Good Investing Talks

The audio market might be the last untapped opportunity in social and the internet. Spotify is well-positioned to conquer it. Here we explore the audio market and Spotify’s position in it. We discussed these topics:00:00 Introduction00:18 Who is Jeremy Deal?00:51 Who is Sleepwell?01:06 Disclosure01:35 Drivers for the audio market03:30 New audio technology07:00 Digital payments08:08 Tiktok12:25 Developments in music production14:51 Developments in podcasting17:00 Changes in monetization22:45 Difficulties in predicting the future of the streaming market27:00 The switch to digital29:20 Radio vs. on-demand31:20 Personalization34:11 Cracking the audio code37:00 Advertising money in radio and streaming39:52 Music royalties49:07 The role of labels & how they have to adapt01:06:27 Labels in the digital age01:09:17 Revenue shares around labels01:10:12 Physical copies of music01:10:57 New promotional tools for music01:12:07 Actors in music & new dynamics01:15:49 Community Exclusive: Are labels replaceable?01:16:42 The podcast opportunities01:17:45 Addressing hurdles in podcasting01:25:15 RSS technology01:28:14 Spotify’s open access model01:35:36 Advertising podcasts01:50:00 Advertising content on Youtube & Spotify01:51:50 Audiobooks01:59:30 Audio in the creator economy02:06:00 Closing thoughts02:06:48 Disclaimer Here are the mentioned materials: Jeremy’s video on podcast advertising https://www.youtube.com/watch?v=O1sxS6vh9SoDolby Atmos https://www.youtube.com/watch?v=3VZFpwlXKpgSony 360 https://www.youtube.com/watch?v=wkya01ZKboUPershing Square’s UMG presentation https://youtu.be/BpeHWiRuu2kPodz interviews https://www.notboring.co/p/podz-interview-with-ceo-doug-imbruce & https://open.spotify.com/episode/3nlFNcaBErjdAm3xUbybrN?si=58ObT06nQJqahBI0L6JO_Q&dl_branch=1Interview with Chief R&D Officer Gustav Söderström https://every.to/means-of-creation/inside-spotify-s-vision-for-audio-creators-632ad25a-255c-4983-b5e6-c1007fe74f9f More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ How is Spotify positioned in the audio market, Jeremy Deal & Sleepwell? appeared first on Good Investing - Understanding businesses & Connecting investors.

In this conversation with Dennis Hong, we discuss the history of ShawSpring Partners. We covered the following topics:00:00 Introduction00:05 Disclaimer00:50 20x after the first interview04:00 Running an investment firm07:50 Overcoming skepticism11:05 Development from day 119:20 Working on important problems22:40 The role of kindness in building ShawSpring Partners26:17 Traits of an exceptional investor31:16 ShawSpring’s (early) investors36:48 Hurdles that enabled progress42:00 Relationship with fund manager44:18 The ShawSpring motto45:00 The ShawSpring team52:00 Intellectual tension instead of organizational disfunction53:30 Being skeptic57:30 Identifying the right variables01:02:15 Translating research01:07:45 Decisions during the crisis01:10:03 The potential of expansion01:12:28 Support systems01:12:45 High-quality partners01:16:10 Vetting prospective partners01:20:30 How much do you recommend to invest in ShawSpring Partners01:21:55 Align with high-quality partners01:23:45 What has changed over the years01:26:20 Community exclusive01:27:35 Recommendations for young fund managers01:31:05 What ShawSpring does differently01:33:45 ShawSpring Partners in 10 years01:36:08 How to keep evolving01:37:30 Goodbye01:37:45 Disclaimers More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Dennis Hong, how did you grow ShawSpring Partners? A founder talk appeared first on Good Investing - Understanding businesses & Connecting investors.

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 II00:45 Writing letters & opportunities from the letters05:40 Benefits from “sharing secrets”07:05 Subscribe, like & review07:25 Hayden’s edge08:45 The “Too Hard”-bucket11:20 Time spend exploring new businesses12:18 Criterias to invest into a new business16:25 Consumer addiction20:23 Indicators for a great management23:00 Steps after the discovery of a great idea28:45 Qualitative vs quantitative work30:00 Listening to the street31:35 Reaching the top 1% of expertise on a business33:00 The Number of great businesses worldwide33:45 Distinguishing a great from a good portfolio companies37:35 Selling stocks38:35 Acquiring customers42:40 Lack of innovative strategies43:40 Capital allocation46:30 Thoughts on company culture & working within an industry49:00 Inflection points on S-Curve54:25 The confidence to pay up58:40 Options within Sea Limited59:23 Sea Limited’s competition: Community exclusive01:00:30 Thoughts on the regulators01:03:15 Factoring in regulations01:05:10 Asia tips for Western investors01:07:17 Considering risks after a great year01:08:10 Finding opportunities01:10:45 Goodbyes More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ Fred Liu, how do you pick the best stocks for Hayden Capital? appeared first on Good Investing - Understanding businesses & Connecting investors.

