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Good Investing Talks
68 minutes | Oct 13, 2021
Can Spotify be the leading audio platform, Jeremy Deal & Sleepwell?
This is the second part of our discussion about the future of Spotify. Here you can find all episodes: In this discussion with Jeremy Deal and Sleepwell Capital we have covered the following points:00:00 Introduction00:41 Defining Spotify04:11 Competitors for Spotify: Radio06:00 Competitors: Streaming12:40 Strong competition from Youtube20:00 Disclaimer20:15 Community exclusive21:08 Daniel Ek, the visionary23:26 Impact on the music industry27:10 Setting trends30:50 Imitation & Acquisition33:00 Buying vs. Building37:00 Working with the labels42:30 TAM46:40 Spotify as a toolset for artist49:20 Massive opportunities of streaming53:15 Growth forces for Spotify54:15 Focus on creators56:55 Increasing engagement01:00:00 Launching in emerging markets01:07:04 End of Spotify II01:07:22 Disclaimer More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Can Spotify be the leading audio platform, Jeremy Deal & Sleepwell? appeared first on Good Investing.
87 minutes | Oct 5, 2021
From China to Elephants & Snapchat: Rom Wilson on ACM Capital
Rom Wilson of ACM Capital has a very interesting investing journey. He learned to invest in China before starting a US-focused fund. In our interview we have discussed the following: 00:00 Introduction00:23 Investing in China in the 2000s01:52 Rom’s path in investing03:50 Learnings from the early days07:20 3 recommended books13:24 The ACM elephant and the meaning behind it16:40 ACM, the “global” fund17:55 ACM, the “concentrated” fund18:45 ACM, the “value” fund21:20 Owning Amazon & Google23:00 The long game and the example of ADP24:40 Ecosystems28:20 Controversy34:00 Building a firm35:40 Advice on getting started39:30 Hacks & the marshmallow test42:20 Leadership45:50 Being a person of color in finance53:20 How hurdles make for a unique angle55:50 ACM in 5 years59:50 Partners01:05:00 Investing into Snap01:13:00 Community exclusive: Constructing a portfolio01:14:02 Fair value of a company01:17:07 Investing mistakes: Omission vs Commission01:22:04 Encouragement & extra advice01:26:12 Goodbye01:26:25 Disclaimer From China to Elephants & Snapchat: Rom Wilson on ACM Capital appeared first on Good Investing.
84 minutes | Sep 1, 2021
How are you building the energy future at ABO Wind, Karsten Schlageter?
Renewable energies are booming. In this conversation with Karsten Schlageter, a member of the board of ABO Wind, I discussed the business model of the developer ABO Wind. We discussed the following:00:00 Intro00:15 Origin of ABO Wind01:20 Karsten Schlageter’s beginnings at ABO Wind02:57 Supporting the channel03:13 Renewable energy 20 years ago, 10 years ago & today06:25 The future of renewable energy08:00 Thoughts on the future market09:10 Hurdles of growing the market depending on the region10:30 Impacts of component & logistics prices11:25 Calculations on costs for a wind farm12:20 Investors14:30 Development of financing costs15:45 Value added by ABO Wind to renewable energy projects17:05 Phase: Site acquisition19:02 Differences solar farms & wind parks20:02 Phase: Development21:00 Responsibilities in the early phases22:00 Costs of development24:10 Focussing on the energy transition & the margins25:32 Phase: Financing27:00 Phase: Construction27:45 Scale advantages in the value chain30:33 Finding & keeping good people32:59 Decision-making in face of growth35:05 Phase: Services36:30 Subscribe36:40 Phases in developing wind & solar parks37:40 Hurdles in the phases40:03 Payment40:43 How investors approach ABO42:40 Risks of owning the parks44:20 Community Exclusive45:04 Shares owned by employees47:00 International expansion of ABO49:30 Entering a new market51:25 Potential territories to enter52:53 Getting started in a market55:13 Making sure the ABO Wind culture lives in the different subsidiaries57:09 Managing subsidiaries58:28 Deployed vs. local units59:27 Top markets that Karsten is bullish about01:03:08 Difficult markets01:05:13 Effects of Corona on the company01:06:19 Motivation behind entering new technologies01:11:18 Managing the risks of new technologies01:12:53 Potential in hydrogen01:14:38 2011 vs. 2021 in the renewable energy market01:16:08 Role of ownership01:17:40 Energy of the owners01:18:17 Karsten Schlageter’s shares in ABO Wind01:19:27 Evaluating ABO’s share value01:20:31 Repowering wind parks in Germany01:21:22 ABO Wind in 10 years01:22:50 Encouragement to invest01:23:25 Goodbye01:23:36 Disclaimer ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ goodinvesting #greenenergy #renewables More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ How are you building the energy future at ABO Wind, Karsten Schlageter? appeared first on Good Investing.
