Our guest this week is David Giroux. This is his second appearance on The Long View. We first spoke to him in February 2021 and are pleased to welcome him back. Giroux is head of investment strategy and chief investment officer for T. Rowe Price Investment Management. He is best known as the longtime lead manager of T. Rowe Price Capital Appreciation, a strategy that invests in a mix of stocks and bonds. Since taking that fund’s helm in June 2006, he has racked up an impressive track record, handily beating the fund’s benchmark and peers. Giroux also manages T. Rowe Price Capital Appreciation Equity ETF, a stock ETF that T. Rowe Price launched in June 2023. Giroux began his career at T. Rowe in 1998 after graduating from Hillsdale College, from which he received his bachelor’s degree in finance and political economy.BackgroundBioT. Rowe Price Capital Appreciation, Morningstar.comT. Rowe Price Capital Appreciation, T.Rowe PriceT. Rowe Price Capital Appreciation Fund Annual Report, Dec. 31, 2022“David Giroux: ‘What Are the Market Inefficiencies That We Can Exploit?’” The Long View podcast, Morningstar.com, Feb. 2, 2021.ETF“A Top Mutual Fund Manager Now Runs a Promising New Active ETF,” by Adam Millson, Morningstar.com, Aug. 4, 2023.T. Rowe Price Capital Appreciation Equity ETFValuation and Risk Management“How a Top T. Rowe Manager Keeps Beating the Markets,” by Tom Lauricella, Morningstar.com, March 30, 2023.“Inflation Is Overhyped, Says This Pro. 4 Things That Really Matter for Investors,” by Andrew Welsch, Barron’s, June 8, 2023.MobileyeRevvityDanaherThermo Fisher ScientificEuroimmunBioLegendApplied SystemsYum Brands