Good Investing Talks

What Allocators Get Wrong About India - Raghav Mittal

Wed, 28 Oct 2026 17:00:00 +0000

Raghav Mittal watched a boring Indian supplier to steel mills grow into a 100-bagger over 10 years. He never bought it. He thinks many allocators make the same mistake with India: they judge the whole country by its index.

In this talk from the first Good Investing Night in Munich, the founder of Dhamma Capital explains his three keys: how he checks governance on the ground, how he underwrites durable growth, and why he values fast growers by their PEG ratio. The short Q&A asks whether India really pays for growth.

Free PDF from Raghav, India under the surface: 12 lessons: https://go.good-investing.net/raghav-india

Chapters:

00:00:00 Welcome and 30 hours of travel
00:00:48 The 100-bagger he did not buy
00:01:47 The same mistake with a whole country
00:02:19 The paradox: India below the index
00:03:43 Three locks: governance, growth, valuation
00:04:19 Key 1: governance on the ground
00:07:33 Key 2: durable growth
00:09:39 Key 3: valuations and the PEG ratio
00:11:58 Summary: invert the order
00:12:27 Q&A: does India pay for growth?

Full transcript: https://www.good-investing.net/2026/10/28/raghav-mittal-what-allocators-get-wrong-about-india/

Watch on YouTube: https://www.youtube.com/watch?v=ScuZXXCihTI

Thank you to FinancialFilings, the sponsor of the Good Investing Night. Try out their MCP here: https://financialfilings.com/mcp/

Want to meet investors like this in person? Good Investing Plus is a community for experienced long-term investors, with meetups in Omaha, Munich and online: https://www.good-investing.net/plus

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Good Investing is educational and informational. Nothing here is investment advice. Views on companies and returns are the speaker’s own.

A Three-Stock Charlie Munger Portfolio - Shaurya Gupta

Wed, 21 Oct 2026 21:26:23 +0000

Shaurya Gupta started his investment firm, Gupta Partnership, at 21. Eight years later, he says the biggest lesson is to expect far more volatility than you think. Then he presents three companies that Charlie Munger studied and admired but, as far as we know, did not own directly.

Get Shaurya’s Alphabet thesis here: https://go.good-investing.net/shaurya-alphabet

In this talk from the first Good Investing Night in Munich, Shaurya explains his view on TSMC and why old chip fabs keep printing money, why he sees Amazon as Costco’s digital heir, and why he calls Alphabet the company Munger regretted missing. He ends with Munger’s story of a woman who bet on the coming things, and an audience question on TSMC’s country risk.

We have discussed the following:
00:00 Preview
00:12 Starting an investment firm at 21
01:31 A three-stock Charlie Munger portfolio
04:08 TSMC: what Munger missed
07:23 Amazon: Costco’s digital heir
10:27 Alphabet, the company Munger regretted missing
11:11 Munger’s “coming things” story
12:36 Q&A: TSMC and country risk

Read the full transcript: Shaurya Gupta: A three-stock Charlie Munger portfolio
Watch on YouTube: https://www.youtube.com/watch?v=relwZwtGXcA

Thank you to FinancialFilings, the sponsor of the Good Investing Night. Try out their MCP here: https://financialfilings.com/mcp/

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. Shaurya speaks about companies his firm owns. This is his view, not a recommendation. Good Investing is educational and informational. Nothing here is investment advice.
Disclaimer: https://good-investing.net/imprint/disclaimer/

What 30 Years With Warren Buffett Taught Me - Gisela Baur

Thu, 15 Oct 2026 21:20:42 +0000

Gisela Baur met Warren Buffett as a young German financial journalist in the 1990s. A 10-page letter got her to Omaha. At a baseball game he greeted her by name. She has followed him for almost 30 years since.

In this talk from the first Good Investing Night in Munich, she shares what she learned: Buffett’s memory, how fast he decides who joins his circle, why he keeps business simple, and Charlie Munger’s one-word secret. She also explains why she never bought Berkshire shares.

We have discussed the following:
00:00 Welcome and the Buffett book
02:46 How a young journalist found Warren Buffett
05:08 A 10-page letter and the trip to Omaha
06:18 The baseball game and Buffett’s memory
07:43 Buffett’s circle: he decides in seconds
08:54 The first interview: keep business simple
10:33 Munger’s one word: judge first, then trust
12:20 What keeps Warren Buffett happy
13:59 Give things up
14:55 Q&A: why she never bought Berkshire shares

Read the full transcript: Gisela Baur: 30 years with Warren Buffett
Watch on YouTube: https://www.youtube.com/watch?v=gCZ5NJEnWtk

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. Good Investing is educational and informational. Nothing here is investment advice.
Disclaimer: https://good-investing.net/imprint/disclaimer/

Why do you like Deere & Company stock, Alex Furmanski of Unison Asset Management?

Tue, 06 May 2025 14:30:00 +0000

Alex Furmanski of Unison Asset Management joined us for the first time for a podcast to discuss his investment approach and why he likes Deere & Company stock.

We have discussed the following:
00:00 Introducing Alex Furmanski of Unison Asset Management
00:30 Playing the long game
01:20 Who shaped Alex as an investor
03:50 Risk factors
05:15 Alex Furmanski’s goals
09:00 How Unison Asset Management differentiates itself
11:40 Getting quality for the right price
13:05 Exceptional quality
14:06 Idea generation
16:00 The research process
17:30 Learning from investment mistakes
19:10 Check out GI Plus
19:45 Deere & Company stock – A case for the company
27:14 The holding horizon for Deere & Company
27:52 The ideal investment thesis
30:05 Portfolio construction
32:15 Is it an anxious strategy to portfolio building?
33:50 Thank you
34:00 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
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What to learn from Buffett's Early Investments, Brett Gardner?

Mon, 28 Apr 2025 12:57:47 +0000

Get the book (affiliate link): https://www.amazon.com/dp/1804090573?tag=goodinvesting-20

How did Warren Buffett earn his best returns in the 1950s and 1960s? Brett Gardner spent years in the original company documents to find out. In this talk he walks you through the cases in Buffett’s Early Investments that matter most. He also shares what it takes to write and sell an investing book.

In this episode:
• The book covers 10 Buffett investments from the 1950s and 1960s, based on source documents that are hard to find.
• The first three cases were very cheap stocks that did poorly because of weak capital allocation.
• Philadelphia and Reading: a dying coal company became a conglomerate, and the stock went from about $9 to over $200.
• The hidden governance risk in Buffett’s Disney investment: Walt Disney’s personal holding company.
• American Express was the most profitable partnership investment. Brett explains the salad oil scandal.

Learn more about Brett
Website: https://buffettsearlyinvestments.com
X: https://x.com/brettgardner_10

Watch the video: https://www.youtube.com/watch?v=eLIL7DDMkXw
Newsletter: https://good-investing.net/newsletter
Good Investing Plus, our community for long-term investors: https://good-investing.net/plus/

Transparency: Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.

This episode is for educational purposes only. It is not investment advice. As an Amazon Associate we earn from qualifying purchases. Full disclaimer: https://good-investing.net/imprint/disclaimer/

Is the Switch 2 lifting Nintendo stock on another level, Ryan O'Connor?

Mon, 21 Apr 2025 10:08:29 +0000

Ryan O’Connor of Crossroad Capital joined us to discuss Nintendo’s new Switch 2 console and its impact on the stock.

We have discussed the following:
00:00 Introducing Ryan O’Connor, the $NTDOY expert
00:38 The Nintendo Switch 2 announcement
05:45 How Nintendo master the art of leaning into the right thing
15:55 AAA games: Where the Switch 2 improves on the base Switch
25:25 The Switch 2 pricing
31:30 Nintendo will continue to deliver
33:20 Join Good Investing Plus
33:40 Early sales indicators
37:55 The 5-year perspective for the Nintendo Switch
40:55 Game selection through the historic lens
44:40 Integrating third-party games into the Nintendo ecosystem
49:22 Closing thoughts
53:00 Thank you
53:15 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you like Cardlytics stock, Alejandro Yela of The Hermit?

Thu, 17 Apr 2025 09:57:29 +0000

It was my true pleasure to welcome Alejandro Yela of The Hermit substack https://hrmt.substack.com/ and the Equity Focus FIL fund for a chat!

We have discussed the following:
00:00 Introducing Alejandro Yela – The Hermit
00:40 Thinking as a hermit
01:35 Alejandro’s investment approach
03:30 Avoiding value traps among small companies
06:26 What ‘The Hermit’ does particularly well
08:00 What’s the endgame?
10:30 Alejandro’s goals and achievements outside of investing
13:14 Idea generation
15:10 The research process
16:42 Good Investing Plus
17:15 Liquidity
19:40 The biggest investment mistake
23:00 Cardlytics
30:35 Differences in EU and US regulations
32:34 Holding on through volatility
34:00 Portfolio construction
39:20 Closing thoughts by Alejandro
41:30 Thank you
41:40 Disclaimer

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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What to learn from Buffett & Munger Unscripted, Alex Morris?

Mon, 31 Mar 2025 16:43:24 +0000

Get the book (affiliate link): https://www.amazon.com/dp/1804090670?tag=goodinvesting-20

Learn what three decades of Berkshire Hathaway meetings teach that the shareholder letters do not. Alex Morris runs TSOH Investment Research. He worked through more than 150 hours of meeting videos going back to 1994. He turned them into a guide to Buffett and Munger, sorted by topic.

In this episode:
• Berkshire released the meeting videos back to 1994 in 2018: over 150 hours and more than 1,700 questions.
• How to use the book: 13 topic parts, built as a desk reference.
• Why shrinking can be smart: National Indemnity’s premium volume fell about 80% over 15 years.
• Where Buffett and Munger missed the value of data: GEICO and telematics.
• What writing and publishing the book taught Alex.

Learn more about Alex
Website: https://thescienceofhitting.com
X: https://x.com/TSOH_Investing

Watch the video: https://www.youtube.com/watch?v=8XqBTFgZ000
Newsletter: https://good-investing.net/newsletter
Good Investing Plus, our community for long-term investors: https://good-investing.net/plus/

This episode is for educational purposes only. It is not investment advice. As an Amazon Associate we earn from qualifying purchases. Full disclaimer: https://good-investing.net/imprint/disclaimer/

Why do you like Mercado Libre, Lucy Chou (Luna Partners)?

Wed, 19 Feb 2025 16:00:00 +0000

Lucy Chou started her partnership Luna Partners recently. We invited her to discuss her investment philosophy and why she is invested in Mercado Libre.

We have discussed the following:
00:00 Episode overview
01:05 Introducing Lucy Chou & Luna Partners
02:10 Why did you start an investing firm?
05:00 What differentiates Luna Partners?
08:30 Staying sane
10:10 Luna Partners’ goals
12:35 Lucy Chou’s long-term vision
14:00 The importance of relationships
17:46 Join Good Investing Plus
18:30 „Value investing with a twist“
22:25 Examples for transformers, cyclical, shooters & compounders
23:30 Lucy Chou’s Research process
24:35 Investment mistakes & process changes
31:20 Mercado Libre
36:30 Why MeLi among all other e-commerce platforms, Lucy Chou?
40:00 Thoughts on the financial side of Mercado Libre
44:30 Analyzing management
46:45 Lucy Chou on Portfolio construction
50:37 Closing thoughts
51:47 Thank you
51:55 Disclaimer

goodinvesting #mercadolibre #meli

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you like DoorDash, Jackson Zhu (Square Street Capital)?

Wed, 12 Feb 2025 16:00:00 +0000

Jackson Zhu is the Emerging Manager behind Square Street Capital. He joined us to discuss his investment philosophy and his DoorDash case.

We have discussed the following:
00:00 Podcast Preview
01:00 Introducing Jackson Zhu
01:33 Jackson’s oil investment in 2020
05:45 Experiences from being an allocator
07:20 Learnings
13:28 The goal of his fund
15:12 Jackson Zhu’s investing style
16:40 “Certainty”
23:07 Join Good Investing Plus
24:10 Jackson Zhu’s Research process
30:03 The difference between being a private and a professional investor
38:30 Door Dash
50:20 When to sell Door Dash
52:00 Portfolio construction
01:02:02 Closing thoughts
01:04:10 Thank you
01:04:28 Disclaimer

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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How did you grow Compounding Quality to 440,000 followers in 2 years, Pieter Slegers?

Wed, 18 Dec 2024 17:58:33 +0000

Pieter Slegers has grown Compounding Quality from 0 to 440,000+ followers within only two years. Here, we learn more about his success story.

We have discussed the following for you:
00:00 Podcast preview
01:14 Introducing Pieter Slegers
02:20 The start of Compounding Quality
06:50 Growing on Warren Buffett’s shoulders
09:45 Growing through engagement
12:15 Learning & following ones passion
15:50 Check out the Plus community
16:30 A typical day
22:40 Productivity hacks
24:00 Turning a passion into a business
32:45 Love what you do
36:20 Growth since the beginnings
40:35 Going all-in
44:30 How to build a skill set
51:30 The dead-ends while experimenting
56:10 Becoming a public persona
59:40 Pieter’s immense output
01:04:08 Addressing a broad audience
01:05:19 Outlook for the future
01:07:40 Closing thoughts
01:08:42 Thank you
01:09:20 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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What can I learn from "On the Hunt for Great Companies"?

Thu, 24 Oct 2024 13:58:23 +0000

Get the book (affiliate link): https://www.amazon.com/dp/1394285744?tag=goodinvesting-20

Simon Kold spent 10 years investing at Novo Holdings and then started his own investment firm. His book On the Hunt for Great Companies gives you practical ways to test whether a business is truly great and whether that greatness will last. In this talk you learn how he judges quality and which common mistakes to avoid.

In this episode:
• Spotting a possibly great company is easy. Testing whether it really is great is the hard part.
• Why Simon calls the book an analytical recipe, and why very few companies meet every trait.
• How to check management: read its past reports in order and compare what it said with what happened.
• Why you should look for competitive disadvantages, too.
• Why thinking by analogy, like “the Visa of” something, can lead you astray.

Learn more about Simon
Website: https://www.simonkold.com
LinkedIn: https://www.linkedin.com/in/simon-kold/

Watch the video: https://www.youtube.com/watch?v=w8cJWuROFQ8
Newsletter: https://good-investing.net/newsletter
Good Investing Plus, our community for long-term investors: https://good-investing.net/plus/

This episode is for educational purposes only. It is not investment advice. As an Amazon Associate we earn from qualifying purchases. Full disclaimer: https://good-investing.net/imprint/disclaimer/

Why do you like Nvidia & Airbnb, Will Kim of Apsis Capital?

Thu, 17 Oct 2024 15:17:12 +0000

We had the pleasure of welcoming Will Kim of Apsis Capital Management https://apsiscap.com/. Here, Will is investing in trends via the stock market.

We have discussed the following:
00:00 Highlights
00:51 Introducing Will Kim
02:38 Stepping away from the corporate world to play the investing game
04:49 Learnings from the early career
06:19 The goals of investing
07:36 The style of investing
10:33 Inspiration for the investment strategy
12:03 The ideas for the portfolio
13:40 The research process
15:01 Assessing high quality
16:56 Investment mistakes to avoid with the example of Upwork
22:01 Learnings after years of investing
23:21 Nvidia stock
29:34 When to sell
30:13 Portfolio construction
32:52 What sets Will’s process apart
35:08 Airbnb stock
38:10 Why it’s difficult to copy Airbnb
42:14 The research process with Airbnb
46:28 The exit strategy at Airbnb
47:16 Closing thoughts
48:29 Goodbye
48:44 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you like Andon Health + Gongniu Group, Xin Wu (Banyan)?

