Talking Research - Walter Scott

Lonza sits at the nexus of two of the most powerful long-term trends in global healthcare: outsourced drug production and the rise of biologic therapies.  In this episode of Digging Deeper , Murdo MacLean sits down with investment manager Tom Miedema to explore the critical role this little-known Swiss group plays in advanced drug manufacturing. Together, they examine the foundations of Lonza’s co...

This podcast was recorded on 27 February 2026, prior to recent events in the Middle East. Markets are currently shaped by concentration and powerful narratives, with share prices often drifting far from underlying fundamentals. In this episode of Talking Research , Francis Sempill is joined by Roy Leckie and Alan Edington to discuss portfolio performance and whether investors risk overlooking many...

What does AI look like on the ground in California? Fresh from a week on the US West Coast, Investment Manager Tom Miedema shares what he heard in boardrooms and labs – from data centre build‑outs and custom chips to the realities of software adoption and monetisation. This episode cuts through the hype to explore who is likely to win, where supply chains are straining, and why some AI milestones...

Charlie Macquaker reflects on 34 years at Walter Scott, sharing insights from his early days to recent research trips in China and Sweden, and discusses the enduring principles that underpin the firm’s investment approach. Visiting companies and engaging directly with management teams reveals insights that go far beyond desk-based analysis.  As the current AI frenzy echoes the dotcom days, why hea...

Stablecoins are now bypassing banks, AI agents are making purchases and global payments are accelerating rapidly. Jamie Zegleman discusses the technologies reshaping the payments landscape, cross‑border flows, and everyday commerce. Stablecoins are scaling fast , with over $250bn in circulation and trillions in annual transaction volume — driven by speed, cost efficiency, and growing adoption acro...

Curious about how Walter Scott is charting a course through volatile stock markets? In this podcast, Investment Manager AJ Kyle and Executive Director Roy Leckie delve into three critical areas: Stock-by-stock scrutiny : Evaluating the supply chains of companies such as Intuitive Surgical to understand their tariff exposure. Project-based analysis : Identifying both defensive and offensive opportu...

How did one man’s prudent attitude spark a multibillion-dollar business empire? On a recent trip to the US, investment analyst Dr Oriana Beaumont visited Fastenal to understand how the industrial giant is still driven by its founder’s razor-sharp focus on cost control. Fastenal has transformed itself from a retailer of industrial products to a strategic supply-chain partner The Fastenal model cont...

Japan has a rich heritage in robotics, consumer electronics and the automotive industry. But where are the next growth opportunities? Investment Manager Lucia Gibbard went to Japan to find out.  In the foothills of Mount Fuji, robots make robots in total darkness 24/7 Companies are investing heavily in digital transformation to enhance efficiency As the global supply chain diversifies away from Ch...

For businesses and investors with a global perspective, the immense size of India’s economy, combined with its impressive rate of economic growth, makes it critical to understand. Investment analyst Connor Graham discusses his recent trip to the country where he met with numerous companies across different sectors. With almost half of India’s population under the age of 25, the scale of consumers...

A visit to China highlights the perils of making generalisations about such a vast and complex country. Investment manager Paul Loudon reports back from the bright lights of Chengdu, Chongqing and Hong Kong whilst investment manager AJ Kyle provides an update on the team’s recent travels and investment insights. Key takeaways There are palpable signs of an economic buzz in Chengdu and Chongqing, f...

 AI-driven technologies such as ChatGPT are being adopted at breakneck speeds. Because of this, companies are scrambling to keep up - they need smarter software, stronger networks and better computers. This has created huge opportunities for pioneering firms such as TSMC, ASML and Nvidia. Investment managers Tom Miedema and Jamie Zegleman explore whether these innovative companies will maintain th...

For investment professionals only In a wide-ranging discussion, Investment Managers Des Armstrong and Alan Edington debate the ongoing concentration of US markets, Japan’s impressive start to the year as well as trips to Denmark and LA to meet with, amongst others, healthcare, entertainment and medtech businesses. AI was the recurring theme throughout the discussion albeit there are question marks...

For investment professionals only In our latest quarterly podcast, Walter Scott's Directors Charlie Macquaker and Roy Leckie discuss the remarkable performance of equity markets in 2023. They also reflect on some of the year’s research trips, including Charlie’s recent visit to Japan, and ask if the outperformance of the Magnificent Seven has been justified by fundamentals, and if it can cont...

For investment professionals only In our latest podcast, we hear from Walter Scott's Head of Research and Investment Manager Alan Lander, Investment Manager Fraser Fox and Investment Analyst Michael Scott, who’ve all recently returned from Asia. During discussions with companies across mainland China, Hong Kong, Indonesia, Malaysia and Singapore, they garnered plenty of valuable first-hand in...

For investment professionals only In Walter Scott's latest quarterly podcast, Investment Manager Paul Loudon considers current goings-on in China and why, in his view, the picture there is not all doom and gloom. He also shares insights from recent debates and the team’s latest travels before fellow Investment Manager Lindsay Scott joins him to talk about the ground-breaking, hugely topical a...

For investment professionals only In this episode, Walter Scott Investment Managers Des Armstrong and Tom Miedema discuss their recent research trip to China and Taiwan. With ongoing headlines around geopolitical tensions and the end of China’s strict zero-Covid policy, it was a particularly timely visit. The podcast is intended for investment professionals only and should not be construed as inve...

For investment professionals only With reporting season underway, Walter Scott's Research team has been busy analysing, discussing, and debating the merits of numerous companies. It has also been a busy period for research trips – including the US, Italy, France, China, Taiwan, and a whisky distillery in the Scottish lowlands. In this podcast, Investment Managers Alan Lander and Lindsay Scott...

For investment professionals only 2023 has been a busy year so far, with members of Walter Scott's Research team travelling far and wide – to India, Germany, Spain and the US. Here, Investment Managers Tom Miedema and Matthew Gerlach discuss the findings from some of these trips, focusing particularly on their semiconductor industry visit to the US. Over two weeks, they met with businesses as...