Odd Lots One of Hong Kong's Most Famous Investors Gives His Vision of the City's Future
Jun 24, 2019
David Webb, a prominent activist investor and former banker in Hong Kong, shares his insights on the city's future amidst ongoing protests. He vividly recounts his surreal experiences during the recent civil unrest, contrasting Hong Kong's past stability with its current turmoil. Webb discusses the controversial extradition bill and its implications for governance and autonomy. He also highlights challenges in corporate governance and investor protections, emphasizing the need for reform as Hong Kong approaches critical political milestones.
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David Webb's Career Path
- David Webb developed games and wrote books for early computers while at school.
- After graduating from Oxford, he transitioned to corporate finance in London and later moved to Hong Kong for IPOs and M&A work.
Corporate Governance Issues in Hong Kong
- Controlling shareholders in Hong Kong companies often compromise the independence of directors.
- This lack of true independence allows for practices like undisclosed related-party transactions and inflated executive salaries.
Investment Strategy
- David Webb's investment strategy focuses on well-governed small-cap companies, often overlooked by other investors.
- These companies are undervalued due to the general risk associated with the market, allowing him to outperform.