Investor webinar: your questions answered | Scottish Mortgage | February 2025

A recording of the live webinar that took place on 19 February 2025. Scottish Mortgage managers Tom Slater and Lawrence Burns discuss the topics on shareholders’ minds, from the impact of the Trump administration and investing in China, to artificial intelligence and portfolio positioning. Capital at risk. Chapters: 00:00:00 - Introduction and Webinar Overview 00:02:39 - Buyback Progress and Saba Capital 00:04:01 - Catalysts for Share Price Increase 00:05:48 - Impact of Trump's Administration 00:06:59 - Tesla and SpaceX Holdings 00:08:53 - SpaceX Valuation and IPO Prospects 00:09:46 - US Market Valuation Concerns 00:11:08 - Bubble Concerns and Precautionary Measures 00:13:50 - NVIDIA Stock Reduction 00:15:10 - AI Layer Opportunities and Beneficiaries 00:18:49 - New Investments: Revolut and Application Layer 00:20:36 - E-commerce and BYD Investments 00:21:51 - Lessons from China Exposure 00:23:05 - Current China Exposure and Risks 00:24:26 - DeepSeek's Impact and AI Competition 00:27:34 - ByteDance and Chinese Big Tech 00:29:29 - Alibaba and Tencent: Current Stance 00:31:20 - ByteDance Valuation and Comparison 00:32:32 - Geopolitical Changes and Resilience 00:33:52 - Horizon Robotics and Chinese Autonomy 00:35:18 - Benefits of Private Company Investments 00:38:04 - IPO Prospects and Market Dynamics 00:39:15 - Moderna Holding and Outlook 00:41:54 - Impact of RFK Jr. and Vaccine Politics 00:44:10 - Northvolt's Current Status 00:46:17 - Cloudflare's Long-term Potential 00:50:24 - Managing Volatility and Long-term Strategy 00:54:35 - Blue-sky Themes and Exciting Research 00:57:20 - Robotics and Real-world Deployment