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"Orbis Global Equity details the logic behind re-establishing its position in Alphabet, explaining why the threat of ChatGPT-led disruption to Google's core business is structurally overstated and how its vertical AI integration provides an asymmetric entry point."
Marking his 25th anniversary at Orbis, portfolio manager Ben Preston outlines three enduring pillars of the Orbis investment framework: embracing uncertainty through probabilistic thinking, backing great management teams, and fostering a structured team environment of independent analysts. To illustrate these principles in practice, Preston details the fund's decision to re-acquire shares in Alphabet. While Orbis divested from Alphabet a year prior due to fears that ChatGPT would disrupt Google's search business, subsequent execution has shown Alphabet possesses immense competitive barriers. These include Gemini's real-time grounding via Google Search, unique proprietary data feedback loops (Android, YouTube), and a significant cost advantage stemming from vertical integration with custom silicon and cloud infrastructure. At under 20x trailing core operating profits, Preston concludes that Alphabet's current valuation offers a highly attractive asymmetric profile.
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