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Ali Hamed - Building an Investment Firm - [Invest Like the Best, EP.362]
Invest Like the Best with Patrick O'Shaughnessy
Challenges in investing in ecosystems with bad governance policies
Investing in ecosystems with poor governance policies, like platform economies, poses a challenge for investors. For instance, investing in sales first-oriented businesses like Salesforce or Shopify ecosystems may be unfeasible due to governance issues. These ecosystems often lack predictability in governance, making them less attractive for investment. The speaker highlights that platforms like Spotify, Shopify, Facebook, and YouTube, which function as governments for the businesses within their ecosystems, struggle to maintain stability in the face of constant changes. They suggest that investment firms led by founders tend to be more nimble and adaptable compared to those not run by founders. The speaker emphasizes the importance of a stable governance regime in creating a successful and enduring asset management firm, drawing insights from studying various successful firms in the industry.
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