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

In the second part of your 2021 conversation, Fred Liu and I discussed the investment process of Hayden Capital. We also take a look at his investment in Sea Limited.

00:00 Introduction to the second part 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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Tilman is a very enthusiastic, long-term investor. Over the last years he has taught himself important investing concepts autodidactically. He tries to combine a positive climate and environmental impact with his investments.
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