GW INVESTMENT INSTITUTE INSIGHTS

In Episode 71 of “Market News with Rodney Lake,” Professor Lake, director of the GW Investment Institute, reevaluates Alphabet (Google) through the BMPB framework, highlighting the company’s dominance in search, advertising, and cloud services and Gemini’s competitive AI position. He reviews Google’s consistent revenue growth, exceptional margins, and robust free cash flow of $73 billion. Leadership under Sundar Pichai has driven bold innovation efforts, such as Project Sun Catcher and TPU chips, and has emphasized the company’s efforts to strengthen regulatory clarity and competitive positioning. With a reasonable 26x forward PE and an exceptional balance sheet, Professor Lake reflects that Alphabet remains well-positioned for long-term investment success in the AI era.

In Episode 70 of “Market News with Rodney Lake,” Professor Lake, director of the GW Investment Institute, delivers a comprehensive market update, highlighting Microsoft, Nvidia, and Anthropic’s major AI partnership, rising investment pressures across the sector, and comments from Google’s Sundar Pichai on a potential AI bubble. He also notes Jeff Bezos’s Prometheus venture, an upcoming Saudi Arabia state visit tied to a possible F-35 deal, expectations for Nvidia’s earnings, and the continued outsized influence of the Mag Seven. Lake reviews the strong one-, three-, and ten-year returns of the S&P 500 and Nasdaq, examines the stubbornly high 10-year Treasury yield and its impact on mortgages and homebuilding, and mentions Bitcoin’s recent pullback, ultimately encouraging investors to stay focused on long-term fundamentals, earnings growth, inflation trends, and key AI developments as markets continue to deliver exceptional multi-year performance.

In Episode 69 of “Market News with Rodney Lake,” Professor Lake, director of the GW Investment Institute, examines earnings from Alphabet, Microsoft, and Berkshire Hathaway. He highlights Alphabet’s standout quarter, backed by strong advertising, rapid Google Cloud growth, and significant AI investment. Microsoft also reports impressive results with Azure’s continued momentum, substantial AI-driven CapEx, and a notable 27% stake in OpenAI under Satya Nadella’s strong leadership. Berkshire Hathaway, positioned as a “contra-AI trade,” spotlights their $380B cash pile, steady operating businesses, and the upcoming leadership transition from Warren Buffett to Greg Abel. This week, Professor Lake emphasizes valuation context, balance-sheet health, and why these companies matter for investors.

The second GW Stock Pitch Competition, hosted by the GW Investment Institute, once again highlighted the exceptional talent and dedication of GW students. Held on November 7th, 2025, at the GW School of Business, the competition provided students with an opportunity to apply the GWII Investment Framework, sharpen their financial analysis skills using FactSet, and present compelling investment ideas before a panel of distinguished industry judges.

Throughout the competition, participants conducted extensive research, earned FactSet certification, and developed detailed investment theses for publicly traded U.S. companies with a market capitalization of at least $250 million. Their work culminated in a final presentation that tested both their analytical depth and communication skills.

After a highly competitive round featuring 10 talented finalists, the top-performing students were recognized for their outstanding pitches:

🥇 First Place Award – $550: Conor Brown, BS ‘26 – Stryker Corp. (SYK)
🥈 Second Place Award – $350: Oscar Gladysz, BS ‘27 – Planet Labs (PL)
🥉 Third Place Award – $200: Ravi Ahuja, BS ‘29 – Intuitive Surgical (ISRG)
🏅 Honorable Mention – $100: Sara Parikh, BS ‘27 – ONEOK (OKE)

A special thank you to our judges — Sonya Rankin, Randy Graves, Matt Miller, and Kaitlyn Johnson — for lending their time and expertise to provide thoughtful feedback and guidance to our students.

Congratulations to all participants for their impressive research, creativity, and professionalism. The GW Investment Institute is proud to continue fostering experiential learning opportunities that prepare students to excel in the world of finance.

📽️ Check out the recap video below and stay tuned for Fall 2026 applications!

In Episode 68 of “Market News with Rodney Lake,” Professor Lake, director of the GW Investment Institute, recaps the 2025 Q3 earnings for Apple, Amazon, and Tesla, and how their business performance is reflected in the market. He highlights Apple’s strong Q3 results driven by iPhone 17 demand, record service revenue, solid margins, and a calculated approach to AI. Amazon impressed with 20% growth in AWS, rising advertising revenue, and progress on their in-house Trainium chip design, maintaining a strong balance sheet and free cash flow. Tesla reported 12% revenue growth, record cash levels, and a 50% surge in its energy business, underscoring opportunities in battery storage, autonomous driving, and robotics. The episode offers educational market insight on how these tech leaders are navigating innovation, growth, and valuation in a dynamic market environment.

Introduction

During the quarter ending September 30, 2025, the GW Investment Institute (GWII) welcomed 39 students across its two finance courses. GWII celebrated several milestones, including sending a team to the Cornell Women in Investing Conference, where the team secured the Presentation Winner award. GWII also published its annual report and launched season three of Market News with Rodney Lake. In addition, GWII co-hosted the Summer in the City networking event in New York City and participated in the GW Alumni at the Rockies event. This quarter’s market commentary is written by Kaitlyn Johnson, a GW School of Business senior majoring in Finance and International Business. Following graduation, Kaitlyn will join RBC as an investment banking analyst in NYC.