Tue, 09 Jul 2024 12:48:40 +0000

Xin Wu of Banyan Partners (http://www.banyanpartners.cn/) is in the 10% of Chinese public equity’s investors, but not many know of him. Therefore, we were especially happy to welcome him on the podcast!

We have discussed the following:
00:00 Preview
00:52 Introducing Xin
01:27 Investing in China now compared to the past years
02:15 Why China is paradise for value investors currently
06:55 Data availability today
10:11 How to make money in a market like China
16:20 Observations on the market
20:57 Finding a good company
26:38 Criteria to build on an idea
28:40 Portfolio structure
30:33 Value through shorting
36:10 Gongniu Group
45:27 Join GI Plus
45:50 When to sell
48:33 Andon Health
56:22 Dealing with competence
01:00:34 Closing thoughts
01:01:43 Goodbye
01:02:00 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you like Haier D shares, Dan Rupp of Parkway Capital?

Fri, 28 Jun 2024 06:54:56 +0000

It was great to welcome Dan Rupp of Parkway Capital (https://www.parkwayasia.com/) as a first-time guest on the podcast!

We have discussed the following:
00:00 Podcast Preview
01:30 Introducing Dan Rupp
01:51 Why invest in Asia now?
05:36 Defining „Asia“‘s geography
07:37 Why go active instead of passively investing Asia
13:17 Where are the best opportunities?
16:26 Holding period in a volatile market
21:04 Patterns that offer opportunities
24:37 Check out GI Plus
25:08 Portfolio construction in the Asian market
27:40 Things to avoid
30:25 Dan’s thoughts on portfolio size
33:15 Finding the best opportunities
35:40 Case study of Haier
44:27 Why start a fund?
50:20 Meaning behind „Parkway“
51:29 Closing thoughts
52:25 Thank you
52:35 Disclaimer

goodinvesting #asia #investinginasia

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you like Alpha Group International PLC, Dede Eyesan?

Tue, 18 Jun 2024 15:12:39 +0000

It was our pleasure to welcome Dede Eyesan of Jenga Investment Partners (https://www.jengaip.com/) as a first-time guest on Good Investing Talks!

We have discussed the following:
00:00 Podcast Preview
00:42 Introducing Dede Eyesan
01:27 Starting out in the fund industry
03:41 How to stay focussed on making money
05:17 What do you look for in a stock?
06:40 What does Jenga Investment Partners stand for?
08:45 What investments are you passionate about?
13:27 What makes you change your mind?
14:51 Where do the ideas for investments come from?
16:30 Where a lot of time goes into
17:51 Investment mistakes
20:00 Development after 5 years
21:46 Checkout GI Plus
22:25 What problems is Alpha Group International PLC stock solving?
28:12 Research process
31:28 Thesis creep: When the thesis changes…
34:23 Dede Eyesan’s Exit strategy
36:00 Why did you start a fund, Dede Eyesan?
39:40 What makes the fund different
43:35 Struggles as a young fund manager
45:30 Framework for portfolio construction
48:25 Meta thougths
51:09 Closing thoughts
51:35 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you like Cake Box Holdings PLC, Sam Hollanders?

Thu, 06 Jun 2024 15:17:58 +0000

It was our pleasure to welcome Sam Hollanders of Chess Capital (https://www.chesscapital.lu/) as a first-time guest on Good Investing Talks!

We have discussed the following:
00:00 Podcast preview
00:53 Introducing Sam Hollanders
03:30 What does Chess Capital stand for?
06:27 Starting out in the Photoshop business
09:09 Why start a fund?
12:12 Bringing value to the marketplace
16:06 The competitive advantage
18:25 Investment strategy
22:07 Investments that Sam is passionate about
26:45 The most “boring” investment framework
29:08 Check out Good Investing Plus
29:40 Reasons not to invest
31:40 Turning an idea into an investment
36:20 What has changed in the past 5 years?
37:30 What does Cake Box Holdings PLC do?
43:30 How to be sure Cake Box Holdings PLC is not a fraud
48:48 Sam Hollanders’ Exit strategy
49:50 Framework for portfolio construction
55:25 Closing thoughts
56:15 Goodbye
56:30 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you like Jet2Airways stock, Theron de Ris?

Sun, 19 May 2024 15:33:30 +0000

It was our pleasure to welcome Theron de Ris of Sorengo Partners (https://www.sorengopartners.com/) as a first-time guest on Good Investing Talks!

We have discussed the following:
00:00 Preview for the episode
00:40 Introducing Theron de Ris
03:03 The early impressions
04:50 Understanding Eschler
07:12 What Sorengo Partners stands for
09:40 The investing philosophy of Sorengo Partners
16:42 Typical investment cases
21:52 Check out GI Plus
22:30 Special situations
25:15 The research process
27:30 Changes over the past 5 years
29:00 Theron de Ris on identifying the steps in the cycle
31:30 Larger holdings in the fund
32:40 Jet2Airways
39:45 Patience
41:00 Learnings from helping fund managers
42:30 Things that can go wrong
44:00 Why did you start a fund, Theron de Ris?
47:00 Theron’s competitive advantage as a fund manager
48:00 Portfolio construction
51:50 Closing thoughts
52:10 Thank you
52:22 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Is Korea the new Japan, Chan H. Lee & Albert Yong (Petra Capital)?

Tue, 09 Apr 2024 07:17:40 +0000

Could Korean stocks offer the same chance for high returns as Japanese stocks had?

I have discussed these questions with Chan H. Lee and Albert Yong of Petra Capital Management.

The video was recorded end of February 2024.

We have discussed the following:
00:00 Podcast preview
00:58 Introducing Petra Capital
02:34 Is South Korea the winner of the US-China conflict?
05:59 Investing atmosphere in the past 2 years
08:12 Friendly activism
09:38 Competition within Korea
13:46 Example company: Hyundai Motor Company GDR stock
17:55 Example company: Youngone Corp stock
20:03 Export orientation
22:27 Idea generation
28:45 How entrepreneurial is Korea?
31:49 Check out GI Plus
32:29 Research process and K-Pop
37:20 Portfolio construction
39:55 Resilience of the portfolio
42:00 Closing thoughts
49:23 Thank you
49:30 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Tom Gayner on the Markel Brunch and the Reunion 2024

Tue, 19 Mar 2024 08:00:00 +0000

In this podcast, Tom Gayner invites us to the Markel Brunch 2024 in Omaha and the Markel Reunion 2024 in Richmond.

Here you can register for the Markel Brunch in Omaha: https://www.good-investing.net/event/markel-omaha-brunch-2024-omaha/

Here you can register for the Markel Reunion in Richmond: https://www.good-investing.net/event/markel-annual-meeting-2024-the-reunion/

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Chris Waller, why does Plural Investing own TerraVest stock $TVK?

Sun, 17 Mar 2024 10:10:56 +0000

Chris Waller of Plural Investing (https://www.pluralinvesting.com/) joined us for the first time. In this interview, you can learn more about his fund and his investment strategy.

We have discussed the following:
00:00 Introduction to Chris Waller
01:30 Investments Chris Waller is excited about
05:20 What is his strategy?
07:30 Chris Waller’s circle of competence
10:12 Reflecting on Naked Wines
12:45 Finding industry experts
14:38 When to stay away from investing
17:00 Governance
21:20 Terravest investment case
27:56 Terravest’s holding period
31:00 Potential risks with Terravest
33:00 Why Chris became a fund manager
36:52 Check out GI Plus
37:30 Value Investing
39:00 The competitive edge of Chris as a fund manager
41:30 Portfolio construction
44:20 Closing thoughts
45:50 Thank you
46:10 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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The Complete Financial History of Berkshire Hathaway (Adam Mead)

Wed, 13 Mar 2024 11:51:11 +0000

Get the book (affiliate link): https://www.amazon.com/dp/1804093823?tag=goodinvesting-20

How did a New England textile mill become one of the strongest companies in the world? Adam Mead spent five years and read more than 10,000 pages to write The Complete Financial History of Berkshire Hathaway. The book goes through Berkshire year by year, with more than 300 tables. In this talk you get his biggest lessons from that work.

In this episode:
• Patience runs through Berkshire’s whole history. National Indemnity once saw premiums fall for 13 years.
• Cash goes where it works best: See’s sends its cash to Omaha, while the energy business has never paid a dividend.
• Berkshire is a series of big bets. In each decade Adam studied, the largest deal was at least 15% of equity.
• A short note from Buffett can motivate a manager for years.

Learn more about Adam
Website: https://theoraclesclassroom.com
X: https://x.com/BRK_Student

Watch the video: https://www.youtube.com/watch?v=1D-LK4dq2as
Our Berkshire Hathaway annual meeting guide: https://www.good-investing.net/berkshire-hathaway-annual-meeting/
Newsletter: https://good-investing.net/newsletter
Good Investing Plus, our community for long-term investors: https://good-investing.net/plus/

This episode is for educational purposes only. It is not investment advice. As an Amazon Associate we earn from qualifying purchases. Full disclaimer: https://good-investing.net/imprint/disclaimer/

What are ABO Wind's best markets, CEO Karsten Schlageter?

Thu, 22 Feb 2024 15:31:58 +0000

In the second part of our interview with ABO Wind CEO Karsten Schlageter (part one: https://youtu.be/pPTV0nAdDQU), we discuss the companies’ ambition in renewables.

We have discussed the following:
00:00 Intro
00:35 Welcome to part 2 of the ABO Wind video
01:00 From ABO Wind to ABO Energy
02:00 Becoming a global player in renewables
05:25 Understanding ABO Wind’s markets
07:03 Political shifts
08:20 The most attractive markets
10:25 How to navigate risk in a regulated markets
11:05 The challenging markets
14:30 Learnings from new market entrants
16:15 Patience
18:04 Bottlenecks for ABO Wind
19:30 Margins in the different markets
21:20 The Role of Europe for ABO Wind
24:20 Costs of a megawatt
27:30 The hydrogen pipeline
33:07 Check out GI Plus
33:35 Valuing the hydrogen pipeline
36:03 The battery pipeline
40:00 Valuing the battery pipeline
40:51 Future growth
43:45 Closing thoughts
44:40 Thank you & goodbye
45:00 Disclaimer

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why is ABO Wind becoming a KGaA, CEO Karsten Schlageter?

Sun, 18 Feb 2024 10:06:59 +0000

ABO Wind is back! Two years after our first interview (https://www.youtube.com/watch?v=VoiG8FKHTNE&t=1s), I am pleased to welcome CEO Karsten Schlageter for a two-part follow-up interview.

We started our discussion with the heatedly debated change to a KGaA and followed up with questions on capital allocation.

Here, we have discussed the following:
00:00 Intro
00:30 Introducing Karsten Schlageter
00:50 Transforming Abo Wind’s governance into a KGaA
09:30 Closing the KGaA transformation
10:26 The role of minority shareholders
12:27 Are you overstuffed?
17:36 The culture at ABO Wind
19:49 Onboarding of new employees
23:08 Being competitive
25:00 International knowledge exchange
26:10 Check out GI Plus
26:40 Capital allocation
30:20 Looking for the right opportunities
31:29 Capital raises
36:10 Thoughts on dividends
37:35 Check out part 2
37:45 Disclaimer

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why do you own so much stock of HomeToGo, Steffen Schneider?

Tue, 06 Feb 2024 16:03:25 +0000

Please enjoy the second part of my conversation with Steffen Schneider of HomeToGo, where we covered HomeToGo Pro, M&A, and his investment in the company.

We have discussed the following:
00:00 Recap
00:40 Introduction to part 2. Please check out part 1:
01:06 HomeToGo competitors
02:40 Smoobu competitors
06:27 The complexity of problem-solving within the business
11:00 What investors love
12:23 HomeToGo Pro
13:27 Doppelgaenger
15:15 Overlap in customers
16:45 Building on data
21:40 Please check out GI Plus
22:15 Skin in the game for Steffen
25:00 How capital is allocated
29:51 Gut feeling vs. Data-based decisions
32:23 Moon shots vs. being down to earth
33:42 Focus on mergers and acquisitions
38:56 Price development since 2021
41:15 Growth in the holiday rental market
44:00 Online vs. offline business
45:25 HomeToGo growth
48:30 Hypothetical scenario: No more marketing expenses
52:10 Outlook on the next 5 years: Revenue or profitability
54:36 Closing thoughts
55:40 Thank you
56:00 Disclaimer

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Why is Gruppo Mutui Online so different today, Marco Pescarmona?

Thu, 25 Jan 2024 17:00:00 +0000

Two years after our first interview, it was great to have Marco Pescarmona of Gruppo Mutui Online back. The company has changed a lot since 2021.

To better understand the change, we have discussed the following:
00:00 Teaser
00:32 Intro
00:51 The biggest challenge in the last two years
01:31 Biggest challenge at the moment
04:03 Acquiring new businesses
10:05 Check out Stratosphere
12:54 How the opportunities come up
15:42 The structure of the transactions
23:00 M&A at Gruppo Mutui
27:39 Check out Plus
28:13 How does Gruppo Mutui add value?
30:47 Differences between Italy, France & Spain, and other markets
36:19 New challenges after the acquisitions
39:00 3-5 year goals
41:12 The D&A from EBITDA
44:39 The strategy with the BPO division
46:50 Debt risks
55:37 Looking back at 2012
59:50 Reading out patterns during times of crisis
01:01:49 Understanding the revenue side
01:05:35 Thoughts on the different divisions within Gruppo
01:08:39 The brokerage market
01:11:11 Capital allocation framework
01:13:40 Creativity
01:20:55 Cashflow
01:24:37 Closing thoughts
01:26:20 Disclaimer

#goodinvesting #italianstocks #gruppomutuionline

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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Can HomeToGo win in booking & SaaS, Steffen Schneider?

Fri, 19 Jan 2024 11:31:33 +0000

I am pleased to welcome CFO Steffen Schneider for a two-episode discussion of HomeToGo and the business’s growth chances.

We have discussed the following:
00:00 Intro
00:47 Introducing Steffen Schneider of HomeToGo
01:13 Reasons for considering HomeToGo in a competitive market
02:26 Customer persona A – the renter
08:06 Customer persona B – the small holiday home provider
14:35 Customer persona C – the professional rental agency
17:10 Check out GI Plus
17:50 Thoughts on volume-based models
18:50 The typical customer
22:25 Marketing efficiency
24:12 Winning in marketing
27:45 Team sizes
29:39 Conversion mistakes
31:23 Payback periods
32:20 Measuring retention
33:50 App share
35:40 App traffic
37:20 Guest relations
39:44 Testing customer referrals
44:30 How to think about Home2Go customers?
47:06 Goodbye
47:45 Disclaimer

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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What are VNV global's chances after the Babylon fail, Per Brilioth?

Fri, 08 Dec 2023 00:38:48 +0000

We had the pleasure to welcome Per Brilioth of VNV Global back. In this interview, we walk through Babylon’s bankruptcy and the portfolio companies’ chances.

We have discussed the following:
00:00 Welcoming Per Brilioth
01:19 Getting through volatile periods
03:49 What went wrong with Babylon?
05:40 Learnings from Babylon bankruptcy
11:05 Portfolio construction moving forward
12:11 Ad: Check out Stratosphere
12:40 Thoughts on the bonds
20:45 Scaling and downsizing VNV’s team
23:35 How the portfolio companies weather the storm
28:00 Outlook for BlaBlaCar
36:37 Outlook for Voi
44:30 Outlook for Alva
51:30 Capital allocation
54:30 Check out Good Investing Plus
55:10 Providing benefits besides money for companies
59:00 Shareholder expectation
01:04:20 Closing thoughts
01:07:30 Thank yous
01:08:30 Disclaimer

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Transparency
Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.
Disclaimer: https://good-investing.net/imprint/disclaimer/

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Matthew Brown, why have you built an awesome research management system for free?

