I read my 2H21 investment letter, which asks 'Why invest in China?', and introduces our investment in Tencent. If you like what you hear, please visit the blog at www.longriverinv.com.

My guest today is Will Thrower, founder of Dumile Capital.   In this conversation, we cover what Will is building at Dumile; how his experience with AMD took him from deep value to growth; and his thoughts on valuing Tesla, the second of two investments currently in his portfolio.    If you like what you hear, please visit the blog at www.longriverinv.com.

My guest today is Richard Lawrence, Executive Chairman of Overlook Investments Limited, an independent fund management company he founded in 1991 to invest in public equity markets throughout Asia, excluding Japan. In this conversation, we discuss Richard's new book, "The Model", which explores two important questions: how did Overlook achieve its success; and how can Overlook best ensure future success?   "The Model" is available today from Harriman House publishing in both hard and soft copy.  It will also be available soon on Amazon.  All proceeds from the sale of the book will go to support Proyecto Mirador, a non-profit that builds fuel-efficient cookstoves in rural communities across Central America. If you like what you hear, please visit the blog at www.longriverinv.com.

My guest today is Aileen Chang, a fellow member of ValueAsia and Founder & CIO of Tashi Capital, a Hong Kong-based investment manager which specialises in China and South Korea.  Tashi is driven by deep, proprietary research and manages a highly concentrated portfolio with an investment horizon of over 5 years. In this conversation, we cover Aileen's early experiences as a hedge fund analyst; how she came to specialise in China; what she is building with Tashi; and what the twin concepts of margin of safety and certainty mean to her. If you like what you hear, please visit the blog at www.longriverinv.com.

My guest today is Gokce Bulut, lead Portfolio Manager for LGM Investments' Responsible Global Emerging Markets and Responsible Asia strategies.  Gokce is a former colleague and I really admire him for how he's always trying to play the game better.  In this conversation, we cover how Gokce has learned to manage volatility; the attraction of emerging markets; how he defines 'quality'; and why he's committed to responsible investing. If you like what you hear, please visit the blog at www.longriverinv.com.

My guest today is Federico Dirube, a fellow member of ValueAsia and Managing Director of Supreme Entertainment, Hong Kong's largest importer, distributor and retailer of leisure time concession equipment and supplies.   In this conversation, we cover Federico's journey as an entrepreneur; choosing survival over optionality; how he got into the popcorn business; and the role of a distributor today. If you like what you hear, please visit the blog at www.longriverinv.com.  

My guest today is Tee Leng Goh from Singapore, Director of the Tat Hwa Group, his family's holding company, and Founder & Portfolio Manager at Heritage Global Capital.  In this conversation, we cover Tat Hwa's history and how it has repeatedly re-invented itself in the face of a changing world, most recently by making the leap into the digital economy.   If you like what you hear, please visit the blog at www.longriverinv.com.  You might like these links too: Tee Leng's blog, "Investing Nook" (link) "Is Value Investing Dead?" (video starts at 59m55s) (link) "Heritage Global Capital's Goh ditches deep value investing to embrace new tech trends" (link) (paywall) A history of NatSteel (link)

My guest today is my friend Magnus Andersson from Sweden.  After a career in business, Magnus resigned five years ago to focus full-time on his investments.  In this conversation, we cover his early interest in investing; his insights into the economics of digital businesses; and his research into "the soul of a company", as illustrated by Swedish B2B gambling services provider Evolution.  We also touch on Magnus' investment in Herno Gin. If you like what you hear, please visit the blog at www.longriverinv.com.  And check out Magnus' extensive library of blog posts too: How I found Swedbank (Part 1 and Part 2) To live on capital in Sweden (here) Apple does it again (here) 100% Gross Margins (here) A Trip to Herno Gin (here) Here's how it went: 1m13s:  Introductions 4m40s:  Blogging and Swedbank 7m38s:  The journey to digital businesses + Apple 10m48s:  The advantages of digital businesses 22m39s:  How Sweden accidently became a digital powerhouse 29m51s:  Finding and researching Evolution 38m15s:  Understanding Evolution's competitive advantage 43m42s:  Handicapping changes happening around the company 50m04s:  Evolution's culture 53m59s:  What does it take to change your mind? 56m33s:  Herno Gin 58m41s:  Goodbyes and how to stay in touch

My guest today is my friend Simon Fu from Shanghai.  Simon is an entrepreneur now and runs three restaurants but prior to that, he spent seven years working in the head office of one of China's largest banks.  Join me for a conversation on Simon's investment journey; why he thinks China's banking system is misunderstood; and why he likes Postal Savings Bank. If you like what you hear, please visit the blog at www.longriverinv.com. Here's how it went: 1m07s:  Introductions 3m13s:  What does value investing mean to you? 3m57s:  What did you learn from Charlie Munger? 5m04s:  How do you find time to do research? 7m14s:  What do foreigners misunderstand about China's banking system? 13m37s:  Do you agree with Jack Ma's criticisms of China's banking system? 20m17s:  What do you look at when you analyse a bank? 24m20s:  Introduction to Postal Savings Bank 26m19s:  PSB's relevance in the internet age? 29m15s:  PSB's low LDR? 31m18s:  Which is more important for a Chinese bank, the industry or management? 36m38s:  The PBoC's pro-active approach 38m47s:  What is your investment time horizon? 40m46s:  The bear case for PSB 44m11s:  Thinking about opportunity cost 45m23s:  Goodbyes!

My first guest is my friend Stephen Wong, Portfolio Manager at BPI International Finance Limited in Hong Kong.  Join me for a conversation on Stephen's investment journey; how he uses the Total Shareholder Return equation as a framework for assessing investment opportunities; and his thoughts on Oriental Watch and Hong Kong Technology Ventures (HKTV). If you like what you hear, please visit the blog at www.longriverinv.com or contact Stephen @stephenwong1207 Here's how it went: 1m00s - Stephen's background 1m35s - Stephen's journey as an investor 4m20s - What Stephen looks for in his investments 6m09s - The TSR formula & HK Small-Cap Market 9m11s - How to avoid value traps 13m54s - Using dividend yields to identify attractive investments 16m22s - Seeing himself as a high yield bond investor in the equity space 17m58s - Trading strategy 21m08s - When to sell 21m28s - Introduction to Oriental Watch 26m38s - Why OW reported its first ever loss in 2016 29m00s - What makes Rolex so special? 31m04s - How Rolex's ownership makes it different from other luxury brands 32m47s - What market the turnaround? 36m18s - Takeaways from OW 39m14s - HKTV's Founder Ricky Wong 40m58s - HKTV's eCommerce business 43m32s - What gave Stephen confidence in HKTV 47m50s - HKTV's as a team of expert generalists 50m51s - Is HKTV under-investing? 54m02s - HKTV's local advantage 56m55s - Goodbyes and book recommendation