Good Investing Talks

In this interview, Eric Markowitz and Dan Crowley gave me interesting insights into the way the outperforming funds of Worm Capital are “engineered”. We also discussed Tesla and Spotify. This video is supported by Stream by Mosaic. Stream offers a great transcript library. And it is getting better day by day. If you want to try it, you can do it for 21-days for free.Just go to start.mosaicrm.com to start the free trial today. With the promo code Good Investing you will also get 20% off for the first year. 0:00 Intro1:07 How do you see Worm Capital in 5 years?3:35 A shoutout to Stream4:38 Value vs Growth – how Worm Capital sees it7:51 Why Arne couldn’t participate in the interview9:30 What Dan and Eric’s are doing at Worm Capital15:28 How to filter noise and signal18:15 What does Worm Capital’s new approach mean?23:43 What kind of companies do they like to invest in26:39 What role does historical data play for you?30:57 The top sectors in Worm Capital’s focus33:19 What gives you confidence?35:53 Are you shorting in the energy sector? And also why you are shorting?40:16 Why the effort of shorting?41:24 What are the principles of your company?46:36 How does digging work49:55 What digging you did for the big positions for Tesla?57:07 What else is misunderstood in Tesla?1:03:09 Where did you get an idea to invest in Spotify?1:06:12 What options could become real businesses at Spotify?1:07:40 Why do you prefer Spotify instead of the music labels?1:08:45 How much the self-disruption is embedded in the DNA of Worm Capital?1:11:17 Something to add? Why does Worm Capital invest in disruptor stocks like Tesla and Spotify? appeared first on Good Investing - Understanding businesses & Connecting investors.

With Per Brilioth of VNV Global, I discussed the history of the company, the current portfolio, and Babylon Health. We discussed the following: 00:00 Introduction01:31 The biggest mistakes03:42 Portfolio evolution05:09 2010’s portfolio09:12 Divest oil12:06 Relearning & unlearning14:27 Going global17:53 Building a global network19:19 The change in the shareholder base22:18 Investing as a listed company in private companies25:45 Being an active shareholder28:56 Insider ownership30:30 Giving capital back to shareholders32:36 Selling33:50 Idea generation36:19 Per’s assignments in other companies and his public visible investments38:40 Idea selection40:22 The importance of management42:15 Character traits of “bad” management42:37 Other sources to understand companies43:47 The potential future of a company45:45 The role of optionalities46:34 Risk & reward47:56 The current portfolio50:37 A metaphor for the portfolio54:48 The nextgen stars56:14 Strong founders57:12 the role of data57:30 Established players in the portfolio – VOI1:00:49 Babylon1:02:29 Babylon’s leadership1:03:58 Babylon in 3 – 5 years1:05:33 Will VNV be a shareholder then?1:06:02 New areas of investment for VNV1:08:25 Climate & network effects1:10:23 VNV in 5 years1:12:14 Growth in VNV’s team1:13:01 Long-term investing Here you can enjoy the YouTube video: Can Babylon Health dominate digital health, Per Brilioth (VNV Global)? appeared first on Good Investing - Understanding businesses & Connecting investors.

I had the pleasure to do an interview with Tom Gayner of Markel. Here you can find the video: Here you can find Markel’s portfolio. 00:00 Introduction01:05 MITIMCO’s message02:06 3 songs for Markel – playlist: https://www.youtube.com/watch?v=s3Q80mk7bxE&list=PL2jGs_PC8EQXIVlbHKMc08KEU7G2JXWAk05:25 202006:40 The capital raise in May 202008:01 Structural changes in 202009:36 Measures for success11:56 Key metrics for measuring Markel’s success14:58 Topics that Tom Gayner wants to understand18:27 Examples19:26 Changes in the use and perception of investment concepts23:42 Owning Amazon25:40 Where does the money for the portfolio come from?29:25 Freedom in Markel’s cash allocation31:21 The insurance business – The bullish and bearish parts32:40 Competitors in insurance34:27 The Tesla cooperation35:14 The impact of climate change37:37 The impact of low interest rates44:23 The capital allocation framework46:25 Decide between different buckets48:20 The way to decide between inside and outside investing49:55 Factors to invest in people outside of Markel51:34 Markel ventures54:26 What businesses of Markel ventures are especially interesting?56:11 Everyday life businesses58:00 Learning in public and private markets01:00:29 Getting better as investor01:03:08 The climate in public vs private markets01:05:14 Attractive niches01:07:11 Why Tom wants people back01:08:47 Buybacks01:09:24 Why over 100 positions?01:17:09 Keeping focus with the portfolio01:18:07 Signal vs noise in the portfolio01:19:28 Who does influence Markel’s portfolio?01:21:32 Smaller and bigger positions01:24:01 Selling Carmaxx01:25:56 The outcome from the trip to India01:29:07 India’s influence on the portfolio01:30:50 Final remarks This episode of Good Investing Talks is supported by MIT Investment Management Company. MITIMCo manages the financial assets of MIT through partnerships with talented investment managers all over the world. MITIMCo is eager to connect with emerging fund managers. They invest alongside young and unconventional investment firms and bringing resources and a creative perspective to the fund management journey. Whether you are a one-person shop just getting started or a team of investors building something unconventional, MITIMCo would love to hear from you. No firm is too small, too early or too un-institutional. You can drop them a line at partner@mitimcom.org and visit their site: mitimco.org/emerging managers. Tom Gayner, how do you build your portfolio? A talk with the Co-CEO appeared first on Good Investing - Understanding businesses & Connecting investors.

