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TIP661: Lessons from Bear Markets w/ Richard Lawrence

8 snips
Sep 20, 2024
Guest
Richard Lawrence
Richard Lawrence, Founder and Executive Chairman of Overlook Investments, shares his 30 years of investment wisdom from Asia. He highlights the transformative 1980s and lessons learned from the Asian financial crisis. Lawrence discusses simplifying investments and his preference for dividends over buybacks. He reveals strategic insights into Taiwan Semiconductor and why he believes in betting big on China despite macroeconomic challenges. The conversation emphasizes understanding market vulnerabilities and managing investor expectations.
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ANECDOTE

1985 Hong Kong

  • Richard Lawrence arrived in Hong Kong in 1985 and noticed a manufacturing shift to mainland China.
  • This observation led him to invest in cheap Asian manufacturing companies, capitalizing on their growth.
ANECDOTE

Tintech Land

  • Richard Lawrence's firm publicly challenged Tintech Land's management, leading to his apartment being ransacked.
  • This taught him about the importance of "face" and private resolutions in Asian business.
ANECDOTE

Asian Financial Crisis

  • During the Asian financial crisis, unhedged dollar debt crippled Asian economies as currencies plummeted.
  • Richard Lawrence's firm survived by investing in undervalued companies after the crisis.
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