With Andreas Aaen of Symmetry A/S I am happy to discuss his approach and the world of small founder-led companies. We discussed the following topics:00:00:00 – Introduction00:01:53 – The Danish stock market and its companies00:03:31 – Andreas’ focus on investing00:04:20 – His early path to investing00:05:33 – Investment strategies00:06:43 – Insights on more qualitative approach to investing00:07:54 – Evaluating management teams00:10:23 – Personal investing style compared to other investors00:12:27 – Ideas for long and short precisions00:13:32 – Researching companies00:16:43 – Kambi00:28:50 – Naked Wines00:32:54 – Taking advantage of insider trading00:34:04 – Naked Wines: Customer satisfaction and company relevance00:36:49 – Naked Wines’ management00:40:29 – Naked Wines: Single transaction versus subscription offering00:42:01 – Naked Wines Market Possibilities00:44:32 – Where Food Comes From00:51:28 – Growth strategies of Where Food Comes From00:53:24 – Where Food Comes From: Cash compensation and management00:57:07 – Where Food Comes From: Future prospects00:58:02 – Precision sizing and selling00:59:39 – Red flags when it comes to stocks01:00:47 – Interesting smaller stocks: GetBusy01:02:13 – Precisions and sectors Andreas is investing in01:03:52 – Outro Opportunities in founder-led stocks? Andreas Aaen (Symmetry A/S) appeared first on Good Investing - Understanding businesses & Connecting investors.

In our conversation, Fred Liu and I covered how he has built Hayden Capital. As we had time constraints a follow-up of this conversation will be posted soon. Here you can find Fred’s letters: http://www.haydencapital.com/investor-letters/. We talked about the following topics:00:00 Introducing Fred Liu00:40 SPV and preparing for new options01:38 Recommended books02:50 Input through Podcasts03:19 New information through conversation04:05 Self-improvement05:30 The role of writing and investor letters07:11 Games – Community exclusive08:30 The role of the gut feeling07:56 How would your friends describe you?09:26 Fred’s personality in Hayden & craftmanship13:29 Dealing with change & pushing the circle of competence16:41 LP’s and building long-term partnerships19:24 Partnering with Hayden21:39 Volatility & drawdowns22:51 Hayden Capital’s transformation since 201425:11 Hayden Capital’s first Portfolio25:56 Learning & Improving28:11 Creativity29:36 Communication with partners32:49 Red flags from potential partners34:43 Support35:08 Writing for yourself37:33 The process of writing the investor letters38:56 Team growth40:51 Outsourcing42:38 The benefits of working with a colleague in Singapore43:03 Taking board seats & adding value45:18 Sharing data with others46:12 Moving into the non-listed space48:42 Goodbye48:56 Disclaimer More▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ My community: www.good-investing.net/plus/ Say thank you: https://www.good-investing.net/thank-you/ Disclaimer: https://www.good-investing.net/imprint/disclaimer/▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ How much Fred Liu is in Hayden Capital? How do you select partners? appeared first on Good Investing - Understanding businesses & Connecting investors.

Edward Chang of Pledge Capital started his fund 5 years ago. Since then he compounded money at outstanding rates. It was a pleasure for me to talk to him about this way into investing, his favorite stocks, and where he sees his firm in 5 years. Here you can find the work of Edward: https://www.pledge.capital/documents We discussed the following topics:00:00 Who is Edward Chang?00:16 Edward’s parents as role models01:41 The role of the mother in the first investments03:07 Volunteering with the Tzu Chi Buddhist Foundation04:09 Investing into Win-Wins for society05:51 Start in the investment business08:51 The pledge behind “Pledge Capital”10:10 Being on the right side of change11:47 Pledge Capital’s approach to investing13:46 The Joint14:52 Power Reit & cannabis farming18:50 Commonalities in the portfolio: Sustainable growth25:17 Strategies on choosing companies to invest in28:02 Recognizing good management teams29:24 Timeframe for investments33:35 Return from investments in 3-5 years34:43 Deep dive into Avid43:00 Product range of Avid46:01 Value decisions by the Avid management48:40 Researching process before investing52:03 The role of optionalities01:01:43 Community exclusive: ANGI01:02:30 Social responsibility in investing01:05:45 Pledge Capital in the near future01:07:18 Networking01:08:01 Goodbye01:08:10 Disclaimer Edward Chang, how did you compound with above 30% p.a.? appeared first on Good Investing - Understanding businesses & Connecting investors.