127 minutes | Aug 25, 2021
How is Spotify positioned in the audio market, Jeremy Deal & Sleepwell?
The audio market might be the last untapped opportunity in social and the internet. Spotify is well-positioned to conquer it. Here we explore the audio market and Spotify’s position in it. We discussed these topics:00:00 Introduction00:18 Who is Jeremy Deal?00:51 Who is Sleepwell?01:06 Disclosure01:35 Drivers for the audio market03:30 New audio technology07:00 Digital payments08:08 Tiktok12:25 Developments in music production14:51 Developments in podcasting17:00 Changes in monetization22:45 Difficulties in predicting the future of the streaming market27:00 The switch to digital29:20 Radio vs. on-demand31:20 Personalization34:11 Cracking the audio code37:00 Advertising money in radio and streaming39:52 Music royalties49:07 The role of labels & how they have to adapt01:06:27 Labels in the digital age01:09:17 Revenue shares around labels01:10:12 Physical copies of music01:10:57 New promotional tools for music01:12:07 Actors in music & new dynamics01:15:49 Community Exclusive: Are labels replaceable?01:16:42 The podcast opportunities01:17:45 Addressing hurdles in podcasting01:25:15 RSS technology01:28:14 Spotify’s open access model01:35:36 Advertising podcasts01:50:00 Advertising content on Youtube & Spotify01:51:50 Audiobooks01:59:30 Audio in the creator economy02:06:00 Closing thoughts02:06:48 Disclaimer Here are the mentioned materials: Jeremy’s video on podcast advertising https://www.youtube.com/watch?v=O1sxS6vh9SoDolby Atmos https://www.youtube.com/watch?v=3VZFpwlXKpgSony 360 https://www.youtube.com/watch?v=wkya01ZKboUPershing Square’s UMG presentation https://youtu.be/BpeHWiRuu2kPodz interviews https://www.notboring.co/p/podz-interview-with-ceo-doug-imbruce & https://open.spotify.com/episode/3nlFNcaBErjdAm3xUbybrN?si=58ObT06nQJqahBI0L6JO_Q&dl_branch=1Interview with Chief R&D Officer Gustav Söderström https://every.to/means-of-creation/inside-spotify-s-vision-for-audio-creators-632ad25a-255c-4983-b5e6-c1007fe74f9f More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ How is Spotify positioned in the audio market, Jeremy Deal & Sleepwell? appeared first on Good Investing.
98 minutes | Aug 11, 2021
Dennis Hong, how did you grow ShawSpring Partners? A founder talk
In this conversation with Dennis Hong, we discuss the history of ShawSpring Partners. We covered the following topics:00:00 Introduction00:05 Disclaimer00:50 20x after the first interview04:00 Running an investment firm07:50 Overcoming skepticism11:05 Development from day 119:20 Working on important problems22:40 The role of kindness in building ShawSpring Partners26:17 Traits of an exceptional investor31:16 ShawSpring’s (early) investors36:48 Hurdles that enabled progress42:00 Relationship with fund manager44:18 The ShawSpring motto45:00 The ShawSpring team52:00 Intellectual tension instead of organizational disfunction53:30 Being skeptic57:30 Identifying the right variables01:02:15 Translating research01:07:45 Decisions during the crisis01:10:03 The potential of expansion01:12:28 Support systems01:12:45 High-quality partners01:16:10 Vetting prospective partners01:20:30 How much do you recommend to invest in ShawSpring Partners01:21:55 Align with high-quality partners01:23:45 What has changed over the years01:26:20 Community exclusive01:27:35 Recommendations for young fund managers01:31:05 What ShawSpring does differently01:33:45 ShawSpring Partners in 10 years01:36:08 How to keep evolving01:37:30 Goodbye01:37:45 Disclaimers More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Dennis Hong, how did you grow ShawSpring Partners? A founder talk appeared first on Good Investing.
