Everest Growth Capital organized an online shareholder meeting for the 1H2023 period to review the fund's performance, positions, progress, mistakes, and lessons. In the end, there was an interactive Q&A session with the questions below.
I want to thank everyone for taking the time to join the discussion, and special thanks to Zhouzhou Cui for helping me conduct the Q&A session.
Questions from the Q&A session (re-ordered and grouped):
On Everest Growth Capital:
How does it feel like running a one-man fund?
How do you eliminate your bias if there isn’t someone to discuss?
What's Everest's plan in the next 3-5 years or even longer regarding team size and investment scope?
Why do you want to share mistakes when most people avoid talking about such things?
On mentality:
The past half year has been so tough. How did you keep inner peace in such a gloomy market environment?
What’s the difference between 莫向外求 and Buffett’s inner scorecard?
What wakes you up at night regarding Everest?
On time management:
You've done a lot over a short period of time. How do you manage your time on maintaining existing portfolio, new idea generation, reading books, writing detailed letters, attending events, etc.?
On individual stocks:
Analog IC business and SG Micro:
TI is seizing the share through production expansion, especially in the fields of SG Micro, and forming a fierce price war. How do you see this problem?
The SG Micro you mentioned will gain share, specifically in which downstream? Consumer or industrial?
Analog ICs generally have long product life cycles, but common sense is that as the sharks tear through, no moat can last long, how to view this?
Zhejiang Sanhua:
It seems the performance contribution from Sanhua mostly comes from market speculation on robotics concepts instead of the previous investment thesis, how to view this unexpected money?
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