Fund managers and CEOs around the world have been adjusting their estimates and guidance in the wake of the recent volatility. As defensive stocks have come back to the fore, and growth stocks have sold off, this has created an unexpected situation: based on EBITDA multiples, Amazon is currently cheaper than The Coca Cola Company.

“One, I would argue, is potentially a consumer staple of the future and one’s a consumer staple, potentially, of the past. One’s growing its revenue at 2%, and one’s growing its revenue at over 20%,”

explains Nick Griffin, Chief Investment Officer at Munro Partners.

In the video below, Griffin shares some of the messages he’s hearing from US earnings season, and his view on the current level of valuations.


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Munro Partners are an absolute return manager with a core focus on global growth equities. Find out more here