71 minutes | Aug 2, 2021
Fred Liu, how do you pick the best stocks for Hayden Capital?
In the second part of your 2021 conversation, Fred Liu and I discussed the investment process of Hayden Capital. We also take a look at his investment in Sea Limited. 00:00 Introduction to the second part II00:45 Writing letters & opportunities from the letters05:40 Benefits from “sharing secrets”07:05 Subscribe, like & review07:25 Hayden’s edge08:45 The “Too Hard”-bucket11:20 Time spend exploring new businesses12:18 Criterias to invest into a new business16:25 Consumer addiction20:23 Indicators for a great management23:00 Steps after the discovery of a great idea28:45 Qualitative vs quantitative work30:00 Listening to the street31:35 Reaching the top 1% of expertise on a business33:00 The Number of great businesses worldwide33:45 Distinguishing a great from a good portfolio companies37:35 Selling stocks38:35 Acquiring customers42:40 Lack of innovative strategies43:40 Capital allocation46:30 Thoughts on company culture & working within an industry49:00 Inflection points on S-Curve54:25 The confidence to pay up58:40 Options within Sea Limited59:23 Sea Limited’s competition: Community exclusive01:00:30 Thoughts on the regulators01:03:15 Factoring in regulations01:05:10 Asia tips for Western investors01:07:17 Considering risks after a great year01:08:10 Finding opportunities01:10:45 Goodbyes More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Fred Liu, how do you pick the best stocks for Hayden Capital? appeared first on Good Investing.
65 minutes | Jul 31, 2021
[Replay] Opportunities in small founder-led stocks? A talk with Andreas Aaen (Symmetry A/S)
With Andreas Aaen of Symmetry A/S I am happy to discuss his approach and the world of small founder-led companies. We discussed the following topics:00:00:00 – Introduction00:01:53 – The Danish stock market and its companies00:03:31 – Andreas’ focus on investing00:04:20 – His early path to investing00:05:33 – Investment strategies00:06:43 – Insights on more qualitative approach to investing00:07:54 – Evaluating management teams00:10:23 – Personal investing style compared to other investors00:12:27 – Ideas for long and short precisions00:13:32 – Researching companies00:16:43 – Kambi00:28:50 – Naked Wines00:32:54 – Taking advantage of insider trading00:34:04 – Naked Wines: Customer satisfaction and company relevance00:36:49 – Naked Wines’ management00:40:29 – Naked Wines: Single transaction versus subscription offering00:42:01 – Naked Wines Market Possibilities00:44:32 – Where Food Comes From00:51:28 – Growth strategies of Where Food Comes From00:53:24 – Where Food Comes From: Cash compensation and management00:57:07 – Where Food Comes From: Future prospects00:58:02 – Precision sizing and selling00:59:39 – Red flags when it comes to stocks01:00:47 – Interesting smaller stocks: GetBusy01:02:13 – Precisions and sectors Andreas is investing in01:03:52 – Outro Opportunities in founder-led stocks? Andreas Aaen (Symmetry A/S) appeared first on Good Investing.
49 minutes | Jul 7, 2021
How much Fred Liu is in Hayden Capital? How do you select partners?
In our conversation, Fred Liu and I covered how he has built Hayden Capital. As we had time constraints a follow-up of this conversation will be posted soon. Here you can find Fred’s letters: http://www.haydencapital.com/investor-letters/. We talked about the following topics:00:00 Introducing Fred Liu00:40 SPV and preparing for new options01:38 Recommended books02:50 Input through Podcasts03:19 New information through conversation04:05 Self-improvement05:30 The role of writing and investor letters07:11 Games – Community exclusive08:30 The role of the gut feeling07:56 How would your friends describe you?09:26 Fred’s personality in Hayden & craftmanship13:29 Dealing with change & pushing the circle of competence16:41 LP’s and building long-term partnerships19:24 Partnering with Hayden21:39 Volatility & drawdowns22:51 Hayden Capital’s transformation since 201425:11 Hayden Capital’s first Portfolio25:56 Learning & Improving28:11 Creativity29:36 Communication with partners32:49 Red flags from potential partners34:43 Support35:08 Writing for yourself37:33 The process of writing the investor letters38:56 Team growth40:51 Outsourcing42:38 The benefits of working with a colleague in Singapore43:03 Taking board seats & adding value45:18 Sharing data with others46:12 Moving into the non-listed space48:42 Goodbye48:56 Disclaimer More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ How much Fred Liu is in Hayden Capital? How do you select partners? appeared first on Good Investing.
