This video first appeared in Global Investment Institute on 22 October 2026
Maroun Younes, Co-Portfolio Manager of the Fidelity Global Future Leaders Fund, discusses the forces driving equity market behaviour and shares his views on the sustainability of current market dynamics. He explains where he sees the biggest disconnects today between business fundamentals and market expectations, how he separates genuine tech disruption from market overextrapolation and how he thinks about what constitutes a “moat” across industries, in an AI disrupted world.
Watch the full interview where Maroun covers:
- What he thinks is driving equity market behaviour and how sustainable is it?
- How he distinguishes between a normal period of factor underperformance and a more fundamental change in what the market rewards?
- How useful is the comparison of the late-1990s quality’s underperformance analogy to today’s environment, and where he thinks it breaks down?
- How he separates genuine technological disruption from market over-extrapolation?
- Has AI caused him to rethink what constitutes a “moat” in any particular industry?
- Where is he seeing the biggest disconnects today between business fundamentals and market expectations?