A top-1% fund manager over the past 3 years shares how he's consistently outperformed throughout wildly different markets — and 8 of his favorite places to invest right now
isn't the reason why Muhlenkamp is fired up about those tech titans. While he said the technology will become ubiquitous and should be a growth driver for Microsoft in particular, he warned that the firm must squeeze money from AI to meet its lofty expectations.
"The question is: How do they monetize that, and is that a durable advantage?" Muhlenkamp said."The first guy out of the gate in a marathon isn't necessarily the one that wins the thing." Instead, the fund manager said he's still sticking with Apple and Microsoft after holding them for a decade because they've been able to keep growing by launching new products and services. Apple has transformed into a services company by launching Apple Music and Apple TV+ while introducing gadgets like the Apple Watch, AirPods, andwhile Microsoft reinvented itself by shifting its focus from software products like Microsoft Office to cloud computing.
And while Muhlenkamp said that both Apple and Microsoft are trading at expensive valuations, he doesn't see that as a reason to sell them, since they're still set up for long-term success.
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