One crisis after the other, as I've evolved over the years, it's become where top-down is a risk management tool, and we use it heavily. It's a switch off, not switch on. It should help you reduce risk, but not add risk. In other words, if Chinese growth is go…”
Jain: Managing scale requires being early; size prevents timely market exits
“It's better to be early than trying to time it. Once things find a catalyst, it happens. If you're running any size and scale, you won't be able to exit in a timely manner.”
Jain: Energy pipelines have massive barriers to entry due to regulation
“If you look at the energy business, it has become far higher barrier to business than it used to be. If you look at the pipelines, how long does it take to get any approvals? You don't have to go into Keystone, but any other pipeline, it's a much higher barrie…”
Jain: Public cloud adoption is over 90% penetrated for large enterprises
“Public cloud is 90% plus penetrated for large enterprises.”
Jain: Mag 7 historical capex was $1.5T; next 3 years project $3T
“The cumulative capex of all these MAG companies in their history is one and a half trillion dollars. Think about it. Now they're talking about three trillion in just three years.”
One line per show, most statements first. The link opens Rajiv's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
 CAPITAL ALLOCATORSLEDGER | Chairman and CIO, GQG Partners | 1 | 53 | 63% 5/8 | full record on Capital Allocators → |