Qiao Ma – Is SaaS Dead? The Structural Shift in Growth Investing

With AI reshaping industries at a speed few investors have experienced before, many portfolios are caught between fear of missing out and fear of overpaying. Which businesses will genuinely benefit, and which are simply riding the narrative?

In this episode, David Clark sits down with Qiao Ma, Portfolio Manager at Munro Partners, to unpack how professional investors are navigating one of the most significant structural shifts in decades.

From tearing apart iPhones to identify supply chain winners, to applying the same thinking to Nvidia and the AI ecosystem today, Qiao shares a disciplined framework for cutting through the noise and focusing on what matters: earnings, durability, and valuation.

For investors trying to make sense of AI, software disruption, and shifting market leadership, this conversation offers clarity grounded in real-world portfolio decisions.

Key Takeaways:

AI is not optional: Every investor now needs a view. Sitting on the sidelines is no longer viable.

• Follow the economics, not the hype: Real winners are already generating earnings today, not promises of future growth.
• Look beyond obvious names: Supply chains and infrastructure often capture more durable value than headline stocks.
• Software is no longer untouchable: AI is challenging the durability and pricing power of SaaS models.
• Valuation still matters: In a world of rapid change, price discipline becomes even more important.
• Process beats prediction: Structured risk management and team-based decision making are critical in volatile markets.