Can Scottish Mortgage get 支援する on 跡をつける? We speak to 経営者／支配人 Lawrence 燃やすs
This week Microsoft and other 巨人s of tech 発表するd bumper 利益（をあげる）s driven by the generative 人工的な 知能 (AI) 産業の 革命.
But Scottish Mortgage, the £9.18billion FTSE 100 member 投資 信用 that 支援するs 革新 in AI and every other form, is not fizzing with excitement.?
The 信用's 株, which have fallen by 35 per cent since 2020, stand at an embarrassingly wide 19 per cent 割引 to its 逮捕する 資産 value (NAV) although it owns 火刑／賭けるs in two AI powerhouses, 器具／備品 製造業者 ASML and 半導体 製造者 Nvidia.
This week I was 認めるd a rare 適切な時期 to look one of the Scottish Mortgage 経営者／支配人s in the 注目する，もくろむ, to 質問（する） him about what was 存在 done to 改善する prospects for disappointed 投資家s.?
Lawrence 燃やすs, 副 経営者／支配人, 認めるs the 苦痛 存在 felt by 株主s in the 信用, 以前は the most 著名な 指名する in the Baillie Gifford stable, but now lagging behind its （判断の）基準 索引 - the FTSE All World. He also recognises there may be more volatility ahead.
But he argues that AI is 始める，決める to have an 衝撃 on the economy and society equal to the 発明 of Gutenberg's printing 圧力（をかける） in the 早期に 15th century. 投資するing in such 進歩 is the 使節団 of Scottish Mortgage.
But, as 燃やすs puts it, 'いつかs 進歩 does not go in a straight line'.
This may be true. But should 株主s shrug their shoulders and take a five-year 見解（をとる）, having 約束 that ASML and Nvidia will continue to dazzle, and that lesser known 在庫／株s, such as the Korean e-商業 （独立の）存在 Coupang, could also excel??
によれば 燃やすs, Coupang's systems make those of アマゾン, which Scottish Mortgage also owns, appear almost archaic.
Or should 株主s 結論する that Scottish Mortgage's structure ? about 30 per cent is 投資するd in 私的な companies - will be a 執拗な 障害 to the 復活 of Scottish Mortgage's 株 price?
Scottish Mortgage has 配達するd an impressive return over ten years but has the 信用's 株 price has sunk a long way below its pandemic 頂点（に達する）
These 52 unlisted 火刑／賭けるs are a source of 増加するing 関心, 特に, as Jason Hollands of Bestinvest points out, their number now 越えるs that of the 47 引用するd holdings.
The 名簿（に載せる）／表（にあげる） 含むs ByteDance, owner of TikTok, the ビデオ app which has 1bn 使用者s 世界的な; Space X, Elon Musk's ロケット／急騰する company; （土地などの）細長い一片, the 支払い（額）s company; Ant Group, part of the Chinese 巨大（な） Alibaba and 殴打／砲列 developer Northvolt.
Earlier this year, a former member of the 信用's board, academic Amar Bhide, questioned whether Scottish Mortgage had 'the 能力s and governance clout to be able to 監視する these illiquid 投資s'.
The 経営者／支配人s 論争d this 主張 and 燃やすs considers that 'these holdings are not our Achilles heel, they are our strength'.?
They are very large 商売／仕事s, not start-ups and much more frequently revalued than before.
In normal circumstances, some of these 企業s would be 捜し出すing to go public through an IPO (初期の public 申し込む／申し出ing). But 燃やすs says that they are 存在 deterred by the chilly 条件s in the IPO sphere.
However, this 提起する／ポーズをとるs another problem for Scottish Mortgage, as Hollands 最高潮の場面s:?'The 信用 would struggle to 供給する 付加 基金ing to any of these companies as this would 違反 the 30 per cent 限界 認可するd by 株主s. Unable to 参加する, Scottish Mortgage 危険s ending up 存在 diluted.'
燃やすs comments: 'This is not a 永久の 状況／情勢. At some point the IPO market will come alive.'?
He is also hoping for reassessment of the 可能性のある of some of the 引用するd 火刑／賭けるs, such as 配達／演説／出産 Hero, whose 株 have 宙返り／暴落するd by 47 per cent this year. The Berlin-based food 配達／演説／出産 商売／仕事 is 'making real strides in the 転換 に向かって profitability'.
In 最近の years, Scottish Mortgage has been linked with every type of 輸送（する）, with bets on 飛行機で行くing taxis and Ferrari. Tesla, Elon Musk's electric 乗り物 group, is a major 持つ／拘留するing.?
Asked whether this is wise, given Musk's 取得／買収 of Twitter/X, 燃やすs says that Tesla and SpaceX have good 経営者／支配人s.
The hours that Musk is now 充てるing to Twitter/X may be about the same as he used to spend 地位，任命するing on the 壇・綱領・公約.
燃やすs says that the 信用's 関係 with the automobile goes 支援する to its beginnings in 1909, as a 乗り物 for the 財政／金融ing of Malaysian rubber 農園s whose 製品 went to make the tyres of the Model-T Ford.
This is a novel 解釈／通訳. 燃やすs is 納得させるd that the 指名する of the 信用 has history and brand 承認. But I consider that it sounds solid, rather than racy which some 投資家s may have not fully しっかり掴むd to their cost.?
Those who bought into the 信用 one, three or five years ago have experienced what Ed 修道士 of Fidelity International calls 'a rollercoaster ride'.
Like other 分析家s, 修道士 does not think the 割引 will 狭くする soon. He 追加するs, however: 'Things can change, of course, and now would appear to be the moment of 最大限 悲観論主義 - often a 広大な／多数の／重要な time to buy.'
As someone who has been putting money into Scottish Mortgage for about a １０年間, I have seldom felt so 悲観的な, にもかかわらず the 利益（をあげる） I have made. Like other 投資家s, I want to see 進歩 made soon on the 縮むing of the 割引.
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