68 minutes | Jun 16, 2021
Edward Chang, how did you compound with above 30% p.a.?
Edward Chang of Pledge Capital started his fund 5 years ago. Since then he compounded money at outstanding rates. It was a pleasure for me to talk to him about this way into investing, his favorite stocks, and where he sees his firm in 5 years. Here you can find the work of Edward: https://www.pledge.capital/documents We discussed the following topics:00:00 Who is Edward Chang?00:16 Edward’s parents as role models01:41 The role of the mother in the first investments03:07 Volunteering with the Tzu Chi Buddhist Foundation04:09 Investing into Win-Wins for society05:51 Start in the investment business08:51 The pledge behind “Pledge Capital”10:10 Being on the right side of change11:47 Pledge Capital’s approach to investing13:46 The Joint14:52 Power Reit & cannabis farming18:50 Commonalities in the portfolio: Sustainable growth25:17 Strategies on choosing companies to invest in28:02 Recognizing good management teams29:24 Timeframe for investments33:35 Return from investments in 3-5 years34:43 Deep dive into Avid43:00 Product range of Avid46:01 Value decisions by the Avid management48:40 Researching process before investing52:03 The role of optionalities01:01:43 Community exclusive: ANGI01:02:30 Social responsibility in investing01:05:45 Pledge Capital in the near future01:07:18 Networking01:08:01 Goodbye01:08:10 Disclaimer Edward Chang, how did you compound with above 30% p.a.? appeared first on Good Investing.
71 minutes | Jun 9, 2021
Why invest with VEF in Emerging Fintech? A talk with CEO David Nangle
With David Nangle I talked about the strategy of VEF – the emerging market fintech investor (formerly: Vostok Emerging Finance). We discussed the following:00:00 Introduction00:18 “VEF – The emerging fintech investor” – Why The?02:15 Competition in the emerging markets03:45 What is Fintech?05:28 Limitations of fintech07:55 Global spread of companies10:27 Cash from the perspective of a fintech investor12:22 Exchange rates in the investment process15:35 Difficult emerging markets to invest in17:09 Competitive markets17:50 Assessing risks19:50 The lean setup of VEF20:50 Choosing investments: Quantity vs Quality22:19 What kind of investor is VEF?23:35 Timeframe25:03 Selling26:20 Improvements over the past 5 years28:18 Why did he join VEF?30:29 His motivation32:08 Views on retirement32:50 The relationship with VNV34:51 How is the competitive landscape?36:30 Skin in the game37:20 Compensation at VEF37:58 Buybacks38:56 Portfolio construction40:54 Pain points42:12 Replicating models of the developed market in emerging markets44:01 Loss-making investments47:11 Evaluation process48:35 Can loss-making investments be turned around?49:40 Investing time in certain companies50:51 Creditas54:10 Potential risks for Creditas55:12 Ideas for future developments for Creditas56:35 Investment thesis for Konfio & the Mexican market58:23 Optionalities in the businesses01:00:26 Moving concepts out of emerging markets to developed markets01:02:20 The next frontiers01:03:48 Opportunities in the portfolio01:05:46 VEF in 5 years (Community exclusive)01:06:35 Closing remarks from David01:07:30 Thoughts on scalability Why invest with VEF in Emerging Fintech? A talk with CEO David Nangle appeared first on Good Investing.