Rudi van Niekerk is an outspoken expert for investing in South Africa. He is following a long-term-oriented value approach in a rather inefficient market. We discussed the following topics: 00:00:00 The start00:00:16 Penguins and lions 00:03:18 Rudi’s career as a grain trader00:07:44 Learning from negotiating with farmers00:10:09 Why investing?00:14:11 Desert Lion’s position in the South African financial industry00:17:47 The South African stock market00:23:12 Where Rudi would go long or short00:25:49 Books to read on South Africa00:28:10 The best capital allocators in South Africa00:29:49 Scarcity of capital00:35:07 How good is the capital allocation in South Africa?00:37:43 Why companies delist00:39:49 South Africa’s progress 00:43:08 Inequality in South Africa00:45:16 Why his seed investors seeded him00:48:37 Why he underperformed in 201700:51:25 Learning from mistakes00:54:45 Position sizing01:00:00 The mining and the education sector01:05:39 South Africa’s demographics01:06:42 Car tracking companies01:12:06 The evolution of Cartrack01:16:14 Capitec01:23:30 Closing remarks Here you can find the YouTube video: Why are you digging for investing diamonds in South Africa, Rudi van Niekerk? appeared first on Good Investing - Understanding businesses & Connecting investors.

Daniel Glaser of River Oak Capital is an outstanding global investor with a strong focus on the Nordics. He walked me through his journey into investing and his approach in this talk. We also discussed his investment in Fortnox. This episode of Good Investing Talks is supported by MIT Investment Management Company. MITIMCo manages the financial assets of MIT through partnerships with talented investment managers all over the world. MITIMCo is eager to connect with emerging fund managers. They invest alongside young and unconventional investment firms and bringing resources and a creative perspective to the fund management journey. Whether you are a one-person shop just getting started or a team of investors building something unconventional, MITIMCo would love to hear from you. No firm is too small, too early or too un-institutional. You can drop them a line at partner@mitimcom.org and visit their site: mitimco.org/emerging managers. Here you can find the video: Here you can find the transcript: How to compound in the Nordics, Daniel Glaser of River Oak Capital? What are your lessons for compounding in the Nordics, Daniel Glaser? appeared first on Good Investing - Understanding businesses & Connecting investors.

With Nick Devlin, the CEO of Naked Wines, I had the pleasure to discuss the developments and prospects of the wine e-commerce company. We discussed the following topics:00:00 Beginning and disclaimer03:01 The impact of growth on Naked’s business05:09 Nick’s move to the USA07:05 Scale09:34 Scale and Social Media11:32 The competitive advantage of scale13:54 Scale and customers18:08 Improvements on the website20:09 Pains of growth22:56 A reaction on YouTube comments26:06 Naked’s presence on YouTube28:54 “Angry customers”31:13 Naked’s target group35:28 Where Naked’s US customers come from38:32 The impact of climate change44:24 Is Naked’s way of doing wine more efficient?47:56 Shipping52:55 Hello Fresh and Naked Wines Here you can find the YouTube video: Nick Devlin, what are the pains of growth for Naked Wines? appeared first on Good Investing - Understanding businesses & Connecting investors.

