Kiyan Zandiyeh, the Chief Investment Officer of Sturgeon Capital, shares insights from his role at a firm that invests in technology companies in frontier markets like Bangladesh and Egypt. He reflects on his entrepreneurial journey, navigating extreme currency fluctuations in Iran. The conversation reveals the unique investment strategies for capitalizing on emerging technologies in Central Asia, discussing local expertise and potential risks. Kiyan also emphasizes the importance of strong leadership and sustainable business models in fostering successful ventures.
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Early Side Hustles
Kiyan Zandiyeh had various side hustles, like importing face masks from China and selling them in Iran.
He also bought and ran laundry businesses, viewing them as opportunities to compound returns.
question_answer ANECDOTE
Teenage Fund Manager
At 16, Kiyan Zandiyeh started an investment partnership modeled after Buffett's, with 0% fees and 25% performance fees above 6%.
He raised $3 million from three investors who knew him since childhood.
question_answer ANECDOTE
Gold Mine Investment
Kiyan Zandiyeh's largest position was a London-listed gold mine in Egypt, whose stock plummeted due to a lawsuit.
He researched and concluded the lawsuit was frivolous, invested heavily, and the stock recovered, generating significant returns.
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The Autobiography of Benjamin Franklin is a classic and influential work that covers various periods of Franklin's life. It is divided into four parts, written at different times, and includes his childhood, apprenticeship to his brother James, his early methodical plans for 'arriving at moral perfection,' his experiments with electricity, and his political career. The autobiography provides an intimate and honest account of Franklin's life, reflecting his determination, work ethic, and practical wisdom. Despite its tortuous publication history, it remains one of the most famous autobiographies ever written.
Buffett
The Making of an American Capitalist
Roger Lowenstein
This book provides a comprehensive and detailed account of Warren Buffett’s life, from his early days to his ascension as one of the most successful investors in history. Written by Roger Lowenstein, the book is based on three years of research and includes interviews with Buffett’s family, friends, and business associates. It explores Buffett’s investment strategies, his long-term philosophy of buying undervalued stocks, and his role in transforming Berkshire Hathaway into a highly successful corporation. The book also delves into Buffett’s personal life and the influences that shaped his investment approach, including his mentor Benjamin Graham and his partnership with Charlie Munger.
Today’s sponsored insight is another empty room, an opportunity ignored by most investors because they either don’t want to or can’t participate. This time around, we’ll discuss investing where capital is truly scarce - the frontier of the frontier markets. Kiyan Zandiyeh is the CIO of Sturgeon Capital, a +$300 million private investment firm that backs bold founders building the leading technology companies in countries early into their digital transition, including Bangladesh, Central Asia, Egypt, and Pakistan. Our conversation covers Kiyan’s early entrepreneurial and investing experience, venture and operating experience building two businesses in Iran through 80% currency devaluations, and Sturgeon’s venture strategy from there. We discuss Sturgeon’s investment process across country selection, targets, founders, valuation, risks, and investment examples. We close touching on Kiyan’s ambition in the coming years.
Capital Allocators – Inside the Institutional Investment Industry 
