Gary Hui on shorting A2 Milk, why narratives lie & building deep research edge at Geometrica
Australian Investors Podcast
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In this Australian Investors Podcast episode, your host Mitchell Sneddon is joined by Gary Hui, portfolio manager at Geometrica Fund, a Sydney-based global long-short hedge fund. Gary doesn’t follow market narratives — he follows hard data. In this episode, Mitchell and Gary discuss: – Why narratives like founder-led businesses are often misleading – How Geometrica surveyed thousands of WeChat users & port data to short A2 Milk – Why ResMed’s fall was wrongly blamed on GLP-1s like Ozempic – The process of building a deep research edge using alternative data Topics Covered – Gary’s career journey: from JP Morgan to founding Geometrica – Why “good management” and “founder-led” are useless investing shortcuts – How Geometrica defines edge through logic, maths & raw data – Dissecting the A2 Milk short: port data, WeChat bots & channel stuffing – ResMed’s misunderstood GLP-1 narrative vs actual gross margin drivers – Building deep logic models and rejecting conventional wisdom – How the team finds asymmetric bets with massive skew – The role of volatility, balance sheet turnarounds & crowd psychology – Why some of the best shorts started as long ideas – How Gary views valuation as a proxy for popularity, not truth Episode Resources: Geometrica Fund case studies
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