In this interview Niraj Gupta, Managing Member of GCI Partners, shares insights into value investing in technology companies.
Niraj Gupta has over 20 years of experience analyzing and investing in publicly traded companies as a buy-side analyst/portfolio manager and a sell-side research analyst, with particular expertise in the technology, media and telecom space. Prior to starting GCI Partners in 2008, Niraj was at Pequot Capital, Citigroup and Schroders.
MOI Global: It’s perhaps unusual for value investors to get comfortable with companies in technology or telecom. How do you approach the so-called TMT [tech, media, telecom] space?
Niraj Gupta: There are parts of TMT that, for lack of a better word, scare me, and I have a tough time investing in businesses like semiconductors, Internet concepts that I’m not sure are going to last, and parts of the technology industry that are changing so rapidly that I can’t keep up with them.
If I’m investing in a business in the broadly-defined TMT area, I’m trying to invest in a business that is going to be here over the next ten years. If that business is at risk of not being here because of obsolescence, technology risk, then the only way I’m going to invest is if I think the liquidation value is substantially higher than the current market value.
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