Mon, 13 Nov 2023 16:06:31 +0000

Matthew Brown of Kalakau Avenue has built a great notion tool for investors. It can be very helpful to structure your research.

In the podcast, we talked about the following:
00:00 Welcoming Matthew Brown to the podcast
00:45 The Beginning of Matthew’s investing career
04:57 The Investment Research Management System
07:39 Reasons for using Notion
11:30 Potential users
13:40 Showcasing the system
20:30 Limits of the system
24:30 How to download the system https://www.notion.so/templates/investment-research-management-system
26:30 Learning culture
28:55 Thank you
29:30 Disclaimer

Link to access from Matthew’s page:
https://kalakauavenue.com/research-management-system

Matthew’s Notion referral link:
https://affiliate.notion.so/kalakau-avenue-notion-signup

Matthew’s referral link:
https://app.super.so/signup?ref=p8hgov

The Good Investing universe
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Enjoy the podcast transcripts: https://good-investing.net/

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Stratosphere – beautiful stock analysis tool* – https://stratosphere.io/?lmref=bJ0jjw
TIKR – great data tool *: https://tikr.com/goodinvesting/
Wise – our recommended savings account *: https://good-investing.net/wise/

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Imprint: https://www.good-investing.net/imprint/
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Transparency
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Good Investing Talks is a video & audio production of Good Investing, a brand of Good Investing UG. The editorial responsibility of these broadcasts lies solely with Good Investing UG. In the run-up to the recording, the guests refrain from co-determination of content or editorial influence and pay a cost contribution for the organization and production of the video & audio and transcript formats.

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How have you built Tsai Capital with & against family, Christopher Tsai?

Thu, 26 Oct 2023 23:26:03 +0000

In the second part of our conversation with Christopher Tsai of Tsai Capital, we discuss Christopher’s heritage and what lessons he could learn from his family.

Here you can find the first part: https://www.good-investing.net/podcast/2023/09/christopher-tsai-what-is-the-ultimate-goal-of-investing/

We have discussed the following:
00:00 Check out Part A
00:15 Chris‘ personal role models
00:42 Ruth Tsai
05:47 An early life lesson by Chris‘ father
10:45 Reaching a good size at the company
13:40 Relationship with father
24:40 Gerald Tsai Jr.
25:40 Reinvestment
29:25 Outlook on Omaha in 2024
29:40 Thank you
29:50 Disclaimer

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The youngest quality manager? A talk with Shaurya Gupta

Thu, 12 Oct 2023 17:00:56 +0000

I had the pleasure to interview Shaurya Gupta of https://gupta-partnership.com/. Shaurya started his partnership 5 years ago, at the age of 21. He is hunting for quality stocks.

We have discussed the following:
00:00 Welcoming Shaurya Gupta
00:33 Making it through the first 5 year
04:43 Starting a partnership early
06:33 Check out Stratosphere
07:00 The role of mentors
12:06 Shaurya’s goals
14:20 Gupta partnership’s style of investing
16:50 Defining quality
18:50 Mistakes & learnings
24:08 Portfolio construction
27:50 Thinking about risk
32:30 Circle of competence
40:30 Reasons to select stocks
48:00 Apply to the community
48:30 Final thoughts
49:30 Thank you
50:10 Disclaimer

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Christopher Tsai, what is the ultimate goal of investing?

Thu, 28 Sep 2023 15:21:56 +0000

We are back with a new format: The home studio talk! It was a pleasure to welcome Christopher Tsai of Tsai Capital as our first guest in Berlin.

We have discussed the following:
00:00 Welcoming a special guest in our new studio
00:57 Navigating investing for 23 years
02:00 Building a client base
04:30 Chris‘ ultimate goal
05:15 The early portfolio
07:15 Taking a look at Tesla
10:30 Check out Stratosphere
11:00 Thoughts on Tesla management
13:30 Focus
16:05 Networking
18:30 Saying „No“
20:00 Inspiring people
21:29 Check out Good Investing Plus www.good-investing.net/plus
22:00 Competition
23:56 Closing thoughts
24:35 Disclaimer

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Joshua Collinsworth, what are opportunities in health care services?

Tue, 12 Sep 2023 07:00:00 +0000

Joshua Collinsworth recently started Nomadic Value Partners. Our fund starter interview discusses Joshua’s way into the investing field. Furthermore, we look at his investing approach at Nomadic and discuss investing in Healthcare services.

We have discussed the following:
00:00 Welcome
00:27 Disclaimer
00:40 Introducing Joshua Collinsworth
02:06 Learnings from farming
05:33 Learnings from solar
11:20 Choosing public over private equity
14:40 Acceptable IRRs
18:20 Check out Stratosphere https://stratosphere.io/?lmref=bJ0jjw
19:40 Thesis-driven research
21:10 Why Nomaid Value Partners
24:40 Choosing the right clients
27:15 Joshua’s competencies as an investor
34:10 Investing in Healthcare Services
52:15 Thank you
52:45 Apply to the community https://good-investing.net/plus/

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What is your advice for Emerging Managers, Guy Spier?

Thu, 24 Aug 2023 15:00:00 +0000

In this last part of my 2023 interview series with Guy Spier, we have collected helpful thoughts for emerging managers and investment business builders. If you are building an investment business, please check out www.good-investing.net/plus/

We have discussed the following:
00:00 Teaser
00:26 Good Investing Talks Intro
01:10 What were your best investments as a business builder?
04:37 Growing into new “marketing” channels
11:55 Long-term payback
16:08 Check out Stratosphere https://stratosphere.io/?lmref=bJ0jjw
16:37 Giving more
27:34 Managing business expenses
32:44 Recommendations for Emerging Managers
36:45 Persistence in giving
43:16 Thank you

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Tom Gayner, how are you building Markel? A CEO interview

Wed, 19 Jul 2023 10:54:26 +0000

It was great to welcome Tom Gayner of Markel back on the podcast. This interview, done in April 2023, tells a bit of a different story. The core is built around how Tom has steadily built Markel’s reputation.

We have discussed the following:
00:00 Introduction
01:05 Introducing Tom Gayner
01:50 Describing the market with music
06:57 “Touring” to build a name
09:05 Curating a portfolio
12:30 Addressing an audience
18:23 Why communication is key
21:14 Check out Stratosphere https://stratosphere.io/?lmref=bJ0jjw (no code needed)
22:22 Making complex concepts easy to digest
25:01 Building on the salesman experience
28:55 Problem solving
31:05 Tom’s special perspective
38:30 Being frugal vs. investing in the right things
41:30 The importance of consistency
47:35 Confrontation
50:40 Markel’s valuation
55:30 Closing thoughts
55:49 Thank you

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

goodinvesting #markel #ceo

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Is Vossloh on track to outgrow expectations, Mr. Trischka?

Fri, 31 Mar 2023 16:25:10 +0000

Dr. Thomas Triska is the CFO of the European railway company Vossloh. After years of structural change, Vossloh now seems to be on a new growth track that is supported by global infrastructure investments.

We have discussed the following:
00:00 Teaser
00:29 Intro Good Investing Talks & Disclaimer
01:07 Introducing Thomas Triska
01:41 The regional importance of Vossloh
02:23 Comparing the European & US railway system
04:46 What highspeed train tracks
07:53 Tension clamps
09:35 Research & Development
12:57 Check out Stratosphere
13:24 Maintainance
22:10 The Chinese market & thoughts on maintenance renewal contracts
29:35 The hurdles of demographic change
32:27 Check out GI Plus
33:00 Vossloh since 2014
41:28 Climate targets and demand for products
48:38 Inflation & negotiations with partners
54:40 Backlog and investments
57:28 Goals in terms of profitability
59:37 Thinking about risks
01:04:00 Competition
01:07:51 Shareholder structure
01:09:45 Skin in the game
01:10:30 Management buying shares
01:11:20 Thank you & goodbye

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Enjoy the podcast transcripts: https://good-investing.net/

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Stratosphere – beautiful stock analysis tool – get 25% off with the Good Investing: https://www.stratosphere.io/
TIKR – great data tool *: https://tikr.com/goodinvesting/
Wise – our recommended travel account *: https://good-investing.net/wise/

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Guy Spier, how would you invest 1 Mio $ in China?

Thu, 23 Mar 2023 17:00:00 +0000

Here you can enjoy the second part of our interview series with Guy Spier of Aquamarine Capital.

We have discussed the following:
00:00 Introduction
00:21 Good Investing Talks Intro
01:00 Why did you not invest in Apple?
08:37 Handling mistakes
14:00 Check out Stratosphere https://www.stratosphere.io/ and get 25% off with the code goodinvesting
14:32 Germany
19:56 China
24:03 The evil side within humans
26:50 Jordan Peterson – also see https://youtu.be/hSNWkRw53Jo
30:34 At the moment, what do you love as a Value Investor?
35:07 Thank you

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Marko Graßmann, what do you plan with the Alpha Star Europa fund?

Wed, 22 Mar 2023 17:47:52 +0000

Welcome to our new series with fund starters! Here we want to portray Emerging Managers that just recently started a fund.

Marko Graßmann just recently started managing the Alpha Star Europe fund. Here you can find additional information: https://www.alpha-star-aktienfonds.de/europa/

In Good Investing Plus, we have also discussed an investment idea of Marko in detail. Please apply to it here https://good-investing.net/plus/

We have discussed the following:
00:00 Fund starter intro
00:30 Welcome to Good Investing Talks
01:09 Introduction to Marko Grassmann & AlphaStar
01:55 The drive to start a new fund
02:56 AlphaStar’s approach to investing
04:27 The long-term goal
05:20 Things to look out for in investment as quality investors
08:55 Mistakes that helped Marko grow as an investor
15:23 Companies Marko avoids
19:02 Balancing value and quality
23:34 Recipe for a starting portfolio
27:21 Taking on the role of a boss
30:21 Check out GI Plus
30:54 Skin in the game
33:52 Perspective on the next 3 years
37:40 Thank you & goodbye

Newsletter & Legal

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What happened to the drunk in the bar, Guy Spier? A talk about honesty, givers, and meditation

Thu, 09 Mar 2023 19:00:00 +0000

Guy Spier is back! Three years after our first interview (https://www.youtube.com/playlist?list=PL2jGs_PC8EQX8fIuSUCt8PEcWD0O3GH__), I had the pleasure of interviewing Guy Spier of Aquamarine Capital again in his library in Zurich.

We have discussed the following:
00:00 Teaser & Introduction
00:57 Welcome back, Guy Spier
01:33 Guy’s meditation practice
05:36 The metaphor of the drunken bar
10:24 Givers
15:20 Check out Stratosphere & Get 25% off with the code goodinvesting https://www.stratosphere.io/
15:50 “Destroying” ideas that don’t fit the portfolio
31:10 Setting up filters with the example of Turkey
38:33 Thank you

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Newsletter & Legal

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What chances do metals and mining offer, Anthony Young?

Thu, 02 Mar 2023 17:53:26 +0000

Following the Paris agreement, the world has to rebuild its energy system. But what does that mean in detail? I have discussed this question with Anthony Young of Edendale Capital, focusing on metals and mining.

We have discussed the following:
00:00 Introduction
01:05 Introducing Anthony Young
02:05 Disclaimer
02:12 Anthony‘s background
03:25 From metals & mining to renewables
04:52 Things to look out for in metals & mining
05:37 The impact of decarbonization
07:37 Reaching net zero and the effect on the commodity business
12:13 Remodeling the energy infrastructure
13:47 Check out Stratosphere
14:17 The volatility of renewables
17:02 Material demand in the energy transition
18:50 Other interesting metals
21:06 Book recommendations
23:30 Copper intensity
27:34 Copper intensity in housing and mobility
31:50 Comparing European and American infrastructure
32:52 Check out GI Plus
33:35 Can the supply keep up?
36:45 Working on existing mines
39:35 Outlook on future copper harvest
42:53 Ore grades
48:08 Counter arguments
50:45 The impact of the copper price on the energy transition
53:05 China’s demand
55:12 The dark sides of the industry
01:00:00 Factors to consider when investing
01:03:30 Energy input
01:06:05 Thoughts on uranium
01:07:40 Nearshoring & reshoring
01:09:41 Closing thoughts
01:12:22 Thank you

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How does Stone House invest super concentrated?

Sun, 29 Jan 2023 23:54:59 +0000

Stone House Partners has a fascinating investing approach. Compared to the other investors on this channel, they bring the term “concentration” to a maximum. What does this mean for their performance? The answer is surprisingly good!

We have discussed the following:
00:00 Teaser
00:12 Introduction & Disclaimer
00:41 Introducing Mark Cohen & Raphi Rabin-Havt (https://www.stonehousemgt.com/)
01:48 The name „Stone House“ & what they do differently
04:11 Turning around every stone
07:40 Mark Cohen’s background
14:37 Check out Wise* https://good-investing.net/wise/
15:20 The first years at Stone House
18:15 Tips for the younger self when building an investment business
21:55 Raphael Rabin-Havt’s background
23:37 Lessons from journalism
25:55 Changes after Raphi joined Stone House
27:40 Three strengths
31:45 Check out Good Investing Plus https://good-investing.net/plus/
32:08 Filtering through noise
36:11 Being a good portfolio manager
38:35 Finding the right kind of growth
39:27 Important metrics
41:47 Dealing with debt
43:50 Concentration
47:01 The human component in change
52:00 The long-duration game while building trust
56:49 Activism
01:01:44 Working with management
01:06:04 “Good” and “bad” crazy
01:07:31 The time between interest and investment
01:10:20 Challenging each other
01:11:33 Multiple expansion
01:15:43 Reasons for selling
01:18:00 The ideal partners
01:20:22 Closing thoughts
01:21:53 Goodbye

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Jake Taylor, how does Journalytic help investors?

Wed, 11 Jan 2023 19:39:10 +0000

Jake Taylor of Farnam Street Investments has spent a lot of time building Journalytic (https://journalytic.com/). Journalytic is a journaling tool for investors. In this podcast, we discussed Jake’s background and what he has built with Journalytic.

Apply to Plus ► https://www.good-investing.net/plus/
Support us ► https://www.good-investing.net/support/ & https://paypal.me/goodinvesting

We have discussed the following:
00:00 Check out Wise* https://good-investing.net/wise/
00:40 Introducing Jake Taylor
02:28 Changing careers to investing
04:00 Jake’s podcasts: “5GQ – Five Good Questions” and “The Hikecast”
07:46 Getting information through books
10:50 Jake’s book: “The Rebel Allocator”
12:14 Coming up with Journalytic
16:43 Goals of Journalytic
18:53 What you can do with Journalytic
31:04 Sleep and the investment process
32:01 Upcoming features
35:45 Data Ownership
36:50 Popular functions
38:25 Implementing community feedback
40:27 Bias protection
42:12 Reflection on own habits
46:00 Leaping into a business building
47:47 Learnings about software businesses
48:48 Hiring employees
50:02 Appreciating businesses
51:38 Developing software
55:55 Data sufficiency
58:30 Closing thoughts
59:58 Thank you
01:00:52 Disclaimer

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Join our Supporters Club: https://good-investing.net/support/
TIKR – our data tool *: https://tikr.com/goodinvesting/
IB – our recommended broker *: https://good-investing.net/ib/
Wise – our recommended travel account *: https://good-investing.net/wise/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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Can JDC Group digitize the insurance industry, Sebastian Grabmaier?

