At the London Value Investor Conference 2025, Dan O’Keefe of Artisan Partners spoke on the topic of the "Arthur Miller Moment", where he contrasted his team’s investment approach with ESG-driven peers and outlined compelling opportunities in undervalued fossil fuel and defense stocks.
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2025 London Value Investor Conference - Dan O'Keefe
Our process is totally different from that of our previous speaker.
We were encouraged by calls to abolish energy industry. Now the trend is reversing. All unprofitable energy projects are being terminated.
For transition to happen, the new technology must be better than the previous. This is not happening now. Replacement for fossils fuels are more expensive less reliable and generate lower returns even with subsidies.
CO2 emissions are increasing. China and India are 40% of emissions and they do not care. EU and USA are only 20% of emissions
AI will increase demand for energy
Fossil fuels are still 80% of energy. We do not see this changing in our life times.
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