86 minutes | Jun 2, 2021
Is Gruppo Mutui Online the best Italian company? With Marco Pescarmona
I had the pleasure to discuss the history and potential of Gruppo Mutui Online with one of the founders of the company, Marco Pescarmona. Here are the topics we have discussed:00:00 Introduction00:25 Disclaimer01:10 The challenging first years05:26 Doing business in Italy10:02 Starting new business angles19:55 The divisions within Gruppo Mutui25:47 The founders29:45 Time management31:45 Would he sell his share in the company?33:03 Going public35:05 Dividends or buybacks?38:36 Using debt41:22 Expansion strategies43:47 Synergies45:51 Gruppo Mutui’s clients54:30 Maintaining high quality56:52 Thought experiment: Reducing to 3 promising businesses59:12 Risk and reward01:01:20 Challenges in broking01:03:58 Effects of regulation01:05:45 Future plans01:09:33 Dealing with competition01:12:33 Dealing with big players like Google01:14:23 Characteristics of the Italian market01:18:20 The Impact of Covid01:21:30 Pressure after the good performance in 2020?01:22:43 The outlook01:24:39 Maintaining a feeling of familiarity in a growing company01:25:52 Goodbye Is Gruppo Mutui Online the best Italian company? With Marco Pescarmona appeared first on Good Investing.
4 minutes | May 30, 2021
Looking for an investing community? Here is Good Investing Plus
Good Investing Plus in my new community for experienced investors. Apply here You can also find this episode on YouTube: You are looking for an investing community? Here is Good Investing Plus appeared first on Good Investing.
49 minutes | May 19, 2021
Felix Gode, how to compound with over 15% p.a. in German stocks?
Felix Gode is a good investor with a focus on small and mid-caps from German-speaking countries. We had the pleasure to discuss his strategy and two investments. Here you can find the current investments of Felix: https://www.alpha-star-aktienfonds.de…. Here are the topics discussed: Here are the topics discussed:00:00 Introduction01:07 Disclaimer01:24 What is “fun” in investing in German-speaking countries?02:28 Lessons learned in 2020-202104:12 What things changed in the process over the last 5 years?06:29 The 2 phases of Alpha Star08:43 Historical returns10:13 Principles used in building the fund15:06 Skin in the game16:00 Two Strategies for investing17:28 The universe of companies that Alpha Star has invested in21:38 How to avoid companies that play “dirty”23:35 Portfolio principles25:00 Selling27:23 The 5/10/40 rule: Stock weighting29:08 What’s special about Endor33:23 What’s special about IVU35:08 Playing the long game36:26 Best way to find stocks40:28 Alpha Star in 5 years and a job offer at Alpha Star45:50 Management evaluation Felix Gode, how to compound with over 15% p.a. in German stocks? appeared first on Good Investing.
73 minutes | May 10, 2021
Why does Worm Capital invest in disruptor stocks like Tesla and Spotify, Dan and Erik?
In this interview, Eric Markowitz and Dan Crowley gave me interesting insights into the way the outperforming funds of Worm Capital are “engineered”. We also discussed Tesla and Spotify. This video is supported by Stream by Mosaic. Stream offers a great transcript library. And it is getting better day by day. If you want to try it, you can do it for 21-days for free.Just go to start.mosaicrm.com to start the free trial today. With the promo code Good Investing you will also get 20% off for the first year. 0:00 Intro1:07 How do you see Worm Capital in 5 years?3:35 A shoutout to Stream4:38 Value vs Growth – how Worm Capital sees it7:51 Why Arne couldn’t participate in the interview9:30 What Dan and Eric’s are doing at Worm Capital15:28 How to filter noise and signal18:15 What does Worm Capital’s new approach mean?23:43 What kind of companies do they like to invest in26:39 What role does historical data play for you?30:57 The top sectors in Worm Capital’s focus33:19 What gives you confidence?35:53 Are you shorting in the energy sector? And also why you are shorting?40:16 Why the effort of shorting?41:24 What are the principles of your company?46:36 How does digging work49:55 What digging you did for the big positions for Tesla?57:07 What else is misunderstood in Tesla?1:03:09 Where did you get an idea to invest in Spotify?1:06:12 What options could become real businesses at Spotify?1:07:40 Why do you prefer Spotify instead of the music labels?1:08:45 How much the self-disruption is embedded in the DNA of Worm Capital?1:11:17 Something to add? Why does Worm Capital invest in disruptor stocks like Tesla and Spotify? appeared first on Good Investing.
74 minutes | Mar 19, 2021
Can Babylon Health dominate digital health, Per Brilioth (VNV Global)?
