Maintaining conviction through disruption
About this lesson
In this episode of the Center for Investment Excellence podcast, David Lebovitz is joined by Danielle Hines, Director of U.S. Equity Research, to discuss how a long-term, valuation-driven equity research process can help investors maintain conviction amid rapid disruption. They explain the U.S. core equity research framework—anchored by a tenured, career analyst model and a time-tested five-year expected return approach—and how the team differentiates “being early from being wrong” by documenting theses, tracking key signposts, and updating forecasts as facts change. The conversation also examines AI-driven disruption on both sides of the market, including a case study on insurance brokers, the role of cross-sector collaboration in evaluating AI “enablers,” and lessons from past disruption cycles like e-commerce. Timestamps: (00:56) Core equity research framework (01:17) Tenured, career analyst model (02:06) Five-year expected returns discipline (02:58) Early vs. wrong signposts (04:56) AI disruption examples (08:52) AI enablers: stress-testing narratives (10:50) Cross-sector collaboration on bottlenecks (12:05) Lessons from e-commerce disruption (15:44) Tools augment people and process
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