REDUCING THE NOISE OF AI INVESTING copertina

REDUCING THE NOISE OF AI INVESTING

REDUCING THE NOISE OF AI INVESTING

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“Reducing the Noise of AI Investing”: In this Wealth Actually episode, Frazer Rice speaks with KEVIN SHEA, Senior Equity Analyst at BNY Wealth, about AI Investing and how investors should think about artificial intelligence as an investment theme rather than just a headline-driven trend. They discuss the difference between hype and durable fundamentals, how to segment AI opportunities across infrastructure, software, and end-user adoption, and why free cash flow still matters when evaluating companies tied to AI. https://open.spotify.com/episode/1NGM8j2KqdiUFWSLguBMEH?si=YmB4s0OVSqyy6U3Mpg7OaA https://youtu.be/Wnlub-HoiUo The conversation also explores circular financing risk, the role of management vision in fast-moving markets, which industries may be disrupted or strengthened by AI, and how large institutions are using AI internally to improve productivity, analysis, and client service. Chapters 00:00 – Intro and episode setupFrazer Rice introduces the episode, frames AI as a dominant investment theme, and welcomes Kevin Shea to help unpack AI Investing for the audience.01:00 – Hype versus disciplined investingKevin explains that disciplined investing is what allows investors to separate hype from durable opportunity, and argues that AI adoption, spending, and earnings revisions point to real underlying fundamentals.03:00 – How to bucket AI investment themesThe discussion turns to how investors can organize AI exposure, including beneficiaries versus disrupted companies, technology bottlenecks such as GPUs and networking, and industry adoption themes across sectors.05:30 – Valuation, momentum, and free cash flowKevin discusses why free cash flow per share growth remains one of the most important drivers of stock performance and why parts of the semiconductor ecosystem may deserve a valuation re-rating.08:15 – Circular financing and risk in the AI ecosystemFraser asks about the growing concern that AI companies are financing one another, and Kevin outlines both the bullish “escape velocity” case and the downside risk if business models do not become independently profitable fast enough.11:45 – Infrastructure buildout and competitive uncertaintyUsing analogies like railroads and golf courses, the conversation highlights the risk that early builders may not be the ultimate winners, especially in a market with heavy spending and rapid leapfrogging among competitors.13:00 – AI Investing: Public versus private market exposureThey examine whether owning public companies such as Alphabet offers meaningful AI exposure, versus gaining more direct but harder-to-access exposure through private investment vehicles.15:45 – What strong AI management teams look likeKevin emphasizes that in an environment with no clear historical playbook, vision, execution, and the ability to identify durable differentiation are critical traits in management teams.19:15 – Adaptability and strategic pivotsFraser adds that thoughtful adaptation matters, and Kevin notes that sometimes acquisition activity can signal whether a company is innovating ahead of the curve or scrambling to catch up.20:45 – Which industries are most exposed to disruptionThe conversation shifts to sectors under pressure, especially parts of software and IT services, while stressing that disruption does not necessarily mean extinction.24:45 – Why law and accounting may evolve, not disappearFraser offers a contrarian view that AI may make strong legal and accounting professionals more valuable, and Kevin compares that to earlier fears that Excel would eliminate accountants.26:15 – How Kevin uses AI in practiceKevin describes how AI has made his team materially more productive, especially in data aggregation, scenario analysis, industry research, and portfolio risk work, while also helping BNY operationally across onboarding, security, and client communication.29:10 – Where to find Kevin and closing remarksThe episode closes with Kevin sharing where listeners can connect with him and Fraser noting how quickly the AI landscape continues to change. Links KEVIN SHEA on Linkedin RICK FERRI on BRING SIMPLICITY BACK TO INVESTING Transcript of AI INVESTING Frazer (00:01)Welcome aboard, Kevin. Kevin Shea (00:03)Yeah, thanks for having me. Appreciate it, Frazer. Frazer (00:06)We’re going to tackle two words that have basically taken over the investment world for the last six months: artificial intelligence. Before we do that, whether it’s AI or crypto or tulips or anything with a lot of hype or buzz around it, how do you think about delineating between investing based on hype and doing it within the confines of a disciplined approach? Kevin Shea (00:32)They really do go hand in hand. You need a disciplined approach in order to recognize whether it’s hype or not. The reality is that it’s pretty impressive, the adoption we’re seeing with AI: the amount of spend, the companies that are participating in and benefiting from AI. ...
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