With Per Brilioth of VNV Global, I discussed the history of the company, the current portfolio, and Babylon Health. We discussed the following: 00:00 Introduction01:31 The biggest mistakes03:42 Portfolio evolution05:09 2010’s portfolio09:12 Divest oil12:06 Relearning & unlearning14:27 Going global17:53 Building a global network19:19 The change in the shareholder base22:18 Investing as a listed company in private companies25:45 Being an active shareholder28:56 Insider ownership30:30 Giving capital back to shareholders32:36 Selling33:50 Idea generation36:19 Per’s assignments in other companies and his public visible investments38:40 Idea selection40:22 The importance of management42:15 Character traits of “bad” management42:37 Other sources to understand companies43:47 The potential future of a company45:45 The role of optionalities46:34 Risk & reward47:56 The current portfolio50:37 A metaphor for the portfolio54:48 The nextgen stars56:14 Strong founders57:12 the role of data57:30 Established players in the portfolio – VOI1:00:49 Babylon1:02:29 Babylon’s leadership1:03:58 Babylon in 3 – 5 years1:05:33 Will VNV be a shareholder then?1:06:02 New areas of investment for VNV1:08:25 Climate & network effects1:10:23 VNV in 5 years1:12:14 Growth in VNV’s team1:13:01 Long-term investing Here you can enjoy the YouTube video: Can Babylon Health dominate digital health, Per Brilioth (VNV Global)? appeared first on Good Investing.
92 minutes | Mar 7, 2021
Tom Gayner, how do you build your portfolio? A talk with the Co-CEO
I had the pleasure to do an interview with Tom Gayner of Markel. Here you can find the video: Here you can find Markel’s portfolio. 00:00 Introduction01:05 MITIMCO’s message02:06 3 songs for Markel – playlist: https://www.youtube.com/watch?v=s3Q80mk7bxE&list=PL2jGs_PC8EQXIVlbHKMc08KEU7G2JXWAk05:25 202006:40 The capital raise in May 202008:01 Structural changes in 202009:36 Measures for success11:56 Key metrics for measuring Markel’s success14:58 Topics that Tom Gayner wants to understand18:27 Examples19:26 Changes in the use and perception of investment concepts23:42 Owning Amazon25:40 Where does the money for the portfolio come from?29:25 Freedom in Markel’s cash allocation31:21 The insurance business – The bullish and bearish parts32:40 Competitors in insurance34:27 The Tesla cooperation35:14 The impact of climate change37:37 The impact of low interest rates44:23 The capital allocation framework46:25 Decide between different buckets48:20 The way to decide between inside and outside investing49:55 Factors to invest in people outside of Markel51:34 Markel ventures54:26 What businesses of Markel ventures are especially interesting?56:11 Everyday life businesses58:00 Learning in public and private markets01:00:29 Getting better as investor01:03:08 The climate in public vs private markets01:05:14 Attractive niches01:07:11 Why Tom wants people back01:08:47 Buybacks01:09:24 Why over 100 positions?01:17:09 Keeping focus with the portfolio01:18:07 Signal vs noise in the portfolio01:19:28 Who does influence Markel’s portfolio?01:21:32 Smaller and bigger positions01:24:01 Selling Carmaxx01:25:56 The outcome from the trip to India01:29:07 India’s influence on the portfolio01:30:50 Final remarks This episode of Good Investing Talks is supported by MIT Investment Management Company. MITIMCo manages the financial assets of MIT through partnerships with talented investment managers all over the world. MITIMCo is eager to connect with emerging fund managers. They invest alongside young and unconventional investment firms and bringing resources and a creative perspective to the fund management journey. Whether you are a one-person shop just getting started or a team of investors building something unconventional, MITIMCo would love to hear from you. No firm is too small, too early or too un-institutional. You can drop them a line at firstname.lastname@example.org and visit their site: mitimco.org/emerging managers. Tom Gayner, how do you build your portfolio? A talk with the Co-CEO appeared first on Good Investing.
86 minutes | Feb 19, 2021
Why are you digging for investing diamonds in South Africa, Rudi van Niekerk?
