As Giroux celebrates the flagship fund's 20th anniversary, I asked him how his investment approach has evolved over two decades.

It's funny, when I started off in 2006 on cap appreciation, you know, in many respects, I was not prepared to take over the strategy.

I did not have an overarching strategy.

That was not something I had focused on.

Then we went through the great financial crisis.

I always think about, you know, a gentleman named Ferris Shugie, who is still here at T.R. Price, runs the T.R. Price Investment Management Quantic Quant Group.

Spent a lot of time with Ferris.

that you own.

I asked him how he feels about the market now.

We're probably pretty, still very, very scared about the market.

But again, I, you know, we don't invest in the market.

Uh, we invest in 60, 70, you know, most attractive ideas in the marketplace.

If I had to think about the market, I would kind of break it down into four groups today.

You know, you have the, kind of the AI and AI derivatives.

Now, a lot of that stuff's overvalued.

Would you characterize yourself as a, um, an AI bull? I mean, are you a great believer in the technology and that, in fact, that it will be a net positive for most of the companies, uh, that, you know, that are out there that are publicly traded?

What else is in that secret sauce that enables you guys to be able to do that? It's pretty impressive.

Yeah, again, I think it's focus.

It's having a little bit, we're doing something different than everybody else, right? Yeah.

We're not the game of trying to call the quarter.

We're not trying to decide if organic growth is going to be three and a half or four.

We're not shorting stocks.

Our focus, for the most part, is trying to find companies that we think can compound wealth over time, whether it be a value stock, a growth stock, or something in between, like a Garpy stock.

You go on to point out that the market's 22 times 25 estimated earnings, 26 times free cash flow, and then you're breaking down the components of the index, and you're seeing a lot more expensive stocks than I guess others might be.