“There’s always a bull market somewhere in small caps” - Tobias Bucks
4/6/202649 min
If the last decade was about buying growth at any price, this episode is a reminder that valuations still matter. Tobias Bucks (Ausbil) returns to Equity Mates to explain why the next winners may come from overlooked global small caps tied to electrification, defence, data centres and the rebuild of the grid.
In this episode:
0:00 What Tobias has changed his mind on
3:14 Growth investing biases and why valuation matters
9:04 Where the bull markets still exist in small caps
12:04 AI infrastructure boom: are we near peak CapEx?
18:03 Tobias’ investing process: finding quality small caps
25:25 Stock deep dive: Mueller Industries
36:06 Stock deep dive: NKT
ETFs & Stocks mentioned: Trade Desk (NASDAQ: TTD), Ausbil Global Small Caps Fund, Ausbil Global Small Cap ETF, Mueller Industries (NYSE: MLI), NKT (CPH: NKT), Alphabet (NASDAQ: GOOGL), Oracle (NYSE: ORCL), NVIDIA (NASDAQ: NVDA), Prysmian (BIT: PRY), Nexans (EPA: NEX), S&P 500 Index (INDEXSP: INX)
This episode features insights from Ausbil Investment Management. Please refer to Ausbil’s disclaimer here.
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Clips
Transcript preview
First 90 secondsAlec Renehan· Host0:00
[beep] Everything you're about to hear is for education and entertainment purposes only. Whilst we are licensed, we're not aware of your personal financial circumstances. Any advice is general advice. Equity Mates operates under Australian Financial Services License 540697.
Bryce Leske· Host0:15
If we give you a stock and it goes up a lot, if in five years' time you're looking, "Oh, it's actually back where it went up a lot, but round trip back down," it's not my fault you didn't sell it- [laughing] ... when it was at a huge premium.
Alec Renehan· Host0:24
Equity Mates.
Bryce Leske· Host0:26
Welcome to another episode of Equity Mates, a show where we explore what's possible in the world of investing. If you've just joined us for the first time, a huge welcome to our community. My name is Bryce, and as always, I'm joined by my equity buddy, Ren. How are you going?
Alec Renehan· Host0:38
I'm very good, Bryce. Very excited for this episode. Very excited for this interview. We've got a returning guest, and, you know, we love all the guests that come through here at Equity Mates, but there are a few guests that really stand out over the years because the way they speak about markets, the way they speak about companies just really sticks with you and reminds you why you love doing this and how lucky we are. And, uh, the guest that we have in today is certainly someone that ticks that box. Tobias Sparks, welcome back to Equity Mates.
Tobias Bucks· Guest1:05
Wow. Thank you so much for having me, and such a very, very kind, kind introduction.
Alec Renehan· Host1:11
Yeah, we, we decided to put the bar really high.
Tobias Bucks· Guest1:13
[laughing] Yeah. I feel like I can only disappoint now.
Bryce Leske· Host1:16
[laughing] It was five years ago that we got you on, Tobias, and as Alex said, I think, um, it was a, a memorable interview. You've always come with stock picks that, uh, we've never heard of and are super interesting, and we will dig into that