Some quick words:
Elsa Fu (link) is currently pursuing her MBA study in Columbia Business School. In the summer of 2024, we had the pleasure to work with Elsa, before her B-school study. We've had a terrific collaboration experience to hunt new investment ideas. In today's post, we invited Elsa back to reflect on her experiences. Enjoy!
Can you please introduce your prior experiences and why you want to do investing?
I studied international politics and economics at Peking University. Later, I went for a Master of Finance study at Shanghai Advanced Institute of Finance (SAIF) in Shanghai Jiaotong University. After my master's study, I had worked as a consultant at McKinsey’s Shanghai office for four years.
I enjoy learning and I am always intrigued by the multifaceted nature of the world, whether in business, politics, or history. I love exchanging ideas with insightful individuals. Investing really resonates with me since it allows me to apply a multidisciplinary perspective and learn something new every day.
How did you get to know about Everest’s internship opportunity in the first place?
I attended Min’s sharing with students at Peking University and read Everest's shareholder letters afterwards. I was quite impressed by Everest's integrity, diligence, and generosity, as well as the comprehensive thinking framework that Everest has developed.
Are there any fond memories during your internship?
I really enjoyed my internship experience, collaborating and learning alongside Min Zhou, Zhouzhou Cui, and Yifan Wang (my CBS MBA classmate). I appreciated our iterative discussions about key factors influencing businesses and investments, the sharing of investment research frameworks and toolkits, and the emphasis on sticking with original materials with a long shelf life. This experience has inspired me to pursue a career in value investing, it also teaches me the importance of making great friends and finding supportive mentors.
What’s your current understanding about value and value investing?
To me, investing views purchasing stocks as acquiring a stake in a business. So, it requires thorough analysis of the fundamental aspects of a target business. When it comes to value investing, value investors compare the intrinsic value of a business with its market price, which often fluctuates due to human emotions like greed and fear. I am still on a learning journey to understand the sources and manifestations of value and to identify situations where value can be significantly lower than the price. I can share with you more as I evolve.
Thank you for reading.
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