David Thomas
Founder & Lead Analyst, North Tech Capital
David Thomas is an independent investment analyst focused on mega-cap technology and the long-term build-out of the global AI economy.
His work centres on understanding how the world’s most important technology companies generate durable earnings, allocate capital, and compound value across cycles — not on predicting markets or chasing short-term trends.
North Tech Capital was built to answer a simple question many investors struggle with:
How do you invest in technology with discipline, not noise?
Investment Background & Approach
David’s path into investing was non-traditional.
Rather than coming from a sell-side or hedge fund background, his expertise was built through years of self-directed research across global markets, technology platforms, and capital cycles. That background shapes the way North Tech Capital approaches investing today.
The focus is not on forecasting prices, but on understanding businesses.
Key areas of analysis include:
- Long-term earnings power and earnings growth
- Cash flow durability and reinvestment capacity
- Returns on invested capital and capital discipline
- Competitive moats, pricing power, and scale advantages
- Sensitivity to liquidity, interest rates, and macro regimes
This framework reflects the reality of how large technology companies compound value over time — through execution, not narratives.
The Global Tech 15
David is the architect of the Global Tech 15, a long-only portfolio focused on large-cap technology and the infrastructure underpinning the AI economy.
The portfolio is constructed around a small number of dominant businesses with:
- Proven profitability
- Strong balance sheets
- Structural growth drivers
- Disciplined valuation entry points
Performance is tracked publicly via SavvyTrader, providing transparency into portfolio positioning and allocation changes.
This is not a model portfolio built for marketing.
It reflects real capital, real decisions, and real trade-offs.
The Monthly Briefing
In addition to ongoing research and commentary, David authors the North Tech Capital Monthly Briefing.
Each briefing is a long-form investment write-up on a single company or ETF, selected for its relevance to long-term technology and market structure.
The goal is clarity:
- Why this investment matters
- How it creates long-term value
- What could go wrong
- How valuation and macro conditions affect the thesis
Every featured investment reflects positions owned or actively being built within the broader framework. Research is written with skin in the game, not hindsight.
Philosophy
North Tech Capital is built on a few core principles:
- Discipline over prediction
- Valuation matters, even in growth investing
- Fewer ideas, explained properly
- Long-term thinking beats constant reaction
- Technology remains the primary growth engine of modern markets
The objective is not to outperform every year.
It is to build a repeatable way of thinking about investing — one that holds up across cycles.
Transparency & Alignment
David does not sell trade alerts, short-term signals, or guaranteed outcomes.
Research is designed to inform decision-making, not replace it.
Subscribers are encouraged to think independently, understand risk, and focus on process rather than outcomes.
Where to Follow the Work
- Free Newsletter – Ongoing insights on technology, markets, and structural trends
- Monthly Briefing – One in-depth investment write-up each month
- Global Tech 15 Portfolio – Live performance tracking and allocation updates