Everest Growth Capital organized an annual shareholder meeting for the financial year 2023 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:
One-man fund for some time or One-man fund forever?
What's your biggest learning in the last two years (since the foundation of Everest) in terms of investing, living, or running a business?
What keeps you still running a start-up under such a tough environment? What's your deepest motivation?
For Everest, trust is a very important thing for (LP and GP) and also for (investor and investment companies). How can you make sure a company is trustworthy?
On investing:
Thanks for the presentation. I have questions about the fund concentration. If you need to apply Buffett's "20 punch card" criteria to your portfolio, how many of the portfolio stocks fit that criteria?
China is now facing not only internal but also external problems. Do you think Chinese companies are still investable in such unfavorable situations?
Do you think China is facing the similar situation with Japan 30 years ago（失去的三十年）? What do you think is the implication for Everest's portfolio?
On life:
The current market is tough. What methods do you take to maintain inner peace and do you think there is something you can do better in the future?
Why (do you) embrace Chinese culture more and more (quite obvious in 2023 shareholder letter)
Could you tell us what was the day-to-day life you had in 2023?
Having invested your entire net worth in Everest, how to maintain your personal financial strength?
On individual stocks:
On your cement position, could you comment on the capital cycle? and How Huaxin Cement stack up against competitors on the cost curve?
Still have convictions on Lining’s brand?
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