Fund Manager Comments: Search, Research & Artificial Intelligence
Our monthly highlight of comments from leading fund managers
Introduction: This is the May edition of our monthly “Fund Manager Comments”, where we track public comments by key institutional fund managers and try to draw lessons from their decisions, especially where these overlap with our own holdings and research coverage (links to our content included where relevant).
Our theme of this month is (re)search, given the continuing interest in how AI will affect information businesses like Alphabet. We highlight comments from Seilern (on distribution as part of Google Search’s “moat”), Lindsell Train (on how RELX has not been disrupted by Google), AllianceBernstein (on how to use AI for equity research), Rupak Ghose (on the destruction of sell-side research) and Warren Buffett (on what AI will not change).
Google’s Distribution Is a “Moat” Too
We start with an in-depth article by Seilern Asset Management’s Nian Yu about how Google Search has developed distribution into a key competitive advantage, in the form of its status as the default search opti…