Thu, 08 Dec 2022 18:35:08 +0000

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JDC is a German company trying to digitize the insurance sector with its software and service approach. Together with the co-founder Sebastian Grabmaier, I could do a deep dive into the company.

Apply to plus ► https://www.good-investing.net/plus/
Support us ► https://www.good-investing.net/support/ & https://paypal.me/goodinvesting

We have discussed the following:
00:00 Check out Wise* https://good-investing.net/wise/
00:40 Introduction to Dr. Sebastian Grabmaier & JDC
01:40 Why get out of bed every morning?
02:54 JDC’s history
04:30 Learnings from difficult times
06:04 Focussing on one thing
06:59 Tips for the “past self”
07:45 Re-capitalizing JDC with private money
09:40 The insurance industry
11:16 Clockspeed in the insurance industry
13:45 Early mistakes
15:10 JDC’s problem solving
16:49 The B2B2C model
20:13 Difficulty in comparing insurance companies
22:11 Onboarding insurance products
23:15 Project cycles
25:50 Saving banks
28:07 Where they earn money
32:00 Maintenance costs of the infrastructure
32:47 Room to grow
34:13 Improving with a client
35:35 Comdirect
37:00 Reasons for losing customers or change of contracts
38:00 Tenders
40:16 Having a platform that stands out
41:58 Thought experiment on Amazon
44:16 The data flywheel?
46:38 Areas to grow within the company
47:58 Digitalisation
49:47 Community Exclusive: Impacts of the pandemic
51:00 Addressing customer needs
55:12 Demographic shift within the broker industry
58:47 Example of Deka
01:01:00 Choosing a specialized broker
01:03:25 Germany within the European market
01:04:50 Expansion
01:05:45 Competition for JDC
01:06:42 A look into the future
01:11:20 The right management mindset
01:13:11 What investors look for
01:15:49 Staying ahead of the game
01:16:22 Thank you
01:16:35 Disclaimer

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Is va-Q-tec a hidden European energy champion, Joachim Kuhn?

Thu, 01 Dec 2022 16:35:47 +0000

va-Q-tec is another European company that could be interesting for investors looking for opportunities in the energy crisis. The company specializes in energy savings with its unique isolation technology.

Check-out Wise* ► https://good-investing.net/wise/
Apply to Plus ► https://www.good-investing.net/plus/
Support us ► https://www.good-investing.net/support/ & https://paypal.me/goodinvesting

We have discussed the following:
00:00 Check out Wise* https://good-investing.net/wise/
00:40 Introduction to Joachim Kuhn
01:38 Founding days of va-Q-tec in Würzburg, Germany
04:13 The technology of vacuum thermal insulation
05:44 Patents
07:10 Obtaining a business sensibility
09:16 What drives Joachim Kuhn
10:12 Going public on the stock market
11:31 Sustainability for the planet
12:10 Challenges of the stock market
13:42 What people should know about va-Q-tec
14:40 Business fields
17:10 A cost-efficient technology
19:03 Scaling production
20:06 TempChain Logistics
23:02 Moving on from the pandemic with TempChain
24:55 Breaking into new markets
26:00 Overview of solutions
27:49 Working with customers
28:41 Working with sales partners
30:06 Impact of the energy crisis
32:01 Life cycle of the products
34:19 Closing thoughts
35:35 Thank you
35:53 Disclaimer

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TIKR – our data tool *: https://tikr.com/goodinvesting/
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Disclaimer: https://good-investing.net/imprint/disclaimer/
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What is the laser technology champion LPKF planning?

Tue, 22 Nov 2022 13:36:25 +0000

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Apply to Plus ► https://www.good-investing.net/plus/

LPKF is a German company with a focus on innovative laser technology. With this technology, LPKF offers innovative solutions. The company CFO Christian Witt gave us insights into the future plans of the German company.

We have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:35 Introduction LPKF
01:30 History of LPKF: The laser specialist
04:10 LPKF’s problem-solving
07:40 Explanation PCB
08:42 The precision of laser technology
09:20 The solar technology
10:32 The beginnings of LPKF
18:30 Laser processing
20:20 Keeping the competitive edge
23:30 Gaining & filtering information
26:06 The different business units of LPKF
28:52 Recruiting talent
30:20 The deal with profitability & scaling
33:42 The sale cycle
44:44 Reaching out to potential partners
49:06 Self-understanding as a supplier
52:44 Learning curves
56:01 Considering external factors
01:01:51 Recurring revenue
01:03:05 Community exclusive: customer concentration
01:04:08 Transitioning to service
01:09:05 Service in smaller markets
01:10:00 Acquisitions in LPKF
01:10:57 Skin in the game
01:12:27 Closing thoughts
01:16:33 Thank you
01:16:57 Disclaimer

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TIKR – our data tool *: https://tikr.com/goodinvesting/
Wise – our recommended travel account *: https://good-investing.net/wise/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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Dev Kantesaria, what is your formula for quality investing?

Thu, 27 Oct 2022 07:59:53 +0000

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Check out our sponsor: https://good-investing.net/ib/ *

Dev Kantesaria is one of the two decision-makers at Valley Forge Capital Management. In his portfolio (https://www.dataroma.com/m/holdings.php?m=VFC) he is focussing on high-quality stocks. In our interview, you can get to know his high-quality approach in detail.

We have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/
00:38 Who is Dev Kantesaria?
01:25 Resisting short-term trading
02:58 Dev Kantesaria’s competitive advantage
06:40 Managing emotions
09:59 The business mindset
12:01 Venture investing vs public equities
15:05 Starting over in a new field
19:10 Compounding machines
29:55 Networking in investing
32:55 Staying away from healthcare stock
33:57 Research
36:12 Being a “historian” of a company
39:27 Managing groupthink
41:10 Pricing power
46:10 Management
50:20 “Too good to be true” examples
53:35 Historic lessons
01:00:23 The current market
01:01:42 Reflections on Amazon
01:06:10 Margin of safety
01:09:55 Picking stock from a limited universe
01:14:20 Community Exclusive: Selling
01:15:10 Closing thoughts
01:17:28 Thank you
01:17:41 Disclaimer

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TIKR – our data tool *: https://tikr.com/goodinvesting/
IB – our recommended broker *: https://good-investing.net/ib/
Wise – our recommended travel account *: https://good-investing.net/wise/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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Soo Chuen Tan, what have you learned building Discerene Group?

Wed, 19 Oct 2022 14:26:27 +0000

Together with his team, Soo Chuen Tan has built the global Value Investing firm Discerene Group. They have scaled the firm to a respectable asset manager. In our conversation, we have discussed Soo Chuen Tan’s builder story and his investing approach.

In our discussion we have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:37 Introduction to Soo Chuen
01:50 Disclaimer
02:30 Choosing a global approach
03:35 Mentoring
11:45 Receiving feedback
13:39 Opportunity in crisis
15:24 Advising young mentees
18:20 Balancing offense and defense
21:21 Tips on getting started with a partnership
27:10 Community Exclusive: Scaling up a firm
28:15 The right pace of building an investing business
31:00 Clockspeed vs. market
38:05 Enjoying the bad times
41:02 Finding the right investors
44:10 Southeast Asia
49:35 Attractive markets to invest in
51:44 Understanding countries when investing in businesses
53:40 Meggitt case stdy
01:01:30 Research
01:09:06 Management teams
01:11:29 Allowing thesis change
01:15:55 Reasons to sell
01:17:10 Stock cycle
01:17:46 Thoughts on Value Investing
01:18:24 Thank you
01:18:48 Disclaimer

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Is Georgia Capital a chance to cheaply invest in quality assets?

Tue, 11 Oct 2022 14:35:45 +0000

I had the pleasure to interview the CEO of Georgia Capita Irakli Gilauri. Georgia Capital is a holding that owns a lot of quality assets.

We have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:38 Introducing Irakli Gilauri of Georgia Capital
02:45 Post-Soviet-Georgia in the 1990s
06:51 Starting to work in Georgia
08:05 Working for the Bank of Georgia
17:48 Investment criteria for Georgia Capital
19:50 Defining “cheap”
20:50 Understanding Georgia
22:30 Where is Georgia unique?
27:10 Is corruption a thing?
27:50 Spinning off Georgia Capital from the Bank of Georgia
32:38 The fair value of Bank of Georgia
34:40 Reasons for leaving Bank of Georgia
36:01 Targets for Georgia Capital
37:28 The service industry
40:33 Adapting the structure
42:11 Managing people
49:05 Learning from mistakes to
56:16 Russia’s war & impact on Georgia (Capital)
01:03:09 Is there a threat from Russia?
01:05:50 Russian migrants
01:09:45 Community Exclusive: Boiling investments down
01:10:34 Energy production in Georgia
01:12:04 The NAV calculator
01:14:57 Finding external investors
01:17:23 Example of the water asset
01:21:51 Capital allocation
01:25:40 Thoughts on dividends
01:29:22 Renewable energy
01:33:03 Where will Irakli be in 5 years?
01:34:10 Who might follow?
01:35:10 The outlook
01:39:25 Closing thoughts
01:39:58 Disclaimer

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TIKR – our data tool *: https://tikr.com/goodinvesting/
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Wise – our recommended account *: https://good-investing.net/wise/
Smartbroker – our recommended broker for Germans *: https://good-investing.net/smartbroker/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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Are mining stocks a chance to profit from the green transition, Fabian Erismann?

Tue, 27 Sep 2022 16:00:00 +0000

A more sustainable world needs a different, electrified energy system. If you start thinking about that you end up with the conclusion that this new system needs a lot of different metals and materials that have to be mined. So, investors could profit from taking a deeper look into mining.

Together with Fabian Erismann of the Earth Resource Investment Group I made a deep dive into the mining sector and its pitfalls. We also discussed how mining could be sustainable.

We have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:39 Introduction Fabian Erismann
03:14 The basis for the green transition
05:40 Scaling in the mining industry
07:45 The declining deposits quality & copper
09:30 Trends that counter the decline in grade quality
11:18 New technologies to improve mining efficiency
13:45 Capital intensity in mining
15:51 How capital is spent
16:50 Scarcity & outlook on global demand trends
17:55 Geological factors
21:10 Mining types
24:00 Reasons for being bullish about copper
26:50 Phases of mining
31:22 Project development & mistakes to avoid
33:00 The timeframes of setting up mines
34:00 Supply for VW & other car makers
35:43 Noise vs. facts in exploring space
41:20 Valuing of explorers
44:05 Sustainability in mining
45:42 Costs of building a mine
47:10 Sources of funding for exploration projects
49:51 Infrastructure needed around a mining project
53:40 Costs of running a mine
55:35 Correlations in the cost curve
57:10 Renewable energy supplies in mining
01:00:40 Workforce management in mining
01:02:12 Possible failures in mining
01:05:15 Community Exclusive: Best practice in sustainability
01:06:06 The circular economy in copper mining
01:11:22 Dealing with mining waste
01:12:21 Evaluating long-running projects
01:15:00 Upsides to long-running projects
01:18:45 Liabilities & follow-up costs of closed projects
01:22:18 The role of management in ming
01:23:46 Dealing with volatility in the market
01:25:45 Important leadership factors
01:27:40 Closing remarks
01:28:05 Thank you
01:28:13 Disclaimer

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Join the Supporters Club: https://good-investing.net/supporters-club/
TIKR – our data tool *: https://tikr.com/goodinvesting/
IB – our recommended broker *: https://good-investing.net/ib/
Wise – our recommended account *: https://good-investing.net/wise/
Smartbroker – our recommended broker for Germans *: https://good-investing.net/smartbroker/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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How to find the best retail & restaurant stocks, John Zolidis?

Tue, 20 Sep 2022 09:09:56 +0000

John Zolidis is an expert on retail and restaurant stock. I had the please to interview him on different opportunities in his universe of coverage.

We have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:39 Who is John Zolidis?
02:47 Focussing on retail & restaurants
05:03 Tracking the US consumer
08:01 Trends in restaurants & retail spaces
11:40 Example of stability
15:38 Comparing the US and European market
20:35 Regional differences between consumers
23:28 Thoughts on energy costs
27:00 Renting vs. owning property as a company
28:33 Availability of retail space in different markets
31:05 Dealing with the supply chain volatility
35:02 The workforce
36:40 What could go wrong in retail & restaurants?
40:04 Threats to restaurants
43:45 Franchising
49:45 The role of “detail” in retail
51:35 Consumer feedback as part of the analysis
54:10 The close look & the bigger picture when analyzing
58:10 Staying objective
59:00 John’s unit-level approach
01:05:55 Digitization in retail & restaurants
01:11:35 Community Exclusive: Luckin Coffee
01:12:29 Lululemon
01:19:44 Closing thoughts
01:20:40 Bye
01:20:51 Disclaimer

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Apply to the Plus community: https://good-investing.net/plus/
Join the Supporters Club: https://good-investing.net/supporters-club/
TIKR – our data tool *: https://tikr.com/goodinvesting/
IB – our recommended broker *: https://good-investing.net/ib/
Wise – our recommended account *: https://good-investing.net/wise/
Smartbroker – our recommended broker for Germans *: https://good-investing.net/smartbroker/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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After the crash: What are the chances in European Tech, Daniel Kröger?

Tue, 09 Aug 2022 16:00:00 +0000

Daniel Kröger runs the global ELM Global TICO fund with a strong tech focus. With him, I have discussed how he manages his portfolio during the current volatile market.

We have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:38 Introduction to Daniel Kröger
02:57 Observations on the German vs. US tech scene
05:26 Changes in challenges
08:05 Remarkable adaptations
13:00 Risk for companies within the crisis
15:36 The leg up of Daniels’s fund
19:21 Working with a diversified fund
20:40 The new importance of a positive free cashflow
22:45 Example: Why SES Imagotag is interesting
26:10 SES Imagotag’s business model
27:50 Competitors
29:50 Example: What makes BE Semiconductor interesting
34:30 Dealing with energy & the supply chain
35:00 Community Exclusive
36:15 Example: Airbnb
40:17 The price scheme for hosts and clients
42:55 Future risks in the business
44:50 Closing thoughts: investing during difficult times
45:27 Consumer behavior
48:00 Thank you
48:10 Disclaimer

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Apply to the Plus community: https://good-investing.net/plus/
Join the Supporters Club: https://good-investing.net/supporters-club/
TIKR – our data tool *: https://tikr.com/goodinvesting/
IB – our recommended broker *: https://good-investing.net/ib/
Wise – our recommended account *: https://good-investing.net/wise/
Smartbroker – our recommended broker for Germans *: https://good-investing.net/smartbroker/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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Tech bubble? Tech crash? Baki Irmak on tech investing in turbulent times

Tue, 02 Aug 2022 16:07:04 +0000

Baki Irmak runs the Digital Leaders Fund. At the start of this mini-series, we discuss how he manages his tech portfolio in turbulent times.

