Patience. Process. Humility. How Aoris is investing in the current climate

Описание: The recent 30% and 10% plunges in silver and gold, respectively, are a timely reminder that markets can put the blinkers on, trades can become crowded, and when momentum breaks, the destruction can be swift.

But those moments also tend to reveal something else. When capital and attention are sucked into the latest shiny new thing, other parts of the market can be left starved of interest, even when the underlying businesses continue to execute.

As Stephen Arnold, Chief Investment Officer at Aoris Investment Management, puts it, “There are periods where the market is myopically focused on a theme,” and those periods can leave high-quality businesses mispriced.

For Arnold, that dynamic reinforces the importance of patience, process and humility, particularly when fundamentals improve but share prices fail to respond. Rather than chasing whichever narrative is attracting hot money, he remains focused on owning a small number of high-quality global companies capable of compounding value over time.

In the discussion above, Arnold explains why narrow market focus rarely lasts, how artificial intelligence may strengthen rather than undermine select businesses, and the stocks he believes are being overlooked as investors continue to view markets through too narrow a lens.

TIME CODES

00:03 – Introduction: 2025 as an unusual investing year and the lesson of patience
00:44 – Process under pressure: Patience, discipline, and humility when prices diverge from fundamentals
01:32 – Sticking to process: Testing assumptions without abandoning discipline
02:15 – Myopic markets: AI dominance, historical parallels, and why market focus eventually broadens
03:14 – Costco case study: Buying against consensus and benefiting from reappraisal
03:42 – L’Oréal: Holding through a tough year and reassessing China versus global growth drivers
04:46 – Accenture: Why AI strengthens the investment case rather than undermines it
06:29 – RELX: Proprietary data, AI as an amplifier, and mispricing by the market
09:12 – InterContinental Hotels Group: Franchise economics, loyalty systems, and structural growth
10:50 – Stock-led investing: Ignoring themes in favour of company-specific fundamentals
11:53 – Portfolio outlook: Valuation support, reappraisal potential, and confidence heading into 2026