David Miller, chief investment officer and senior portfolio manager at Catalyst Funds, believes the market is making a mistake by focusing on increased capital expenditures rather than Alphabet’s profit growth. The company posted strong profit growth in the second quarter, but investors preferred to focus on higher capital expenditure commitments. Miller expressed skepticism about the market’s reaction during a phone conversation on July 25 and predicts that GOOGL stock will eventually be rewarded for its investments.
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