We have discussed the following:
00:00 Intro to the mini-series
00:22 Check out Interactive Brokers @ https://good-investing.net/ib/ *
01:00 Introducing to Baki Irmak
03:55 Dotcom crash vs. today’s crisis
09:24 Digital tools for stock analysis
09:37 Check out the German video
13:00 Strategy for investments in Digital Leaders
16:18 The 3 pillars of Baki’s approach
21:45 Future opportunities
30:54 The dynamics of inflation/deflation within digital
35:07 Digital transformation leaders
38:45 Digital transformation in emerging markets
44:10 The examples of companies Baki has an eye on
49:28 Companies Baki had liked in 2019/2020 but is staying away from now
54:10 Thoughts around debt
56:30 Updating the tool-set
59:40 Check out the Digital Leaders Fund at thedlf.de
01:00:42 Goodbye
01:00:53 Disclaimer

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Join the Supporters Club: https://good-investing.net/supporters-club/
TIKR – our data tool *: https://tikr.com/goodinvesting/
IB – our recommended broker *: https://good-investing.net/ib/
Wise – our recommended account *: https://good-investing.net/wise/
Smartbroker – our recommended broker for Germans *: https://good-investing.net/smartbroker/
Disclaimer: https://good-investing.net/imprint/disclaimer/
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2G Energy stock: The solution for Europe's energy crisis, Friedrich Pehle?

Tue, 05 Jul 2022 16:00:00 +0000

2G Energy is a German Mittelstand company that offers a solution for the Energiewende and European energy security. We had the chance to discuss the company’s technology with Friedrich Pehle.

In our interview we discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:38 Who is Friedrich Pehle?
01:30 The energy landscape in Europe
03:27 Politics and how it interacts with the energy market
04:37 Why not wind and solar?
07:30 Building the backbone for energy consumption
09:26 2G Energy’s CHP explained
11:46 Efficiency of heat powering
13:05 Areas of demand for 2G Energy
14:30 High energy prices as a revenue driver
17:49 Handling different gases as energy input
20:35 Carbon neutrality
23:29 The production of the generators
29:09 Supply chain issues
32:35 Community exclusive: Making mistakes in the project business
33:56 Scaling up production at 2G Energy
36:30 Types of customers
38:13 Future use cases
40:40 Why a customer would choose 2G Energy
43:35 Markets
46:00 New markets after the Ukraine war
50:00 Thought experiment: Competition
54:15 Competition today
58:20 Dealing with smaller players in the market
01:02:08 Lifetime of engines
01:05:40 2G Energy’s service business
01:11:40 How to make money in the energy industry
01:15:15 Customer retention
01:17:20 The role of the service business in the future
01:21:35 Expected growth with Friedrich Pehle
01:24:30 Closing thoughts
01:25:35 Thank you
01:25:44 Disclaimer

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Apply to the Plus community: https://good-investing.net/plus/
Join the Supporters Club: https://good-investing.net/supporters-club/
IB – our recommended broker *: https://good-investing.net/ib/
Smartbroker – our recommended broker for Germans *: https://good-investing.net/smartbroker/
TIKR – our data tool *: https://tikr.com/goodinvesting
Disclaimer: https://good-investing.net/imprint/disclaimer/
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Tarek Müller, can About You's Scayle outcompete SAP and Salesforce?

Tue, 28 Jun 2022 16:00:00 +0000

The About You co-CEO Tarek Müller gave us even more insights into the business. In our second interview, we discussed the path to profitability, customer cohorts, retention, marketing, and the powerful potential of Scayle.

Here is the first interview: https://www.good-investing.net/podcast/2022/05/tarek-mueller-about-you/

Here are all our topics:

00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:37 Introducing Tarek
01:05 Target: break-even by FY 23/24
05:30 Paths to becoming EBITDA break-even
07:45 Growing in existing markets
10:30 Acquiring new customers
13:40 Inflation and fashion consumption
16:36 Watching the stock price & thoughts on buybacks
22:22 “Depressed Mr. Market”
25:40 Cash position
27:42 The customer journey
33:30 Managing inventory
37:32 Onboarding & keeping standards high @ About You
38:35 Supply chain issues
39:30 Active customers
43:40 Marketing campaigns
46:26 Penetration rate outside of DACH
49:07 Role of influencers for About You’s model
50:45 Marketing steering: Where to spend money?
56:13 Day-to-day improvements to the fashion platform
59:17 Profit contributions of new customers
01:01:55 About You’s platform model
01:04:42 Sustainability
01:09:22 Second-hand fashion
01:14:19 Optionalities in About You’s business
01:17:51 Scayle
01:23:10 Community Exclusive: Scayle in 5 years
01:24:10 Can Scayle attract customers outside of fashion?
01:26:30 Scayle’s revenues
01:28:05 Thank you
01:28:24 Disclaimer

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Winning with Aliens, Warhammer, Mudrunner & World War Z games? A talk about Focus Entertainment

Tue, 21 Jun 2022 16:00:00 +0000

We had the pleasure to chat with Laure d’Hauteville & Christophe Nobileau of Focus Entertainment about the publisher’s changing business model, the growing pipeline, and upcoming, exciting games.

Here are the topics we have discussed:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:38 What does Focus Entertainment do?
00:55 Creating returns in the gaming sector
05:45 Strengths of Focus Entertainment
11:20 The marketing strength
17:52 The change in Focus Entertainment’s strategy
19:55 Community Exclusive: Doubling down on the videogame industry
20:50 Alternative sources of revenue
23:30 Producing high-quality games games
27:21 Sequels vs. one-off deals
30:10 Why license owners trust Focus Entertainment
31:40 M&A transactions and acquiring other companies
33:37 The M&A transaction process
36:50 Additional value to bought companies
38:30 Closing thoughts
39:44 Goodbye
39:52 Disclaimer

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David Nangle, how do Creditas and Konfio contribute to VEF's success?

Fri, 13 May 2022 02:30:59 +0000

VEF is the Emerging Markets Fintech investor. The Sweden-listed company is investing in Fintech assets in Emerging Markets. After one year I did a follow-up discussion with CEO Dave Nangle.

We have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:38 Introducing David Nangle
01:00 Competitiveness in emerging markets
03:40 Observations on emerging markets
08:35 Toolbox to reach the 30% and not overpay
10:03 The play between numbers crunching vs. qualitative factors
12:00 Thoughts on optionalities
12:40 VEF’s services
15:04 Borders of founder’s focussedness
16:42 VEF’s strengths
17:40 ??
20:30 Coping with powerlessness & frustrations
23:40 What will happen with NAV?
28:20 Down rounds ahead?
31:20 Macro impacts on company valuations
33:00 Brazil
34:45 Capital allocation
38:10 Listings
38:55 Cash
40:36 Insight into 2 portfolio holdings: Creditas & Konfio
47:00 Community exclusive: Expectations for the cooperation between Creditas & Nubank
47:40 Creditas’ loss
50:12 Creditas’ efficiency in customer acquisition
52:05 Recurring & upfront revenue
53:10 Rethinking sizing
56:12 Learnings from the Russia conflict
58:00 Konfio’s future
59:40 Interesting learnings
01:01:30 The next Creditas?
01:02:30 The next Konfio?
01:04:27 Egypt
01:05:45 Playbook to open new markets
01:07:00 Climate risks
01:13:00 Closing thoughts
01:13:50 Thank you
01:13:57 Disclaimer

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Tarek Müller, how does About You want to win globally?

Wed, 04 May 2022 17:52:32 +0000

About You is a very interesting German company. The team around the founder Tarek Müller wants to build a European and German leader in the fashion e-commerce space.

In my interview with Tarek, we have discussed the following:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:37 Who is Tarek Müller?
02:00 About You’s founding story
04:30 About You’s achievements
06:30 Early investors of About You
08:55 What attracted the first investors to About You?
12:24 Independence from investors
14:01 The vision of a global leadership
18:15 Consistencies and changes
22:03 Managing change
25:00 Tarek’s personal development
27:30 About You’s employees
29:15 Managing the employees
32:10 A company from Europe winning the online game?
35:30 The US market
40:25 Competing with Zalando and Amazon
44:23 Pricing @ About You
45:50 Incubating to grow
47:05 Acquiring to grow
50:30 The data game
52:00 Expanding to new markets
01:00:24 Italy
01:02:23 Managing logistics
01:03:30 Who is managing About You?
01:11:10 What does Tarek personally get out of this all?
01:12:10 What does Tarek Müller want to do after growing About You?
01:17:46 Goodbye
01:18:27 Disclaimer

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Nick Devlin, how does Naked Wines show strength in turbulent times?

Tue, 26 Apr 2022 21:19:41 +0000

It was a great pleasure to bring Nick Devlin of Naked Wines back for a follow-up on the company’s progress since last year.

We have discussed the following:
00:00 Check out In Practise: https://to.inpractise.com/3C5Frbq
00:36 Introduction
01:37 Naked Wines’ growth framework
04:39 What’s the staff-to-growth ratio?
07:15 Where is the biggest challenge to finding new people?
09:00 Community Exclusive: Wine availability and becoming a great partner
10:15 Grading Naked Wines in terms of their performance in marketing
13:45 Areas to improve
18:20 Areas to stabilize before investing in further growth
22:32 Inflation & price increases
25:02 Taking market share
26:50 Models that are losing market-share
28:36 Reacting to inflation & thoughts on sustainability
32:52 Improving the customer experience
36:01 WineGenie
37:56 The “Netflix” metaphor
40:42 Selling premium vs. non-premium wine
42:35 Managing volume
45:12 Marketing strategies in different countries
47:58 The 3 tier system in the US
50:00 Apple’s identifier & its impact on Facebook
52:00 Could Naked become listed in the US one day?
53:50 Thank you
54:00 Disclaimer

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Per Brilloth, how do you want to win with Babylon Health stock? A talk with the VNV Global CEO

Wed, 06 Apr 2022 17:37:01 +0000

I had the pleasure to welcome Per Brilioth of VNV Global back. We have discussed the following:

00:00 Check out Interactive Brokers https://good-investing.net/ib/
00:38 Introduction
01:21 VNV’s involvement in Russian & Ukrainian companies
02:16 Areas of investments affected by the conflict
03:50 Per’s communication with companies
05:57 A Change of strategy for the emerging markets?
07:09 Consequences for other investments
09:00 Who is selling?
11:33 Impact on NAV
13:08 Valuations in the private vs. public world
17:10 Investment breakdown
19:10 Are you turning into an “asset manager”?
24:55 Managing the portfolio
27:05 Outlook on different portfolio companies
29:50 Thoughts on SPAC listings
37:40 Babylon Health
43:20 How can Babylon win in healthcare?
47:53 AI’s challenges
50:38 Babylon’s acquisition strategy
53:17 Winning the US market
55:30 Measuring Babylon’s success
56:50 The future?
57:47 Community Exclusive: Surprises in VNVs journey: VOI
59:10 VOI’s innovations
01:02:40 VOI’s strategy to become market leaders
01:04:44 New team members
01:09:29 Growth and the corporate culture
01:13:13 New horizons
01:15:39 Closing thoughts by Per
01:17:00 Staying optimistic during change
01:20:45 Thank you & goodbye
01:21:06 Disclaimer

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Is Nintendo stock poised for winning in the 2020s, Ryan O'Connor and Todd Wenning?

Wed, 30 Mar 2022 17:36:19 +0000

They are back! Ryan O’Connor and Todd Wenning have joined us to give an update on Nintendo. Our video goes online together with Ryan’s latest letter that covers Nintendo in-depth. Check it out here: https://www.dropbox.com/s/941q1a2nb17iwx5/2021_Annual_Letter.pdf

We have discussed the following topics:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:38 Introduction
02:15 Nintendo before the Switch release
06:44 What Nintendo has achieved since 2017?
08:30 Active users
14:33 The demographics of Nintendo customers
33:45 Nintendo’s marketing power
38:45 Lego & Nintendo
48:07 Building trust
01:00:30 Return on investment
01:06:13 Community Exclusive: Biggest fear of a Nintendo investor
01:07:00 The Switch selling cycle to existing customers
01:10:30 The developer ecosystem
01:11:29 The “Switch Pro”
01:20:19 Todd’s departure from this episode
01:20:48 Hardware forward and backward compatibility
01:25:59 Nintendo Switch online
01:48:28 Monetization possibilities
02:00:00 Read Ryan’s letter!
02:00:55 A hopeful outlook
02:03:29 Goodbye
02:03:41 Disclaimer

Here you can find the transcript of this conversation:

https://www.good-investing.net/2022/04/27/ryan-oconnor-todd-wenning-is-nintendo-stock-winning-in-the-2020s/

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How to best invest in Germany? With Roger Peeters of pfp-ADVISORY

Tue, 22 Mar 2022 11:21:47 +0000

Roger Peeters is an outspoken expert for the German stock market. With the DWS Concept Platow, he is running a successful Germany fund. Our video was recorded before the Russian invasion of Ukraine. So, we don’t facto the recent developments in.

We discussed the following topics:
00:00 Check out Interactive Brokers @ https://good-investing.net/ib/ *
00:39 Introduction
00:52 Crisis’ in the past 15 years
05:10 impact on the style of investing
08:26 Using a diverse investing style
10:54 The German market
15:12 Meetings with CEOs and board members
18:45 Networking
20:00 Must-knows of the German stock market
22:47 Interesting unlisted companies
24:00 Wirecard
27:42 Areas Roger does not understand
30:30 Defining “Mittelstand”
33:53 Understanding the “Mittelstand”
36:46 Number of companies in portfolio
38:05 Factors for sizing
40:47 Picking themes for investing (community exclusive)
42:03 Sticking with traditional “boring” companies
45:44 Focusing on growth
47:38 Is growth profitable?
48:41 Example Sto SE: What makes them interesting
51:13 Example Bechtle: What makes them interesting
53:08 Founder families as a factor?
54:48 Advice by Roger
56:02 Thank you

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Christopher Tsai, is investing an art? Insight from 20+ years of successful investing

Mon, 14 Feb 2022 17:00:00 +0000

Christopher Tsai started his fund in his early 20s. Since then he has created an impressive track record. In this interview, he shared deep insights from his 20+ year investing career. We also talked about the overlap between investing and art.

We have discussed the following:
00:00 Check out In Practise: https://inpractise.com/?utm_source=tilmanvideo2
00:35 Who is Christopher Tsai?
00:47 Investing in “party markets”
02:49 The return of the “party markets”
03:31 Investing in 2020/2021
04:38 After 20+ years as an investor: What has kept Christopher hooked?
05:27 What was it like starting a fund with 25
07:01 Early lessons learned
10:28 Areas of improvement
14:00 Innovative technology and the investing game
17:33 Businesses that link hardware and software
18:54 Building your own reputation instead of being your father’s son
24:50 Lessons from Christopher’s grandmother
26:14 Building your investment business on the shoulders of giants
30:20 Expanding your circle of competence
31:52 Non-investing concepts and Christopher’s investing approach
38:18 Managing biases
41:17 Habits he has let gon in his earlier years
42:41 How does art help being a good investor
44:10 Letting art change you
46:10 “Creating” art yourself
47:48 Similarities between art collection and building a portfolio
49:40 Filters for quality
54:04 Builders in art & investing
56:06 The importance of looking for the right people
57:00 Would you rather give away a great piece of art or the stock of a great company? (Community Exclusive)
57:54 The deeper and darker sides of art
01:00:35 Are there always win-win frameworks?
01:01:00 Paying for the future as an investor
01:03:30 Building certainty in investing for the future
01:08:10 Optionality
01:09:14 Closing thoughts and Marc Twain
01:15:01 Disclaimer

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Marc Appelhoff (Home24 CEO): How do you build furniture e-commerce's future?

Mon, 07 Feb 2022 17:00:00 +0000

Marc Appelhoff is the CEO of Home24 – a leading European e-commerce retailer for the mass markets. In this interview, we discussed the future of this business that is currently heavily shorted.