Market Commentary 

The third quarter of 2025 marked a strong period for global equity markets, with the S&P 500 advancing +8.1% and extending year-to-date gains to +14.8%. Investor sentiment improved as inflation cooled and the Federal Reserve delivered its first rate cut of the year, lowering the federal funds rate by 25 basis points amid signs of a softening labor market and moderate wage growth. Although jobless claims edged higher at the start of the quarter, they remained low by historical standards. As measured by the MSCI, emerging markets delivered double-digit returns year to date at 28.0%, supported by a weaker dollar and US-China trade talk progress towards the latter half of the quarter. Growth stocks outpaced value stocks in large-cap markets, although small-cap stocks outperformed large-cap stocks this quarter. 

The Technology sector outperformed both the broader market and most defensive sectors. As of 9/30/205, the “Magnificent 7” mega-cap tech stocks hold an approximately combined 33% weighting in the S&P 500 Index and account for approximately 50% of the year-to-date gains, supported by accelerating investment in artificial intelligence and cloud infrastructure. 

Ten of the eleven underlying sectors in the S&P 500 increased returns this past quarter, with Consumer Staples the only sector to lag behind, down 3.1%. Fueled by strong corporate earnings this quarter, notable outperforming sectors include Technology +14.5 %, Communication Services +13.4 %, and Financials +2.7 %.

GWII Student Investment Funds have returned 16.1% year to date, outperforming the S&P Index by 130bps. For the quarter, GW SIFs outperformed the benchmark by 90bps.

We invite you to review the full report below:

In Episode 67 of “Market News with Rodney Lake,” Professor Lake, director of the GW Investment Institute, provides a broad market update amid the ongoing, record-breaking government shutdown. Lake highlights the continued strength of equity markets, with the S&P 500 up 16.97% and the Nasdaq up 22.74% year to date. Likewise, he discusses resilient corporate earnings, particularly among major tech firms such as Nvidia, Microsoft, Apple, and Palantir. Lake examines the Federal Reserve’s recent rate cut, persistent long-term yields near 4%, and the impact on mortgage rates and the housing market, noting that the 10-year yield has remained stubbornly high despite the Fed’s easing cycle. From Palantir’s strong cash flow to Tesla’s advances in autonomous driving, Lake concludes with reflections on how AI-driven productivity and capital investment could shape broader economic implications.

Last week, students in Professor Song’s Applied Financial Securities Analysis class visited RBC Wealth Management’s Washington, D.C. office for an engaging look into the world of wealth management.

Hosted by Matt Miller, GWSB MBA ’12, Senior Financial Associate and Associate Vice President at The Ross Group, students heard firsthand about the career journey of an investment advisor from building client relationships to developing long-term financial strategies. Matt also shared practical advice and insights for those exploring careers in financial services after graduation.

We’re grateful to Matt Miller, Steven Ross, GWSB BBA ’81, and The Ross Group for generously sharing their time and expertise, and for their continued partnership in supporting our students’ professional growth.

The GW Investment Institute (GWII) hosted a GW Ramsey Scholars luncheon on September 25th, 2025, to celebrate the accomplishments of past GW Ramsey Scholars and provide an opportunity for them to reconnect and network.

Dean Sevin Yeltekin opened the luncheon with remarks recognizing GWII Director Rodney Lake for his leadership, and expressing gratitude to Mr. Russ Ramsey and Mrs. Norma Ramsey for their extraordinary support of the George Washington University and the School of Business. She highlighted how their vision and generosity led to the creation of the GW Investment Institute and the GW Ramsey Student Investment Fund, which has become a national model for experiential learning.

Each GW Ramsey Scholar introduced themselves, shared where they currently work, presented an investment idea, and offered a fun fact about themselves. The event showcased the continued success of the program’s alumni and the strong community that has grown through GWII.

Director Lake then shared an overview of the current holdings and performance of the GWII Student Investment Funds, which now collectively manage more than $11 million in assets across four Student Investment Funds.

Each year in May, the GW Ramsey Scholars are selected to represent the top ten students from GWII’s finance courses. We are proud of all our GW Ramsey Scholars and their achievements, and we look forward to welcoming even more alumni to next year’s celebration.

You can view reflections and words from our scholars who attended below.

In Episode 66 of “Market News with Rodney Lake,” Professor Lake, director of the GW Investment Institute, provides an updated analysis of Taiwan Semiconductor Manufacturing Company (TSM), a key holding in the GW Investment Institute’s portfolios and cornerstone of the global AI supply chain. Lake highlights the company’s exceptional gross margins at 59%, strong revenue growth at 39%, and a profit-driving manufacturing model. He also praises CEO Dr. C.C. Wei and the management team for maintaining operational excellence, investing heavily in manufacturing expansion in the U.S. and Japan, and preserving a robust $60 billion net cash position. While acknowledging that TSM’s valuation has risen amid growing investor enthusiasm, Lake concludes it remains a world-class business with enduring competitive advantages, strategic global positioning, and a vital role in powering the AI-driven economy.