With Ryan O’Connor of Crossroad Capital and Todd Wenning of Ensemble Capital, I had the pleasure to take a deep dive into Nintendo. Here you can find the transcript: Ryan O’Connor & Todd Wenning: Is Nintendo a multi-bagger? Here you can find the YouTube video During our conversation we touched on the following points:00:00 Welcome message and disclaimer01:36 What both learned from each other on investing and Nintendo11:24 Nintendo and the gaming market19:18 The boom and bust cycle – still active?27:22 Nintendo’s target groups34:01 The hardware and software interaction38:45 Creative use of hardware and software combined46:01 Nintendo OS54:56 Nintendo accounts59:09 Switch online paid memberships01:04:19 The change in buying Nintendo games01:18:57 Nintendo’s pricing policy01:28:51 Is the Switch profitable?01:34:16 Selling in-game and selling software01:38:50 Third-party games in the Nintendo ecosystem01:42:21 (Buying) Engagement01:46:49 Nintendo’s management01:56:21 Nintendo’s flywheel01:59:34 The revenue potential of the optionality’s in Nintendo’s business02:05:23 The bear case Is Nintendo a multi-bagger? Ryan O’Connor on Todd Wenning on $NTDOY appeared first on Good Investing - Understanding businesses & Connecting investors.

I had the pleasure to chat with the former CEO of Naked Wines, Rowan Gormley. We have discussed the following (Important. Rowan has retired from Naked Wines and his only relationship with the company is as a shareholder. When he refers to Naked as “we” that is just an old habit!): 03:01 – His reason to retire04:11 – How retireement changed his life05:38 – His Naked Wines stocks06:26 – Business people he admires09:18 – How long people work at Naked Wines09:42 – Digital business leaders he admires11:40 – Authenticity13:34 – The flaws of the wine market17:44 – “Your margin is my opportunity” in the wine market20:15 – Getting A-List wine makers22:38 – The time horizon of getting A-list wine makers23:24 – The US wine market26:38 – Blockages in some states27:17 – Problems with changes in the US wine market29:00 – The sale of the retail business31:07 – Data driven approach vs gut feeling32:43 – The customer and the producer at Naked Wines34:33 – Naked Wines – a wine bank? A community? A social network?36:45 – Engagment of customers37:55 – Making producer and customer happy41:15 – Education/enligthenment of the customer43:24 – The similarity of Naked’s concept and the concept of Value Investing44:49 – The bad customer reviews47:16 – The reaction on customer reviews48:15 – Not selling is the best strategy51:55 – The employees54:34 – The mission of doing good55:54 – The churn rates Here you can find the customer reviews: https://www.trustpilot.com/review/us.nakedwines.comhttps://uk.trustpilot.com/review/nakedwines.com Is Naked Wines building a mousetrap? A chat with Rowan Gormley appeared first on Good Investing - Understanding businesses & Connecting investors.

Andrew Rosenblum of Bonsai Partners is an impressive investor. He is looking globally for great business and investment opportunities. Here we chat about his way into investing, his approach, and his investment in RedBubble. Here you can find the transcript of our interview: https://www.good-investing.net/2020/12/16/andrew-rosenblum-bonsai-partners/ The topics are:00:59 – Why the name Bonsai?07:07 – How he entered a hedge fund right after college15:12 – From investing to cancer research24:38 – How Andrew is able the generate the best return32:40 – The scalability of Bonsai Partner’s approach38:33 – How to invest in a niche43:46 – The positions in Andrews’ portfolio58:15 – The discovery of RedBubble01:13:36 – Etsy vs Redbubble01:16:01 – RedBubble’s management01:23:19 – Final thoughts on Good Investing Is 1 investment per year enough? Andrew Rosenblum on AHA moments appeared first on Good Investing - Understanding businesses & Connecting investors.

In this livestream Fred Liu (Hayden Capital) and Dennis Hong (ShawSpring) answered many questions from our audience. Here you can find the transcript: https://www.good-investing.net/2020/10/24/dennis-hong-fred-liu/ We discussed the following:1:03 Their single biggest challenge currently7:59 Dennis’ and Fred’s relationship12:42 Their difference16:25 Investors they admire21:30 Where they would start a business26:47 Books they like30:52 Cash36:51 The current strength of internet businesses41:58 Riding rockets like Sea Limited48:42 Evaluating management55:58 Square & Sea59:47 Square & JP Morgan1:01:00 Sea’s gaming arm1:08:05 Fair multiples for a company1:21:24 What they might do after investing1:29:12 A message to young investors MITIMCo▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬If you, or someone you know, is currently in the process of starting a fund or has recently launched, they welcome you to reach out at partner@mitimco.org . And you can discover more on their website, https://www.mitimco.org.▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ How friendship helps to find the best stocks – Dennis Hong & Fred Liu appeared first on Good Investing - Understanding businesses & Connecting investors.