We discussed the following topics:
00:00 Check out Interactive Brokers: https://good-investing.net/ib/ *
00:37 Introduction: Who is Marc Appelhoff?
01:26 Three Reasons to be bullish about the future of Home24
03:05 home24’s NPS score
03:55 Learnings from building 12 years home24
05:40 Scenario: Putting future growth investment on hold
07:00 The benefits of growth
08:30 home24 in 10 years
09:20 Creating long-term value
11:00 Competitors
15:12 Starting the sofa buying journey
17:30 The Butlers acquisition
20:50 Brands of the Home24 universe
23:40 LTV/CAC
27:15 How “cheap” is the acquisition of Butlers?
20:30 Marketing channels (Google & Facebook)
33:37 Why copying the Home24 concept won’t work
35:20 The Customer experience
37:30 Consumer taste
39:45 Mobly S.A. – The Brazilian subsidiary
42:45 Enhancing the home24 business model beyond furniture retail
45:15 home24 and delivery
49:00 Current logistical woes
51:20 The return rate
54:00 Sustainability
56:40 Encouraging repeat customers
59:55 Buybacks (Community exclusive)
01:00:47 Thank you & goodbye
01:01:07 Disclaimer

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How to interview great? A chat with Will Barnes & Will Oliver (In Practise)

Wed, 05 Jan 2022 17:00:00 +0000

William Oliver and William Barnes run In Practise – a service for expert interviews. In this conversation, we took some time to talk about the art of interviewing.

We discussed the following:
00:00 What to expect
00:28 Introduction
01:50 Beginnings of InPractise
05:50 Thousands of interviews
06:40 How does In Practise help investors
10:00 Inspiration from other businesses, e.g. Netflix
14:28 Choosing interview partners
18:00 The example of Naked Wines
19:25 The never-ending flow of information
22:30 The Naked Wines case
24:20 The limits of interviews
29:15 Talking to CEOs or “people on the ground”
31:10 Reflecting on biases
33:30 (Not) preparing questions
35:50 The art of listening
40:46 Creating unique insights
42:30 The benefits for interview partners
49:30 Bridging “language” differences
53:30 Margins
56:50 “Hacks”
01:00:35 Using humor
01:03:15 Using emotions – Community exclusive
01:04:00 “Managing” your own emotions
01:06:47 Limitations of transcripts
01:12:30 Time
01:15:30 Cultural differences
01:18:20 Thank you & Goodbye
01:18:59 Disclaimer

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How to find great European stocks, Daniel Gehlen & Marc-Lennart Bräutigam?

Wed, 22 Dec 2021 17:14:56 +0000

Daniel Gehlen and Marc-Lennart Bräutigam of Gehlen Bräutigam Capital run the Gehlen Braeutigam Value HI funds. The fund is specialised on European small and midcaps.

We discussed the following topics:
00:00 Check out Interactive Brokers: https://www.good-investing.net/ib/ *
00:35 Introduction
01:25 A Europe-focussed fund
06:15 Learning at Barclays
10:05 Daniel’s early investments
11:25 Launching a fund and making mistakes
14:15 Learnings
16:35 Return-orietnation or asset gathering?
18:35 Defining the “European” market
20:05 Exploring the European market
22:05 Finding the best ideas
24:15 The fund’s team
30:45 Benefits of a different perspective
31:20 Being leaders
34:25 Gaming & gambling companies like Endor, Naked Wines & Italian Wine Brands
40:20 Stock example: Italian Wine Brands
44:35 Community exclusive
46:00 The idea generation process
50:05 Benefits of the limited broker coverage in Europe
53:30 Valueing companies
56:05 Risks
58:32 Hurdle rates for an investment
01:00:35 Investing in the own fund?
01:01:15 Thank you
01:02:20 Goodbye
01:02:35 Disclaimer

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Philipp Haas, how did you build a successful fund with YouTube?

Fri, 03 Dec 2021 21:00:58 +0000

Philipp Haas just launched his fund, but before that, he had an impressive track record and shared a lot of his investing knowledge publically via his YouTube channel https://www.youtube.com/c/InvestresearchNet. In our talk we discussed the following topics:

00:00 Check out Interactive Brokers: https://www.good-investing.net/ib/
00:38 Introducing Philipp Haas
02:13 The fair PE
06:34 Trend/momentum investment
08:18 Transparency & capability of Philipp’s algorithm
10:30 Mistakes & take-aways
13:25 Dealing with small & big companies
16:00 Finding inspiration for the YouTube channel
18:41 Brand- vs. trust-building
20:40 Philipp’s book
22:00 Early stages of investing
23:58 Motivation for content creation
25:27 Motivation & passion
29:55 Factors for success on the internet
31:25 Wikifolio
33:25 Managing 8 strategies at once
35:15 Example of Midcaps Europe
37:30 Managing a large portfolio
39:40 Community exclusive
40:20 Fund vs. portfolio
43:13 Building on the basis of Wikifolio & social media
43:43 Thoughts on fees
47:13 Being invested in own fund
48:43 Community exclusive
49:43 Managing time between YouTube, Wikifolio, and the fund
51:35 Long-term plans
53:14 Turning to help
54:45 Where to find Philipp
55:08 Goodbye
55:15 Disclaimer

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Joe Frankenfield, how much Value Investing is in Saga Partners?

Thu, 18 Nov 2021 12:01:41 +0000

Check out In Practise: https://to.inpractise.com/3C5Frbq *

With Joe Frankenfield of Saga Partners I have discussed the following topics:

00:00 Check out In Practise: https://to.inpractise.com/3C5Frbq
00:37 Introduction
00:49 Joe Frankenfield’s first steps in money management
08:30 Is investing gambling?
09:50 Being based in Cleveland
12:00 Setting up Saga Partners for long-term investments
15:00 The ideal investor
17:45 Philosophy of Saga Partners
19:45 The boat
20:10 Choosing the right partner
23:44 Strength: patience
25:50 Saga’s definition of Value Investing
32:10 Balancing opportunism and deep-knowledge
36:30 Evolving & replacing portfolio positions
40:40 Dealing with “mistakes”
42:50 Finding stable investments for the future
48:05 Example of Roku
53:10 Handball and the parallels to research
57:40 Dealing with bias
01:08:25 Community Exclusive
01:09:11 Long-term portfolio construction
01:14:32 Managing money privately vs. professionally
01:16:08 Positivity boost for everyone
01:16:45 Saying no
01:21:27 Defining high-quality companies
01:28:43 Culture and team
01:30:18 Customize your approach to investing
01:32:37 Thank you
01:32:52 Goodbye
01:32:57 Disclaimer

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Alex Kopel, how do you focus on great returns at Rowan Street Capital?

Wed, 10 Nov 2021 18:00:00 +0000

Try Interactive Brokers: https://www.good-investing.net/ib/ *

Alex Kopel has left his high-paying Wallstreet job to found Rowan Street Capital together with Joe Maas. There he focuses on investing in high-quality businesses and great returns.

In our conversation we discussed the following:

00:00 Learn more about Interactive Brokers https://www.good-investing.net/ib/ *
00:38 Who is Alex Kopel?
00:48 Frustration with the traditional way of managing money
03:34 The beginnings of Rowan Street
05:00 Zero management fees
07:33 Dealing with smaller returns in the beginning
08:50 Creating stability as a founder
11:43 Choosing the right partner
16:13 Finding consensus at portfolio building
20:08 Factors for choosing stocks for the portfolio
22:06 Valuation challenges
25:53 Change & investing
27:08 Dealing with change
32:08 Community Exclusive
33:18 Mistakes
36:20 Revising the process
39:13 “Mode” and “Change”
42:53 Defining high-quality businesses
45:30 Exceptional opportunities
49:25 Never going back to Wall Street
51:23 Growth since leaving Wall Street
54:38 Thank you
55:38 Goodbye
55:44 Disclaimer

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My broker *: https://www.good-investing.net/ib/
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What are good ways to invest in South Korea, Petra Capital?

Wed, 03 Nov 2021 15:45:05 +0000

South Korea is an interesting country to invest in. With the experts of Petra Capital, I had the chance to do a deep dive into this market.

We discussed the following:
00:00 Introduction
00:30 Habital land of South Korea
03:00 Effects of high density
04:18 Infrastructure in South Korea
06:30 Korea’s economic history
07:10 Shift to technology
08:47 Relation between South and North Korea
12:30 Korean stock market before and after COVID
16:50 Korea’s stock market culture
17:55 Foreign investments in Korea
20:30 Petra’s filters for selecting stocks
25:30 Questionable business models
27:45 Samsung as an example for Korean holdings
34:15 Holding discount
38:36 Shareholder culture in Korea
42:05 Activism in Korea
45:29 Recommendations on Korean capital allocators
48:22 Cash on the balance sheet
51:17 Buybacks
53:00 Differences to Japan
56:50 Playing IPOs
58:00 Petra’s evolution
01:00:08 Investing in Tech
01:04:20 Export business models
01:06:50 Choosing & sizing stocks
01:08:30 Compounders
01:09:45 Reopening after COVID
01:11:06 Compounder example: Kakao
01:16:40 Community exclusive: Renewables
01:17:33 Understanding Korean culture
01:23:45 Pace of development in Korea vs China
01:27:04 Transformation of Korea’s economy
01:28:00 Government’s crisis management
01:33:54 Thank you
01:34:10 Disclaimer

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How does Spotify win the creators, Jeremy Deal & Sleepwell Capital?

Wed, 27 Oct 2021 16:00:00 +0000

This is the final part of our discussion about the future of Spotify. Here you can find all episodes: https://www.youtube.com/playlist?list=PL2jGs_PC8EQV9xbT-Y7l3X5Wl9-RlQ4AC

In this discussion with Jeremy Deal and Sleepwell Capital we have covered the following points:
00:00 Spotify Series overview
00:50 Spotify’s partnership strategy
01:50 Paying artists in emerging markets
05:15 The car Thing
07:30 Recommendations, discoveries & engagement
11:30 Spotify’s edge over competitors
12:30 Growing content base & delivering it to the user
14:40 Music discovery strategies
16:10 Effects on music production
18:10 Potential by transcribing podcasts
21:45 Production tools for creators
28:00 Data analytics for artists
28:45 Breaking down barriers for artists
31:04 Aiming for a Friction-less workflow
31:48 Spotify as an aggregator
33:50 Experimenting with payment models
38:08 Streaming income
43:00 Royalty splits
46:00 Understanding perpetual revenue
47:52 Turning engagement into new business models
52:08 Testing new possibilities
56:09 Community exclusive
57:13 Evaluating Spotify for investors
01:03:13 Thoughts on Crypto & future opportunities
01:04:50 Encouragement to try out the App
01:06:10 Buyback
01:07:46 Thank you & Goodbye
01:08:08 Disclaimer

What do all successful investments share, Thatcher Martin of Spree Capital?

Wed, 20 Oct 2021 16:00:00 +0000

Thatcher Martin of Spree Capital Advisers has built an investment firm that focuses on the long-term and invests in high-quality businesses. We discussed the eight commonalities of high-quality businesses and his investment in the eBay stock and the Upwork stock.

Here are the timestamps:
00:00 Introduction
00:12 Origin of the name Spree Capital
01:50 His minimalist website
03:45 Saying “no”
04:18 Saying “yes”
17:20 First career steps
22:40 Building a firm
23:30 Forming investing process
24:50 Time management
26:26 Investors of Spree Capital
29:00 Mistakes
31:30 Integrating learnings
36:20 8 aspects of a high-quality businesses
37:40 Selecting 20 businesses for the portfolio
41:00 Managing risk
42:00 The tool of qualitative analysis
44:30 Analysing the business model
47:00 How long do you analyze?
47:53 The Upwork stock investment
01:02:25 Community exclusive
01:03:15 Role of management
01:04:54 Dealing with competitive businesses in an industry
01:08:22 Deep understanding is key
01:10:00 Selling
01:12:20 Example of eBay stock
01:26:00 US markets vs global markets
01:28:35 Disclaimer

Can Spotify be the leading audio platform, Jeremy Deal & Sleepwell?

Wed, 13 Oct 2021 19:26:51 +0000

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 Introduction
00:41 Defining Spotify
04:11 Competitors for Spotify: Radio
06:00 Competitors: Streaming
12:40 Strong competition from Youtube
20:00 Disclaimer
20:15 Community exclusive
21:08 Daniel Ek, the visionary
23:26 Impact on the music industry
27:10 Setting trends
30:50 Imitation & Acquisition
33:00 Buying vs. Building
37:00 Working with the labels
42:30 TAM
46:40 Spotify as a toolset for artist
49:20 Massive opportunities of streaming
53:15 Growth forces for Spotify
54:15 Focus on creators
56:55 Increasing engagement
01:00:00 Launching in emerging markets
01:07:04 End of Spotify II
01:07:22 Disclaimer

From China to Elephants & Snapchat: Rom Wilson on ACM Capital

Tue, 05 Oct 2021 16:00:00 +0000

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 Introduction
00:23 Investing in China in the 2000s
01:52 Rom’s path in investing
03:50 Learnings from the early days
07:20 3 recommended books
13:24 The ACM elephant and the meaning behind it
16:40 ACM, the “global” fund
17:55 ACM, the “concentrated” fund
18:45 ACM, the “value” fund
21:20 Owning Amazon & Google
23:00 The long game and the example of ADP
24:40 Ecosystems
28:20 Controversy
34:00 Building a firm
35:40 Advice on getting started
39:30 Hacks & the marshmallow test
42:20 Leadership
45:50 Being a person of color in finance
53:20 How hurdles make for a unique angle
55:50 ACM in 5 years
59:50 Partners
01:05:00 Investing into Snap
01:13:00 Community exclusive: Constructing a portfolio
01:14:02 Fair value of a company
01:17:07 Investing mistakes: Omission vs Commission
01:22:04 Encouragement & extra advice
01:26:12 Goodbye
01:26:25 Disclaimer

https://www.good-investing.net/imprint/disclaimer/

How are you building the energy future at ABO Wind, Karsten Schlageter?

Wed, 01 Sep 2021 16:00:00 +0000

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 Intro
00:15 Origin of ABO Wind
01:20 Karsten Schlageter’s beginnings at ABO Wind
02:57 Supporting the channel
03:13 Renewable energy 20 years ago, 10 years ago & today
06:25 The future of renewable energy
08:00 Thoughts on the future market
09:10 Hurdles of growing the market depending on the region
10:30 Impacts of component & logistics prices
11:25 Calculations on costs for a wind farm
12:20 Investors
14:30 Development of financing costs
15:45 Value added by ABO Wind to renewable energy projects
17:05 Phase: Site acquisition
19:02 Differences solar farms & wind parks
20:02 Phase: Development
21:00 Responsibilities in the early phases
22:00 Costs of development
24:10 Focussing on the energy transition & the margins
25:32 Phase: Financing
27:00 Phase: Construction
27:45 Scale advantages in the value chain
30:33 Finding & keeping good people
32:59 Decision-making in face of growth
35:05 Phase: Services
36:30 Subscribe
36:40 Phases in developing wind & solar parks
37:40 Hurdles in the phases
40:03 Payment
40:43 How investors approach ABO
42:40 Risks of owning the parks
44:20 Community Exclusive
45:04 Shares owned by employees
47:00 International expansion of ABO
49:30 Entering a new market
51:25 Potential territories to enter
52:53 Getting started in a market
55:13 Making sure the ABO Wind culture lives in the different subsidiaries
57:09 Managing subsidiaries
58:28 Deployed vs. local units
59:27 Top markets that Karsten is bullish about
01:03:08 Difficult markets
01:05:13 Effects of Corona on the company
01:06:19 Motivation behind entering new technologies
01:11:18 Managing the risks of new technologies
01:12:53 Potential in hydrogen
01:14:38 2011 vs. 2021 in the renewable energy market
01:16:08 Role of ownership
01:17:40 Energy of the owners
01:18:17 Karsten Schlageter’s shares in ABO Wind
01:19:27 Evaluating ABO’s share value
01:20:31 Repowering wind parks in Germany
01:21:22 ABO Wind in 10 years
01:22:50 Encouragement to invest
01:23:25 Goodbye
01:23:36 Disclaimer

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goodinvesting #greenenergy #renewables

How is Spotify positioned in the audio market, Jeremy Deal & Sleepwell?

