GQG’s Rajiv Jain defends bet against AI as outflows increase

GQG Partners Chairman Rajiv Jain has defended the investment management giant’s decision to avoid what he calls a frenzied artificial intelligence trading frenzy, even as billions of dollars leave the company as the company’s returns lag those of many of its key rivals.

In a letter to clients, the well-known stock picker said he believes valuations of AI-related companies, which have risen sharply over the past year, will fall. The costs of selling too late would be significantly higher, he wrote.

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