00:56:09 · Guillaume Moubeche, Peter Singlehurst
[00:56:09] S1: Okay. And I know we're almost, like, out of time, so I would love to know like, is there like, is there an investment you've made that you really kind of like regretted or were looking at it backwards, you're like, I should have known better and here like are the things that I would do, like, differently or that I'm doing differently to avoid this kind of of, like, mistakes? [00:56:33] S0: Well, your question is about, like, sort of what mistakes do we make and how do we learn and improve for those mistakes. I mean, that... That's not a question for the last two minutes. That's a question for a whole another podcast, I think. Yes. Of course, we've made mistakes, and, yes, of course, we've learned from them. But one of our highest profile mistakes was Northvolt. You know? That was a very bad investment for us. What did we get wrong there? I think we were too enamored with the need for a company like Northvolt. And we thought we were taking growth equity risk, and, actually, I think we were taking venture equity risk. So the company, you know, had these large take or pay contracts, was actually very early in its execution journey and its revenue generation. So what do you learn from that? Well, you make sure that you focus much more on execution. You try to avoid the sort of thematic style investing with very much bottom up stock pickers. And and you make sure that if you're investing in a company, it's genuinely a growth stage company, not a venture stage company masquerading as a growth stage company.
00:56:33 · Peter Singlehurst, Guillaume Moubeche
[00:56:33] S0: Well, your question is about, like, sort of what mistakes do we make and how do we learn and improve for those mistakes. I mean, that... That's not a question for the last two minutes. That's a question for a whole another podcast, I think. Yes. Of course, we've made mistakes, and, yes, of course, we've learned from them. But one of our highest profile mistakes was Northvolt. You know? That was a very bad investment for us. What did we get wrong there? I think we were too enamored with the need for a company like Northvolt. And we thought we were taking growth equity risk, and, actually, I think we were taking venture equity risk. So the company, you know, had these large take or pay contracts, was actually very early in its execution journey and its revenue generation. So what do you learn from that? Well, you make sure that you focus much more on execution. You try to avoid the sort of thematic style investing with very much bottom up stock pickers. And and you make sure that if you're investing in a company, it's genuinely a growth stage company, not a venture stage company masquerading as a growth stage company. [00:57:30] S1: Super interesting. I would... I could be talking about this for hours, and I didn't really see, like, the time passed by. So thanks for the quick reminder. So, Peter, like, thanks a lot, like, for your time. Wake up and people, like, follow you and follow your updates and Baillie Gifford or so.
00:57:30 · Guillaume Moubeche, Peter Singlehurst
[00:57:30] S1: Super interesting. I would... I could be talking about this for hours, and I didn't really see, like, the time passed by. So thanks for the quick reminder. So, Peter, like, thanks a lot, like, for your time. Wake up and people, like, follow you and follow your updates and Baillie Gifford or so. [00:57:46] S0: Oh, that's a good question. I don't really have much of an online presence or persona, I'm afraid. But on on our website, the Baillie Gifford website, there's a tab up there which says private companies. And if you go in there, you can see all of our investments. You can see some sort of, you know, pieces, that we put out sort of, you know, articulating how we see the world and our beliefs about investing. So, yeah, the Baillie Gifford website is probably the best starting place for anyone who wants to learn more about what we do in private growth equity investing. [00:58:14] S1: Thanks a lot, Peter, and have an amazing day.