Rudi van Niekerk is an outspoken expert for investing in South Africa. He is following a long-term-oriented value approach in a rather inefficient market. We discussed the following topics: 00:00:00 The start00:00:16 Penguins and lions 00:03:18 Rudi’s career as a grain trader00:07:44 Learning from negotiating with farmers00:10:09 Why investing?00:14:11 Desert Lion’s position in the South African financial industry00:17:47 The South African stock market00:23:12 Where Rudi would go long or short00:25:49 Books to read on South Africa00:28:10 The best capital allocators in South Africa00:29:49 Scarcity of capital00:35:07 How good is the capital allocation in South Africa?00:37:43 Why companies delist00:39:49 South Africa’s progress 00:43:08 Inequality in South Africa00:45:16 Why his seed investors seeded him00:48:37 Why he underperformed in 201700:51:25 Learning from mistakes00:54:45 Position sizing01:00:00 The mining and the education sector01:05:39 South Africa’s demographics01:06:42 Car tracking companies01:12:06 The evolution of Cartrack01:16:14 Capitec01:23:30 Closing remarks Here you can find the YouTube video: Why are you digging for investing diamonds in South Africa, Rudi van Niekerk? appeared first on Good Investing.
91 minutes | Feb 13, 2021
What are your lessons for compounding in the Nordics, Daniel Glaser?
Daniel Glaser of River Oak Capital is an outstanding global investor with a strong focus on the Nordics. He walked me through his journey into investing and his approach in this talk. We also discussed his investment in Fortnox. This episode of Good Investing Talks is supported by MIT Investment Management Company. MITIMCo manages the financial assets of MIT through partnerships with talented investment managers all over the world. MITIMCo is eager to connect with emerging fund managers. They invest alongside young and unconventional investment firms and bringing resources and a creative perspective to the fund management journey. Whether you are a one-person shop just getting started or a team of investors building something unconventional, MITIMCo would love to hear from you. No firm is too small, too early or too un-institutional. You can drop them a line at email@example.com and visit their site: mitimco.org/emerging managers. Here you can find the video: Here you can find the transcript: What are your lessons for compounding in the Nordics, Daniel Glaser? appeared first on Good Investing.
54 minutes | Feb 5, 2021
What are the pains of growth for Naked Wines? A talk with CEO Nick Devlin
With Nick Devlin, the CEO of Naked Wines, I had the pleasure to discuss the developments and prospects of the wine e-commerce company. We discussed the following topics:00:00 Beginning and disclaimer03:01 The impact of growth on Naked’s business05:09 Nick’s move to the USA07:05 Scale09:34 Scale and Social Media11:32 The competitive advantage of scale13:54 Scale and customers18:08 Improvements on the website20:09 Pains of growth22:56 A reaction on YouTube comments26:06 Naked’s presence on YouTube28:54 “Angry customers”31:13 Naked’s target group35:28 Where Naked’s US customers come from38:32 The impact of climate change44:24 Is Naked’s way of doing wine more efficient?47:56 Shipping52:55 Hello Fresh and Naked Wines Here you can find the YouTube video: Nick Devlin, what are the pains of growth for Naked Wines? appeared first on Good Investing.
132 minutes | Jan 31, 2021
Is Nintendo a multi-bagger? Ryan O'Connor on Todd Wenning deep dive on the japanese stock
With Ryan O’Connor of Crossroad Capital and Todd Wenning of Ensemble Capital, I had the pleasure to take a deep dive into Nintendo. The transcript will be soon in our blog. Here you can find the YouTube video During our conversation we touched on the following points:00:00 Welcome message and disclaimer01:36 What both learned from each other on investing and Nintendo11:24 Nintendo and the gaming market19:18 The boom and bust cycle – still active?27:22 Nintendo’s target groups34:01 The hardware and software interaction38:45 Creative use of hardware and software combined46:01 Nintendo OS54:56 Nintendo accounts59:09 Switch online paid memberships01:04:19 The change in buying Nintendo games01:18:57 Nintendo’s pricing policy01:28:51 Is the Switch profitable?01:34:16 Selling in-game and selling software01:38:50 Third-party games in the Nintendo ecosystem01:42:21 (Buying) Engagement01:46:49 Nintendo’s management01:56:21 Nintendo’s flywheel01:59:34 The revenue potential of the optionality’s in Nintendo’s business02:05:23 The bear case Is Nintendo a multi-bagger? Ryan O’Connor on Todd Wenning on $NTDOY appeared first on Good Investing.
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