Why this money manager is buying Broadcom, Blackstone and an Italian electric cable company

Money manager Shane Obata doesn’t see a recession on the horizon and believes the current interest-rate-cutting cycle will be a boon for the companies he likes to invest in.

His investment criteria include companies that design products with “high complexity,” creating barriers to entry for competitors, have large distribution networks, and invest in research and development to stay ahead of their industry peers. The market likes recurring revenue, so as Broadcom has built out its software division steadily, it has been rewarded with a higher multiple. It also has a blossoming artificial intelligence division. AI wasn’t the main reason we got into this company five years ago, but it has done better than anyone expected. Broadcom develops custom AI chips with partners such as Google. It also provides high-speed networking gear. Both of these are important pieces of the AI puzzle.

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