With David Nangle I talked about the strategy of VEF – the emerging market fintech investor (formerly: Vostok Emerging Finance). We discussed the following:00:00 Introduction00:18 “VEF – The emerging fintech investor” – Why The?02:15 Competition in the emerging markets03:45 What is Fintech?05:28 Limitations of fintech07:55 Global spread of companies10:27 Cash from the perspective of a fintech investor12:22 Exchange rates in the investment process15:35 Difficult emerging markets to invest in17:09 Competitive markets17:50 Assessing risks19:50 The lean setup of VEF20:50 Choosing investments: Quantity vs Quality22:19 What kind of investor is VEF?23:35 Timeframe25:03 Selling26:20 Improvements over the past 5 years28:18 Why did he join VEF?30:29 His motivation32:08 Views on retirement32:50 The relationship with VNV34:51 How is the competitive landscape?36:30 Skin in the game37:20 Compensation at VEF37:58 Buybacks38:56 Portfolio construction40:54 Pain points42:12 Replicating models of the developed market in emerging markets44:01 Loss-making investments47:11 Evaluation process48:35 Can loss-making investments be turned around?49:40 Investing time in certain companies50:51 Creditas54:10 Potential risks for Creditas55:12 Ideas for future developments for Creditas56:35 Investment thesis for Konfio & the Mexican market58:23 Optionalities in the businesses01:00:26 Moving concepts out of emerging markets to developed markets01:02:20 The next frontiers01:03:48 Opportunities in the portfolio01:05:46 VEF in 5 years (Community exclusive)01:06:35 Closing remarks from David01:07:30 Thoughts on scalability Why invest with VEF in Emerging Fintech? A talk with CEO David Nangle appeared first on Good Investing - Understanding businesses & Connecting investors.

I had the pleasure to discuss the history and potential of Gruppo Mutui Online with one of the founders of the company, Marco Pescarmona. Here are the topics we have discussed:00:00 Introduction00:25 Disclaimer01:10 The challenging first years05:26 Doing business in Italy10:02 Starting new business angles19:55 The divisions within Gruppo Mutui25:47 The founders29:45 Time management31:45 Would he sell his share in the company?33:03 Going public35:05 Dividends or buybacks?38:36 Using debt41:22 Expansion strategies43:47 Synergies45:51 Gruppo Mutui’s clients54:30 Maintaining high quality56:52 Thought experiment: Reducing to 3 promising businesses59:12 Risk and reward01:01:20 Challenges in broking01:03:58 Effects of regulation01:05:45 Future plans01:09:33 Dealing with competition01:12:33 Dealing with big players like Google01:14:23 Characteristics of the Italian market01:18:20 The Impact of Covid01:21:30 Pressure after the good performance in 2020?01:22:43 The outlook01:24:39 Maintaining a feeling of familiarity in a growing company01:25:52 Goodbye Is Gruppo Mutui Online the best Italian company? With Marco Pescarmona appeared first on Good Investing - Understanding businesses & Connecting investors.

Good Investing Plus in my new community for experienced investors. Apply here You can also find this episode on YouTube: You are looking for an investing community? Here is Good Investing Plus appeared first on Good Investing - Understanding businesses & Connecting investors.

Felix Gode is a good investor with a focus on small and mid-caps from German-speaking countries. We had the pleasure to discuss his strategy and two investments. Here you can find the current investments of Felix: https://www.alpha-star-aktienfonds.de…. Here are the topics discussed: Here are the topics discussed:00:00 Introduction01:07 Disclaimer01:24 What is “fun” in investing in German-speaking countries?02:28 Lessons learned in 2020-202104:12 What things changed in the process over the last 5 years?06:29 The 2 phases of Alpha Star08:43 Historical returns10:13 Principles used in building the fund15:06 Skin in the game16:00 Two Strategies for investing17:28 The universe of companies that Alpha Star has invested in21:38 How to avoid companies that play “dirty”23:35 Portfolio principles25:00 Selling27:23 The 5/10/40 rule: Stock weighting29:08 What’s special about Endor33:23 What’s special about IVU35:08 Playing the long game36:26 Best way to find stocks40:28 Alpha Star in 5 years and a job offer at Alpha Star45:50 Management evaluation Felix Gode, how did you with 15%+ p.a. in German stocks? appeared first on Good Investing - Understanding businesses & Connecting investors.