of the £10bn Scottish Mortgage investment trust, we cover a lot of ground. Of course, we discuss his current thoughts on China and the Mag 7, including why he has trimmed Nvidia but still likes Meta and his thoughts on Elon Musk. Tom explainshis investing philosophy, what growth managers do differently from traditional value managers and how the firm’s culture has made Baillie Gifford such a successful manager.

Tom explains how he remains calm in the roller coaster rides of many of his stocks, with drawdowns of 60-70% common, notably Nvidia in 2022 on its way to that $3tn capitalisation; why he favours technical founders who can advantage their companies in the AI age; what Elon Musk said to him in 2013 and why that has stayed with him; the difference between

investing in quoted companies and those in private markets;  and why he and colleagues don’t pitch stocks to the team, which he believes gives them an important behavioural advantage.