Why a Long-Term Investor Is Sticking With Tesla and Cloud Shares

Everything about the investment approach at Baillie Gifford screams patience. Founded more than 110 years ago, the Scottish portfolio management firm, which oversees $250 billion, is a believer in the power of long-term growth investing. “We think it’s easier to spot significant points of change—and to ride the sometimes bumpy road toward them—than to try to second-guess other investors quarter to quarter,” the firm says on its website.

That philosophy was put to the test in 2022, as tech stocks suffered their worst year since 2008. Riding point was Dave Bujnowski, who co-manages the firm’s U.S. equity growth portfolio. While Bujnowski says last year’s experience forced him to challenge his assumptions—the U.S. fund fell more than 50% last year, after returning an average of 43% annually in the prior three years—he is unflinching in his view that Baillie has the right approach in making long-term bets on the power of change.