Artificial intelligence is the fourth industrial revolution. It reminds me of the 1990s with the internet. It’s not exactly the same, but this high-tech productivity boom that is anchored by AI is highlighted by a lot of innovation.
In the mid-’90s, you had the Four Horsemen: Intel, Dell, Microsoft and Cisco [Systems]. If you didn’t own those stocks, you were done—and we didn’t. But that bubble ended badly with the tech crash. It’s not exactly the same now with the Magnificent Seven, though.
Nvidia is the way we’ve chosen to play this. We bought Nvidia back in 2019, and we continue to scale it back as it keeps going up. We’ve taken profits and it’s still our biggest holding.
~ Harold "Jay" Bowen III, "How ‘Endurance Investing’ Produced 50 Years of Market-Beating Returns for This Tampa Pension Plan," Barron's, July 19, 2025
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