Back in May 2026, we welcomed clients to Edinburgh for our Research Conference. Over three days, an exceptional cast of speakers shared insights, challenged assumptions and offered fresh perspectives on the forces shaping our world.

Among the standout sessions was a conversation with Michael Bhaskar, author, researcher and Head of Microsoft AI Futures. In this special episode of Talking Research, we are delighted to share Michael's discussion with investment manager Tom Miedema, exploring one of the most consequential technologies of our time.

Some of the key themes from their conversation include:

• Why advances in computing power, reasoning models and AI agents are accelerating the pace of change beyond what many thought possible.
• Whether AI could prove to be the next Industrial Revolution, transforming productivity, industries and economic growth on a global scale.
• How society can benefit from increasingly powerful AI while navigating challenges ranging from cybersecurity to ensuring AI remains under human control.

From trillion-fold increases in computing power to the prospect of "humanist superintelligence", this is a wide-ranging and thought-provoking discussion on where AI is today, where it may be heading, and what that could mean for all of us.

And look out for the release of the 16th edition of our Research Journal, which features an article by Michael Bhaskar.

As always, we would be delighted to hear your feedback or answer any questions.

Enjoy the listen!

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 competitive advantage, the resilience of its market leadership, and the potential for AI‑driven drug discovery to usher in an exciting new phase of growth.

To watch the full video version of this conversation, head to our website at walterscott.com/research. 

Please note, there was an editorial change at 16:12 minutes on 27 May 2026, where the market share figure was corrected from “30–35%” to “15–20%”.

Key takeaways

• Lonza is a mission-critical partner to many of the world’s most advanced pharma companies. 
• The company is benefiting from the long-term shift towards outsourced drug production. 
• In a world of near-shoring and trade barriers, Lonza’s global manufacturing footprint should drive market share gains.

Speakers

• Murdo MacLean, Client Investment Manager
• Tom Miedema, Investment Manager

Resources

• Digging Deeper – Understanding Inditex
  https://www.walterscott.com/research/videos/digging-deeper-understanding-inditex/
• Digging Deeper – Understanding Keyence
  https://www.walterscott.com/research/videos/digging-deeper-understanding-keyence/
• Digging Deeper – Understanding Wolters Kluwer
  https://www.walterscott.com/research/videos/digging-deeper-understanding-wolters-kluwer/ 

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 high‑quality businesses. They also explore how the team is navigating AI‑related volatility and explain why discipline and diversification remain essential to long‑term outcomes.

This episode marks the first time Talking Research has been filmed, giving the audience the option to watch as well as listen.

 Key takeaways

• Market behaviour is being driven more by narratives than by underlying company fundamentals. 
• Quality growth companies are delivering resilient earnings, despite sometimes limited near‑term share price recognition. 
• Capturing the long-term AI opportunity requires more nuance than the binary ‘winner or loser’ framing that dominates today’s market.

 Speakers

• Francis Sempill, Head of Client Service
• Roy Leckie, Executive Director
• Alan Edington, Investment Manager

 Resources

• The AI scale advantage: On the road on the US West Coast https://www.walterscott.com/research/articles/the-ai-scale-advantage--on-the-road-on-the-us-west-coast.html
• What we look for in a company https://www.walterscott.com/research/articles/what-we-look-for-in-a-company.html 

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 may be further away than headlines suggest. 

• Higher margin, lower risk – why we like/there’s a lot to like about Microsoft and Amazon’s data centre model 
• Winning the “daily knife fight” – why experience matters in the AI infrastructure build out
• AI is disrupting the software-as-a-service industry, but many incumbents are learning fast
• Monetisation of AI has been a slow burn, but an inflection point may be coming
• How “the march of the nines” explains why some AI progress might be further away than we think  

Listen to the podcast to learn more.

Resources

• Dwarkesh Podcast
  • Andrej Karpathy — AGI is still a decade away 
  • Ilya Sutskever – We're moving from the age of scaling to the age of research
  • Satya Nadella — How Microsoft is preparing for AGI
  • Richard Sutton – Father of RL thinks LLMs are a dead end
  • Artificial meat is harder than artificial intelligence — Lewis Bollard

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 healthy scepticism is vital for effective long-term investing.
• China’s rapid infrastructure and technological development is reshaping the global competitive landscape.
• While the investment landscape evolves, discipline, adaptability, and trust in the research process remain fundamental to success

Listen to the podcast to learn more.

Resources
-          Inside China's chip challenge: On the road in China (article with video)

Can China wean itself off overseas technology and become self-sufficient in semiconductors? Tom Miedema and Michael Scott visited the country to find out more.

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 across crypto trading and international money transfers.
• Agentic commerce is becoming real, as AI agents begin to transact autonomously —booking travel, making purchases, and navigating payment networks with minimal human input.
• Payment giants are evolving, with Mastercard and Visa integrating stablecoin and AI agent capabilities to remain central to digital transactions and cross-border flows.
• European fintech firms are leading innovation, with the likes of Wise, Adyen, Revolut and Monzo solving complex infrastructure challenges and setting new standards in digital finance.

Listen to the podcast to learn more.

Resources

-          Do stablecoins spell danger for Visa and Mastercard? (article)
Stablecoins are growing in popularity, but Investment Manager Jamie Zegleman thinks they are unlikely to dislodge the global payments duopoly of Visa and Mastercard.

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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:

1. Stock-by-stock scrutiny: Evaluating the supply chains of companies such as Intuitive Surgical to understand their tariff exposure.
2. Project-based analysis: Identifying both defensive and offensive opportunities arising from the tariffs.
3. New idea generation: Exploring opportunities in sectors such as precision instruments and Japanese IT solutions.

Additionally, you’ll find out which areas investors might want to avoid during such turbulent times.

Join AJ and Roy as they also reflect on Warren Buffett, one of the greatest active stock pickers of all time. Mr Buffett recently announced his retirement as CEO of Berkshire Hathaway at the age of 94. They share lessons from his illustrious career that can be applied to investing.

Listen to the podcast to learn more.

Resources

-       Tariff Tempests (article)
The tariff turmoil has shaken markets, as investors ponder the potentially profound changes to the economic landscape. Roy Leckie, Executive Director, discusses some of the challenges ahead in these uncertain times, but remains confident that the world’s leading companies can navigate their way through the current maelstrom.

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 continues to evolve, with roomy retail spaces being turned into high-efficiency warehouses dedicated to key accounts
• A cost-conscious founding philosophy drives innovation and benefits for customers

Resources:

• Beyond the ‘Korea Discount’: On the Road in South Korea (article)
  South Korea’s rich ecosystem of cutting-edge companies offers opportunities for investors. Investment manager Connor Graham reflects on some of the standout meetings from his recent week-long trip to the country.

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 China, Japan's semiconductor industry looks set to benefit

Resources:

• ASML - The Future is AI (article)
  ASML’s most recent results sparked volatility across the tech sector. Were investors right to be worried? Investment manager Tom Miedema visited the “the most important tech company you’ve never heard of” to find out more.
• Talking Research Q2 2024 (podcast)
  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 their competitive edge.

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.

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 entering the market is hard for businesses to ignore.  
• The turnaround time of Indian ports averages less than one day, which is significantly faster than many ports in the US and Australia. 
• India’s IT services sector sees generative AI as an opportunity to increase functionality, not a threat that will replace software engineers.

Resources:
India Rising (article and film)

The podcast is intended for investment professionals only and should not be construed as investment advice or a recommendation. Any stock examples discussed are given in the context of the theme being explored, and the views expressed are those of the presenters at the time of the recording.