Wed, 25 Aug 2021 18:00:00 +0000

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 Introduction
00:18 Who is Jeremy Deal?
00:51 Who is Sleepwell?
01:06 Disclosure
01:35 Drivers for the audio market
03:30 New audio technology
07:00 Digital payments
08:08 Tiktok
12:25 Developments in music production
14:51 Developments in podcasting
17:00 Changes in monetization
22:45 Difficulties in predicting the future of the streaming market
27:00 The switch to digital
29:20 Radio vs. on-demand
31:20 Personalization
34:11 Cracking the audio code
37:00 Advertising money in radio and streaming
39:52 Music royalties
49:07 The role of labels & how they have to adapt
01:06:27 Labels in the digital age
01:09:17 Revenue shares around labels
01:10:12 Physical copies of music
01:10:57 New promotional tools for music
01:12:07 Actors in music & new dynamics
01:15:49 Community Exclusive: Are labels replaceable?
01:16:42 The podcast opportunities
01:17:45 Addressing hurdles in podcasting
01:25:15 RSS technology
01:28:14 Spotify’s open access model
01:35:36 Advertising podcasts
01:50:00 Advertising content on Youtube & Spotify
01:51:50 Audiobooks
01:59:30 Audio in the creator economy
02:06:00 Closing thoughts
02:06:48 Disclaimer

Here are the mentioned materials:

Jeremy’s video on podcast advertising https://www.youtube.com/watch?v=O1sxS6vh9So
Dolby Atmos https://www.youtube.com/watch?v=3VZFpwlXKpg
Sony 360 https://www.youtube.com/watch?v=wkya01ZKboU
Pershing Square’s UMG presentation https://youtu.be/BpeHWiRuu2k
Podz interviews https://www.notboring.co/p/podz-interview-with-ceo-doug-imbruce & https://open.spotify.com/episode/3nlFNcaBErjdAm3xUbybrN?si=58ObT06nQJqahBI0L6JO_Q&dl_branch=1
Interview 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

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Dennis Hong, how did you grow ShawSpring Partners? A founder talk

Wed, 11 Aug 2021 17:00:00 +0000

In this conversation with Dennis Hong, we discuss the history of ShawSpring Partners.

We covered the following topics:
00:00 Introduction
00:05 Disclaimer
00:50 20x after the first interview
04:00 Running an investment firm
07:50 Overcoming skepticism
11:05 Development from day 1
19:20 Working on important problems
22:40 The role of kindness in building ShawSpring Partners
26:17 Traits of an exceptional investor
31:16 ShawSpring’s (early) investors
36:48 Hurdles that enabled progress
42:00 Relationship with fund manager
44:18 The ShawSpring motto
45:00 The ShawSpring team
52:00 Intellectual tension instead of organizational disfunction
53:30 Being skeptic
57:30 Identifying the right variables
01:02:15 Translating research
01:07:45 Decisions during the crisis
01:10:03 The potential of expansion
01:12:28 Support systems
01:12:45 High-quality partners
01:16:10 Vetting prospective partners
01:20:30 How much do you recommend to invest in ShawSpring Partners
01:21:55 Align with high-quality partners
01:23:45 What has changed over the years
01:26:20 Community exclusive
01:27:35 Recommendations for young fund managers
01:31:05 What ShawSpring does differently
01:33:45 ShawSpring Partners in 10 years
01:36:08 How to keep evolving
01:37:30 Goodbye
01:37:45 Disclaimers

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Fred Liu, how do you pick the best stocks for Hayden Capital?

Mon, 02 Aug 2021 20:13:47 +0000

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 II
00:45 Writing letters & opportunities from the letters
05:40 Benefits from “sharing secrets”
07:05 Subscribe, like & review
07:25 Hayden’s edge
08:45 The “Too Hard”-bucket
11:20 Time spend exploring new businesses
12:18 Criterias to invest into a new business
16:25 Consumer addiction
20:23 Indicators for a great management
23:00 Steps after the discovery of a great idea
28:45 Qualitative vs quantitative work
30:00 Listening to the street
31:35 Reaching the top 1% of expertise on a business
33:00 The Number of great businesses worldwide
33:45 Distinguishing a great from a good portfolio companies
37:35 Selling stocks
38:35 Acquiring customers
42:40 Lack of innovative strategies
43:40 Capital allocation
46:30 Thoughts on company culture & working within an industry
49:00 Inflection points on S-Curve
54:25 The confidence to pay up
58:40 Options within Sea Limited
59:23 Sea Limited’s competition: Community exclusive
01:00:30 Thoughts on the regulators
01:03:15 Factoring in regulations
01:05:10 Asia tips for Western investors
01:07:17 Considering risks after a great year
01:08:10 Finding opportunities
01:10:45 Goodbyes

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[Replay] Opportunities in small founder-led stocks? A talk with Andreas Aaen (Symmetry A/S)

Sat, 31 Jul 2021 13:58:20 +0000

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 – Introduction
00:01:53 – The Danish stock market and its companies
00:03:31 – Andreas’ focus on investing
00:04:20 – His early path to investing
00:05:33 – Investment strategies
00:06:43 – Insights on more qualitative approach to investing
00:07:54 – Evaluating management teams
00:10:23 – Personal investing style compared to other investors
00:12:27 – Ideas for long and short precisions
00:13:32 – Researching companies
00:16:43 – Kambi
00:28:50 – Naked Wines
00:32:54 – Taking advantage of insider trading
00:34:04 – Naked Wines: Customer satisfaction and company relevance
00:36:49 – Naked Wines’ management
00:40:29 – Naked Wines: Single transaction versus subscription offering
00:42:01 – Naked Wines Market Possibilities
00:44:32 – Where Food Comes From
00:51:28 – Growth strategies of Where Food Comes From
00:53:24 – Where Food Comes From: Cash compensation and management
00:57:07 – Where Food Comes From: Future prospects
00:58:02 – Precision sizing and selling
00:59:39 – Red flags when it comes to stocks
01:00:47 – Interesting smaller stocks: GetBusy
01:02:13 – Precisions and sectors Andreas is investing in
01:03:52 – Outro

How much Fred Liu is in Hayden Capital? How do you select partners?

Wed, 07 Jul 2021 13:25:07 +0000

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 Liu
00:40 SPV and preparing for new options
01:38 Recommended books
02:50 Input through Podcasts
03:19 New information through conversation
04:05 Self-improvement
05:30 The role of writing and investor letters
07:11 Games – Community exclusive
08:30 The role of the gut feeling
07:56 How would your friends describe you?
09:26 Fred’s personality in Hayden & craftmanship
13:29 Dealing with change & pushing the circle of competence
16:41 LP’s and building long-term partnerships
19:24 Partnering with Hayden
21:39 Volatility & drawdowns
22:51 Hayden Capital’s transformation since 2014
25:11 Hayden Capital’s first Portfolio
25:56 Learning & Improving
28:11 Creativity
29:36 Communication with partners
32:49 Red flags from potential partners
34:43 Support
35:08 Writing for yourself
37:33 The process of writing the investor letters
38:56 Team growth
40:51 Outsourcing
42:38 The benefits of working with a colleague in Singapore
43:03 Taking board seats & adding value
45:18 Sharing data with others
46:12 Moving into the non-listed space
48:42 Goodbye
48:56 Disclaimer

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Edward Chang, how did you compound with above 30% p.a.?

Wed, 16 Jun 2021 19:22:10 +0000

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 models
01:41 The role of the mother in the first investments
03:07 Volunteering with the Tzu Chi Buddhist Foundation
04:09 Investing into Win-Wins for society
05:51 Start in the investment business
08:51 The pledge behind “Pledge Capital”
10:10 Being on the right side of change
11:47 Pledge Capital’s approach to investing
13:46 The Joint
14:52 Power Reit & cannabis farming
18:50 Commonalities in the portfolio: Sustainable growth
25:17 Strategies on choosing companies to invest in
28:02 Recognizing good management teams
29:24 Timeframe for investments
33:35 Return from investments in 3-5 years
34:43 Deep dive into Avid
43:00 Product range of Avid
46:01 Value decisions by the Avid management
48:40 Researching process before investing
52:03 The role of optionalities
01:01:43 Community exclusive: ANGI
01:02:30 Social responsibility in investing
01:05:45 Pledge Capital in the near future
01:07:18 Networking
01:08:01 Goodbye
01:08:10 Disclaimer

Why invest with VEF in Emerging Fintech? A talk with CEO David Nangle

Wed, 09 Jun 2021 16:00:00 +0000

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 Introduction
00:18 “VEF – The emerging fintech investor” – Why The?
02:15 Competition in the emerging markets
03:45 What is Fintech?
05:28 Limitations of fintech
07:55 Global spread of companies
10:27 Cash from the perspective of a fintech investor
12:22 Exchange rates in the investment process
15:35 Difficult emerging markets to invest in
17:09 Competitive markets
17:50 Assessing risks
19:50 The lean setup of VEF
20:50 Choosing investments: Quantity vs Quality
22:19 What kind of investor is VEF?
23:35 Timeframe
25:03 Selling
26:20 Improvements over the past 5 years
28:18 Why did he join VEF?
30:29 His motivation
32:08 Views on retirement
32:50 The relationship with VNV
34:51 How is the competitive landscape?
36:30 Skin in the game
37:20 Compensation at VEF
37:58 Buybacks
38:56 Portfolio construction
40:54 Pain points
42:12 Replicating models of the developed market in emerging markets
44:01 Loss-making investments
47:11 Evaluation process
48:35 Can loss-making investments be turned around?
49:40 Investing time in certain companies
50:51 Creditas
54:10 Potential risks for Creditas
55:12 Ideas for future developments for Creditas
56:35 Investment thesis for Konfio & the Mexican market
58:23 Optionalities in the businesses
01:00:26 Moving concepts out of emerging markets to developed markets
01:02:20 The next frontiers
01:03:48 Opportunities in the portfolio
01:05:46 VEF in 5 years (Community exclusive)
01:06:35 Closing remarks from David
01:07:30 Thoughts on scalability

Is Gruppo Mutui Online the best Italian company? With Marco Pescarmona

Wed, 02 Jun 2021 16:00:00 +0000

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 Introduction
00:25 Disclaimer
01:10 The challenging first years
05:26 Doing business in Italy
10:02 Starting new business angles
19:55 The divisions within Gruppo Mutui
25:47 The founders
29:45 Time management
31:45 Would he sell his share in the company?
33:03 Going public
35:05 Dividends or buybacks?
38:36 Using debt
41:22 Expansion strategies
43:47 Synergies
45:51 Gruppo Mutui’s clients
54:30 Maintaining high quality
56:52 Thought experiment: Reducing to 3 promising businesses
59:12 Risk and reward
01:01:20 Challenges in broking
01:03:58 Effects of regulation
01:05:45 Future plans
01:09:33 Dealing with competition
01:12:33 Dealing with big players like Google
01:14:23 Characteristics of the Italian market
01:18:20 The Impact of Covid
01:21:30 Pressure after the good performance in 2020?
01:22:43 The outlook
01:24:39 Maintaining a feeling of familiarity in a growing company
01:25:52 Goodbye

Looking for an investing community? Here is Good Investing Plus

Sun, 30 May 2021 15:27:37 +0000

Good Investing Plus in my new community for experienced investors.

Apply here

You can also find this episode on YouTube:

Felix Gode, how to compound with over 15% p.a. in German stocks?

Wed, 19 May 2021 16:45:31 +0000

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 Introduction
01:07 Disclaimer
01:24 What is “fun” in investing in German-speaking countries?
02:28 Lessons learned in 2020-2021
04:12 What things changed in the process over the last 5 years?
06:29 The 2 phases of Alpha Star
08:43 Historical returns
10:13 Principles used in building the fund
15:06 Skin in the game
16:00 Two Strategies for investing
17:28 The universe of companies that Alpha Star has invested in
21:38 How to avoid companies that play “dirty”
23:35 Portfolio principles
25:00 Selling
27:23 The 5/10/40 rule: Stock weighting
29:08 What’s special about Endor
33:23 What’s special about IVU
35:08 Playing the long game
36:26 Best way to find stocks
40:28 Alpha Star in 5 years and a job offer at Alpha Star
45:50 Management evaluation

Why does Worm Capital invest in disruptor stocks like Tesla and Spotify, Dan and Erik?

Mon, 10 May 2021 10:04:01 +0000

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 Intro
1:07 How do you see Worm Capital in 5 years?
3:35 A shoutout to Stream
4:38 Value vs Growth – how Worm Capital sees it
7:51 Why Arne couldn’t participate in the interview
9:30 What Dan and Eric’s are doing at Worm Capital
15:28 How to filter noise and signal
18:15 What does Worm Capital’s new approach mean?
23:43 What kind of companies do they like to invest in
26:39 What role does historical data play for you?
30:57 The top sectors in Worm Capital’s focus
33:19 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 work
49:55 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?

Can Babylon Health dominate digital health, Per Brilioth (VNV Global)?

Fri, 19 Mar 2021 21:38:47 +0000

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 Introduction
01:31 The biggest mistakes
03:42 Portfolio evolution
05:09 2010’s portfolio
09:12 Divest oil
12:06 Relearning & unlearning
14:27 Going global
17:53 Building a global network
19:19 The change in the shareholder base
22:18 Investing as a listed company in private companies
25:45 Being an active shareholder
28:56 Insider ownership
30:30 Giving capital back to shareholders
32:36 Selling
33:50 Idea generation
36:19 Per’s assignments in other companies and his public visible investments
38:40 Idea selection
40:22 The importance of management
42:15 Character traits of “bad” management
42:37 Other sources to understand companies
43:47 The potential future of a company
45:45 The role of optionalities
46:34 Risk & reward
47:56 The current portfolio
50:37 A metaphor for the portfolio
54:48 The nextgen stars
56:14 Strong founders
57:12 the role of data
57:30 Established players in the portfolio – VOI
1:00:49 Babylon
1:02:29 Babylon’s leadership
1:03:58 Babylon in 3 – 5 years
1:05:33 Will VNV be a shareholder then?
1:06:02 New areas of investment for VNV
1:08:25 Climate & network effects
1:10:23 VNV in 5 years
1:12:14 Growth in VNV’s team
1:13:01 Long-term investing

Here you can enjoy the YouTube video:

Tom Gayner, how do you build your portfolio? A talk with the Co-CEO

Sun, 07 Mar 2021 17:00:00 +0000

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 Introduction
01:05 MITIMCO’s message
02:06 3 songs for Markel – playlist: https://www.youtube.com/watch?v=s3Q80mk7bxE&list=PL2jGs_PC8EQXIVlbHKMc08KEU7G2JXWAk
05:25 2020
06:40 The capital raise in May 2020
08:01 Structural changes in 2020
09:36 Measures for success
11:56 Key metrics for measuring Markel’s success
14:58 Topics that Tom Gayner wants to understand
18:27 Examples
19:26 Changes in the use and perception of investment concepts
23:42 Owning Amazon
25:40 Where does the money for the portfolio come from?
29:25 Freedom in Markel’s cash allocation
31:21 The insurance business – The bullish and bearish parts
32:40 Competitors in insurance
34:27 The Tesla cooperation
35:14 The impact of climate change
37:37 The impact of low interest rates
44:23 The capital allocation framework
46:25 Decide between different buckets
48:20 The way to decide between inside and outside investing
49:55 Factors to invest in people outside of Markel
51:34 Markel ventures
54:26 What businesses of Markel ventures are especially interesting?
56:11 Everyday life businesses
58:00 Learning in public and private markets
01:00:29 Getting better as investor
01:03:08 The climate in public vs private markets
01:05:14 Attractive niches
01:07:11 Why Tom wants people back
01:08:47 Buybacks
01:09:24 Why over 100 positions?
01:17:09 Keeping focus with the portfolio
01:18:07 Signal vs noise in the portfolio
01:19:28 Who does influence Markel’s portfolio?
01:21:32 Smaller and bigger positions
01:24:01 Selling Carmaxx
01:25:56 The outcome from the trip to India
01:29:07 India’s influence on the portfolio
01:30:50 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 partner@mitimcom.org and visit their site: mitimco.org/emerging managers.

