Fundamentals Still Matter: Lone Pine’s David Craver

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 12 February 2026

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

David Craver, co-chief investment officer of Lone Pine Capital, discusses the evolution of market structure, the opportunities in AI, and the factors driving the firm’s long-term fundamental-based investing. This episode was recorded on January 28, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to another episode of Goldman Sachs exchanges. Great investors. I'm Tony Pascarello,
0:10.9	global head of hedge fund coverage in Goldman Sachs global banking and markets. And today,
0:15.5	I have the pleasure of sitting with David Craver. Dave is the co-chief investment officer of
0:20.7	Loan Pine Capital,
0:21.6	an investment firm with over 19 billion in assets under management, and a focus on long-term
0:27.3	fundamental-based investing. Dave, welcome to great investors. Thank you for having me. It's
0:36.9	an exciting time. You joined
0:39.1	Loan Pine in 1998. I think listeners, people close to the markets will be familiar with the
0:45.6	broad changes to the industry since then. So the rise of passive, the rise of private markets,
0:52.6	increased regulation of the banks following great financial crisis.
0:57.7	What, in your mind, what's been the impact of these changes on the market itself?
1:02.9	Well, I would say there's been two things that I would point to that are different today than when I first started in the business. One is single stock
1:13.8	volatility around events is greater than it ever has been, and it's often not correlated with
1:21.9	what I view as the actual qualitative news that's happening. So that's pretty different than it used to be.
1:29.2	I've told our partners, I used to be able to read a press release and tell you what the stock
1:34.5	was going to do the next day, and that is no longer the case. And often the moves around events
1:39.9	are quite large relative to what a fundamental investor would consider. So that's one thing.
1:45.9	The other thing is that there are companies at market caps today that are trading at very large
1:54.4	valuations. And that's extremely different than when I first started in the business. I used to have
2:00.3	a rule that anything that
2:02.8	traded more than a $200 billion market cap that was over 20 times forward earnings was probably
2:09.6	in trouble. And there are dozens of those today. And that's just very different than it used to be as well.
	...

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