Why are you digging for investing diamonds in South Africa, Rudi van Niekerk?

Fri, 19 Feb 2021 18:02:10 +0000

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 start
00:00:16 Penguins and lions
00:03:18 Rudi’s career as a grain trader
00:07:44 Learning from negotiating with farmers
00:10:09 Why investing?
00:14:11 Desert Lion’s position in the South African financial industry
00:17:47 The South African stock market
00:23:12 Where Rudi would go long or short
00:25:49 Books to read on South Africa
00:28:10 The best capital allocators in South Africa
00:29:49 Scarcity of capital
00:35:07 How good is the capital allocation in South Africa?
00:37:43 Why companies delist
00:39:49 South Africa’s progress 00:43:08 Inequality in South Africa
00:45:16 Why his seed investors seeded him
00:48:37 Why he underperformed in 2017
00:51:25 Learning from mistakes
00:54:45 Position sizing
01:00:00 The mining and the education sector
01:05:39 South Africa’s demographics
01:06:42 Car tracking companies
01:12:06 The evolution of Cartrack
01:16:14 Capitec
01:23:30 Closing remarks

Here you can find the YouTube video:

What are your lessons for compounding in the Nordics, Daniel Glaser?

Sat, 13 Feb 2021 00:16:22 +0000

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.

Here you can find the video:

Here you can find the transcript:

https://www.good-investing.net/2021/02/14/daniel-glaser-river-oak-capital/

What are the pains of growth for Naked Wines? A talk with CEO Nick Devlin

Fri, 05 Feb 2021 18:29:48 +0000

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 disclaimer
03:01 The impact of growth on Naked’s business
05:09 Nick’s move to the USA
07:05 Scale
09:34 Scale and Social Media
11:32 The competitive advantage of scale
13:54 Scale and customers
18:08 Improvements on the website
20:09 Pains of growth
22:56 A reaction on YouTube comments
26:06 Naked’s presence on YouTube
28:54 “Angry customers”
31:13 Naked’s target group
35:28 Where Naked’s US customers come from
38:32 The impact of climate change
44:24 Is Naked’s way of doing wine more efficient?
47:56 Shipping
52:55 Hello Fresh and Naked Wines

Here you can find the YouTube video:

Is Nintendo a multi-bagger? Ryan O'Connor on Todd Wenning deep dive on the japanese stock

Sun, 31 Jan 2021 20:36:00 +0000

With Ryan O’Connor of Crossroad Capital and Todd Wenning of Ensemble Capital, I had the pleasure to take a deep dive into Nintendo.

Here you can find the transcript:

https://www.good-investing.net/2021/02/23/ryan-oconnor-todd-wenning-is-nintendo-a-multi-bagger/

Here you can find the YouTube video

During our conversation we touched on the following points:
00:00 Welcome message and disclaimer
01:36 What both learned from each other on investing and Nintendo
11:24 Nintendo and the gaming market
19:18 The boom and bust cycle – still active?
27:22 Nintendo’s target groups
34:01 The hardware and software interaction
38:45 Creative use of hardware and software combined
46:01 Nintendo OS
54:56 Nintendo accounts
59:09 Switch online paid memberships
01:04:19 The change in buying Nintendo games
01:18:57 Nintendo’s pricing policy
01:28:51 Is the Switch profitable?
01:34:16 Selling in-game and selling software
01:38:50 Third-party games in the Nintendo ecosystem
01:42:21 (Buying) Engagement
01:46:49 Nintendo’s management
01:56:21 Nintendo’s flywheel
01:59:34 The revenue potential of the optionality’s in Nintendo’s business
02:05:23 The bear case

Is Naked Wines building a mousetrap? A chat with Rowan Gormley

Mon, 25 Jan 2021 01:21:26 +0000

I had the pleasure to chat with the former CEO of Naked Wines, Rowan Gormley. We have discussed the following (Important. Rowan has retired from Naked Wines and his only relationship with the company is as a shareholder. When he refers to Naked as “we” that is just an old habit!):

03:01 – His reason to retire
04:11 – How retireement changed his life
05:38 – His Naked Wines stocks
06:26 – Business people he admires
09:18 – How long people work at Naked Wines
09:42 – Digital business leaders he admires
11:40 – Authenticity
13:34 – The flaws of the wine market
17:44 – “Your margin is my opportunity” in the wine market
20:15 – Getting A-List wine makers
22:38 – The time horizon of getting A-list wine makers
23:24 – The US wine market
26:38 – Blockages in some states
27:17 – Problems with changes in the US wine market
29:00 – The sale of the retail business
31:07 – Data driven approach vs gut feeling
32:43 – The customer and the producer at Naked Wines
34:33 – Naked Wines – a wine bank? A community? A social network?
36:45 – Engagment of customers
37:55 – Making producer and customer happy
41:15 – Education/enligthenment of the customer
43:24 – The similarity of Naked’s concept and the concept of Value Investing
44:49 – The bad customer reviews
47:16 – The reaction on customer reviews
48:15 – Not selling is the best strategy
51:55 – The employees
54:34 – The mission of doing good
55:54 – The churn rates

Here you can find the customer reviews:

https://www.trustpilot.com/review/us.nakedwines.com
https://uk.trustpilot.com/review/nakedwines.com

Are 1 - 2 investments per year enough? Andrew Rosenblum on AHA moments

Mon, 25 Jan 2021 01:19:00 +0000

Andrew Rosenblum of Bonsai Partners is an impressive investor. He is looking globally for great business and investment opportunities. Here we chat about his way into investing, his approach, and his investment in RedBubble. Here you can find the transcript of our interview: https://www.good-investing.net/2020/12/16/andrew-rosenblum-bonsai-partners/

The topics are:
00:59 – Why the name Bonsai?
07:07 – How he entered a hedge fund right after college
15:12 – From investing to cancer research
24:38 – How Andrew is able the generate the best return
32:40 – The scalability of Bonsai Partner’s approach
38:33 – How to invest in a niche
43:46 – The positions in Andrews’ portfolio
58:15 – The discovery of RedBubble
01:13:36 – Etsy vs Redbubble
01:16:01 – RedBubble’s management
01:23:19 – Final thoughts on Good Investing

How friendship helps to find the best stocks - Dennis Hong & Fred Liu

Mon, 25 Jan 2021 01:17:05 +0000

In this livestream Fred Liu (Hayden Capital) and Dennis Hong (ShawSpring) answered many questions from our audience. Here you can find the transcript: https://www.good-investing.net/2020/10/24/dennis-hong-fred-liu/

We discussed the following:
1:03 Their single biggest challenge currently
7:59 Dennis’ and Fred’s relationship
12:42 Their difference
16:25 Investors they admire
21:30 Where they would start a business
26:47 Books they like
30:52 Cash
36:51 The current strength of internet businesses
41:58 Riding rockets like Sea Limited
48:42 Evaluating management
55:58 Square & Sea
59:47 Square & JP Morgan
1:01:00 Sea’s gaming arm
1:08:05 Fair multiples for a company
1:21:24 What they might do after investing
1:29:12 A message to young investors

MITIMCo
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If you, or someone you know, is currently in the process of starting a fund or has recently launched, they welcome you to reach out at partner@mitimco.org . And you can discover more on their website, https://www.mitimco.org.
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What makes internet stocks attractive, Dennis Hong (ShawSpring)?

Mon, 25 Jan 2021 01:12:13 +0000

With Dennis Hong (ShawSpring) I discussed the following topics:
00:01:44 What quality dog brings to someone who invests on the stock market?
00:03:01 So how does dog react to volatility?
00:04:32 Dennis Hong, how would you describe your style of investing?
00:16:50 What were hurdles for you to grow ShawSpring?
00:37:17 How do you measure love for businesses, Dennis Hong?
00:39:21 Do you also take the quality of management and to account for this?
00:41:21 What do you like about complexity in investing?
00:48:03 How would you describe your relationship to cash?
00:52:24 Have you found characteristics in the losers which have caused you to adjust your larger selection framework?
00:57:10 How do you decide when to sell or trim a position?
01:05:01 The risk of over optimizing
01:07:01 Have you found something Chinese equivalent of Carvana?
01:09:48 Which of your businesses is the most shorted on the market?
01:13:47 Is the Chinese internet space more competitive?
01:15:39 How do you discount political risks?
01:20:18 How Corona virus infected your businesses
01:28:12 What was your favorite chart in 2020?

Here you can find our transcript of this interview: https://www.valuedach.de/en/2020/07/27/dennis-hong-shawspring-partners/

Why are you invested in Sea Limited and Carvana? A Q&A with Fred Liu (Hayden Capital)

Mon, 25 Jan 2021 01:08:18 +0000

Fred Liu of Hayden Capital is a Value Investor with a focus on quality investments. He is investing concentrated and looking for opportunities in the Asian internet space. In this interview we have talked about:

2:42 Fred’s way into Value Investing
10:55 Fred’s edge in Investing
16:10 Shopee vs Lazada
20:40 More on Shopee
27:00 The year 2020
31:10 The current rally
34:10 On mousetraps in investing
34:50 Revaluations of companies
39:50 The sale of JD.com
42:05 Internet Space in China
44:20 Carvana
49:00 Carmax vs Carvana
54:30 Hayden Capital’s perspective
56:30 Summary

Why is he heavily invested in Carvana? Investor Clifford Sosin on Carvana

Mon, 25 Jan 2021 01:04:28 +0000

Here we are talking with Cliff Sosin (CAS Investment Partners) about his investment in Carvana, shorting and his advice for young investors.

We start this interview with talking about the share of Cliff Sosin’s portfolio, that he has invested in Carvana.
At 4:34 Cliff explains us why he shorts in general.
At 7:06 we talk about the size of the short in his portfolio.
At 8:07 Cliff tells his 10-year perspective for Carvana.
At 14:22 Cliff explains why he did not invest into the FAANG stocks
At 15:55 we talk about a potential acquisition target for Carvana.
At 19:07 we are talking about disruptive risks through electric cars and self-driving cars.
At 32:11 Moritz asks Cliff for an advice for young investors.

How to generate ideas? A talk with outperforming Value Investor Cliff Sosin

Mon, 25 Jan 2021 01:01:32 +0000

Clifford Sosin is the Founder and Portfolio Manager of CAS Investments Partners (www.casinvestmentpartners.com) which is located in New York and Westport, CT. As a Value Investor Cliff has an outstanding track record and also very unique views and standpoints. We were happy to meet him at the end of April 2019 for a series of very interesting interviews.

In this we discussed the following:

At 01:00 we talk about idea generation or “the organic process of randomness”
At 06:07 we chat about mental models and the application of them.
At 11:03 he explains the reasons why he passes an idea.
At 14:41 we get to know what he likes about businesses.
At 16:32 what talk about “sensible people” and good management.

What is a good Investment process? A talk with the Value Investor Rob Vinall

Mon, 25 Jan 2021 00:54:11 +0000

In the beginning, we discussed Rob’s idea generation and how it changed over time. He also explained how he currently finds ideas.
At 03:08 we are talking about filters he uses.
At 04:53 Robert Vinall explains what minimum standards he has on a country level.
At 05:15 we are talking about factors that make a company perfectly uninvestiable. We also look on debt or cyclical companies.
At 07:09 Rob explains the next steps in his investment process.
At 09:22 we are talking about the role of numbers in his process.
At 10:55 Robert Vinall tells more about his preferred sources to gather information about a company.
At 12:37 we ask the question: How long does a research process usually take? Rob answers it with two examples.
At 17:13 the value investor Rob Vinall explains how he spends his time researching companies.
At 18.34 the question “How much detail is important for you?” is raised.
At 19:48 we discuss the relation between details and key drivers and mechanisms. We also discuss some examples for this relation.
At 23:10 we are talking about selling and the reasons for selling.
At 25:24 we discuss the question “How do you track companies you have sold?”.
At 26:31 Robert Vinall gives some insights in his watchlist.

How to evaluate management? A talk with Value Investor Robert Vinall

Mon, 25 Jan 2021 00:47:44 +0000

Rob Vinall of RV Capital (https://www.rvcapital.ch) performed with 18,5% return per annum since 2008. We had the opportunity to talk to him in Switzerland in March.

At 01:16 Rob explains us how a typical year of him looks like

At 02:37 he also explains his “opportunistic” approach

At 03:08 we discuss how the inflow of money and the growth of assets under management has changed his approach

At 05:38 we ask: Are there limits through the amount of capital he has under management?

At 06:23 how Rob Vinall deals with mistakes

At 08:25 Rob explains what he defines as a mistake

At 09:28 we discuss the former investments Novo Nordisk and Baidu

At 12:07 we talk about Chinese internet stocks

At 13:18 Our conversation on the importance of management started

At 14:48 we are discussing factors for the trustworthiness of management

At 16:00 Rob Vinall explains how he filters out managers he trusts

At 17:22 we talk about positive surprises with management on the example of Grenke

At 19:13 and 20:07 we discuss other examples of good managers

At 20:43 we started to talk about corporate culture

At 21:56 we discussed the management and culture of Facebook

At 24:34 we talk about the role of reflexivity in his process

What has a bar to do with finding investment ideas? Guy Spier on idea generation, process & research

Mon, 25 Jan 2021 00:38:46 +0000

At the beginning of October 2019, we had the chance for a series of interviews with Guy Spier of Aquamarine (www.aquamarinefund.com and www.guyspier.com) in Zurich. In this part of the interview you can lear more about Guy Spier’s research process.

At 00:20 Guy Spier explains how he gets his investment ideas.

At 17:28 Guy explains how many companies he researchs every year.

How did Mohnish Pabrai inspire Guy Spier? An interview in the Aquamarine Fund's office in Zurich

Sun, 24 Jan 2021 18:40:32 +0000

At first, we learn what mistakes made Guy Spier the investor he is today.
At 04:00 we learn how Guy Spier changed his view on mistakes.
At 06:27 Guy Spier explains which concepts he copied for his life.
Ab 11:13 wechseln wir ins Deutsche und lernen Guys Deutschkenntnisse kennen.
Ab 13:06 erfahren wir was den deutschen Anteil von Guy Spier ausmacht.
At 16:36 we are back in English and Guy answers the question of which people had the biggest influence on him.
At 19:10 Guy Spier explains three lessons he learned from Mohnish Pabrai.
At 28:39 we learn more about a typical day and week of Guy Spier.
At 32:49 we talk about the right incentives in life.