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Double or Nothing! With Michael Frazis and Misha Saul

Double or Nothing! With Michael Frazis and Misha Saul

By Michael Frazis

Michael Frazis, Misha Saul and guests discuss the life sciences, technology, and their latest investment ideas.
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Frazis Capital Podcast #63: The three revolutions of 2023 and where they will go in 2024.

Double or Nothing! With Michael Frazis and Misha SaulJan 23, 2024

00:00
22:18
Frazis Capital Podcast #63: The three revolutions of 2023 and where they will go in 2024.

Frazis Capital Podcast #63: The three revolutions of 2023 and where they will go in 2024.

The three revolutions of 2023 and where they will go in 2024.


And our top ASX pick...

Jan 23, 202422:18
Frazis Capital Podcast #62: Medtech, liquidity, and talking computers

Frazis Capital Podcast #62: Medtech, liquidity, and talking computers

Medtech, liquidity, and talking computers

Oct 17, 202314:40
Frazis Capital Podcast #61: Bond yields hit cycle highs, medtech takes a GLP-pounding, Nvidia and Microsoft do some cool science, and all roads in semiconductors lead to TSMC.

Frazis Capital Podcast #61: Bond yields hit cycle highs, medtech takes a GLP-pounding, Nvidia and Microsoft do some cool science, and all roads in semiconductors lead to TSMC.

Bond yields hit cycle highs, medtech takes a GLP-pounding, Nvidia and Microsoft do some cool science, and all roads in semiconductors lead to TSMC.

Oct 06, 202337:23
Double or Nothing #16: Qantas scandal, an aggressive move in capital markets, a new IPO, and dodgy Government energy data

Double or Nothing #16: Qantas scandal, an aggressive move in capital markets, a new IPO, and dodgy Government energy data

Double or Nothing #16: Qantas scandal, an aggressive move in capital markets, a new IPO, and dodgy Government energy data.

Sep 08, 202320:31
Double or Nothing #15 - Ozempic, AI in the sex industry, drug discovery, Stefan Zweig

Double or Nothing #15 - Ozempic, AI in the sex industry, drug discovery, Stefan Zweig

Ozempic, AI in the sex industry, drug discovery, Stefan Zweig

Aug 10, 202332:46
Double or Nothing #14: Michael Frazis and Misha Saul talk markets

Double or Nothing #14: Michael Frazis and Misha Saul talk markets

Double or Nothing #14: Michael Frazis and Misha Saul talk markets
Apr 02, 202320:56
State of the Market: the winners and losers in big tech cost outs

State of the Market: the winners and losers in big tech cost outs

State of the Market: the winners and losers in big tech cost outs

Mar 20, 202327:57
Double or Nothing #13: Submarines and Silicon Valley Bank

Double or Nothing #13: Submarines and Silicon Valley Bank

Michael Frazis and Misha Saul talk Silicon Valley bank and Submarines

Mar 17, 202329:45
Double or Nothing Episode #12: ChatGPT, Cortes and the Aztecs

Double or Nothing Episode #12: ChatGPT, Cortes and the Aztecs

Double or Nothing Episode #12: ChatGPT, Cortes and the Aztecs.

Feb 12, 202338:45
Frazis Capital Update - 9 February 2023

Frazis Capital Update - 9 February 2023

Michael Frazis gives an update on markets and technology.

Feb 08, 202327:15
Double or Nothing #11: Chess, inflation, AI, software, stocks

Double or Nothing #11: Chess, inflation, AI, software, stocks

Misha Saul and Michael Frazis talk markets

Feb 01, 202339:18
Double or Nothing #10: Crowdstrike, inflation, 2023

Double or Nothing #10: Crowdstrike, inflation, 2023

Double or Nothing #10: Crowdstrike, inflation, 2023

Dec 22, 202253:09
Double or Nothing #9: Grindr IPO, Sunrise, and inflation rolls over

Double or Nothing #9: Grindr IPO, Sunrise, and inflation rolls over

0:12 – Latest (deflationary) inflation data 

6:42 – Investing strategies 

10:30 – Tesla’s journey and the switch to self-driving capabilities 

12:56 – David Walsh’s presentation at Sohn Conference on professional gambling 

14:46 – Grindr IPO 

21:36 – Recap of Blackbird’s Sunrise startup conference and thoughts on private markets 

31:44 – Lessons learned from market downturns 

38:25 – Cyclicality of the semiconductor industry 

39:31 – Life science industry outlook

Nov 24, 202241:44
Double or Nothing #8: SBF

Double or Nothing #8: SBF

Michael Frazis and Misha Saul talk SBF and inflation. 

Nov 15, 202242:58
Double or Nothing #7: Nuclear war? And Facebook, Square, Microsoft, Google

Double or Nothing #7: Nuclear war? And Facebook, Square, Microsoft, Google

Double or Nothing #7: Nuclear war? And Facebook, Square, Microsoft, Google

Oct 08, 202257:20
Double or Nothing #6: Run on the pound? And private equity does deals

Double or Nothing #6: Run on the pound? And private equity does deals

Misha Saul and Michael Frazis discuss latest developments in global markets. 

Oct 01, 202245:45
Double or Nothing #5: Adobe buys Figma, Ancient and Modern heroes, and CPI prints

Double or Nothing #5: Adobe buys Figma, Ancient and Modern heroes, and CPI prints

Double or Nothing with Michael Frazis and Misha Saul. 


Adobe buys Figma, Ancient and Modern heroes, and CPI prints

Sep 16, 202244:25
Double or Nothing #4: Kim Kardashian's private equity play, the collapse in US gas prices, Twilio, Whitehaven and VC

Double or Nothing #4: Kim Kardashian's private equity play, the collapse in US gas prices, Twilio, Whitehaven and VC

0:32 – Passing of Queen Elizabeth II

7:35 – Kim Kardashian’s new private equity play

9:16 – Collapse in price of crude oil

13:12 – Market and inflation outlook

15:32 – Twilio

21:19 – Whitehaven Coal

24:37 – Update on VC Fund deals

32:02 – Summary and wrap-up

Sep 11, 202232:31
Double or Nothing #3: Artificial intelligence gets creative and Powell speaks at Jackson Hole

Double or Nothing #3: Artificial intelligence gets creative and Powell speaks at Jackson Hole

Artificial intelligence gets creative and Powell speaks at Jackson Hole

Sep 02, 202247:24
Double or Nothing #2: Qantas, NVDA, Farfetch, Nathan Tinkler and Fortescue

Double or Nothing #2: Qantas, NVDA, Farfetch, Nathan Tinkler and Fortescue

Double or Nothing with Misha Saul and Michael Frazis


0:15 – Preview and thoughts on Jerome Powell’s upcoming speech

1:00 – Update on Nvidia’s recent earnings and the wider semiconductor industry

12:10 – Farfetch update and latest earnings

15:45 – Notable small cap and GARP stocks

17:23 – Qantas recent performance and share buyback announcement

22:46 – Nathan Tinkler’s proposed coal mine acquisition

26:31 – Texas government order for divestment of all Blackrock holdings due to hostility on fossil fuels

28:06 – Andrew Forrest’s rise in the mining industry

34:05 – Assessment of Farfetch’s success and outlook

38:15 – Cettire – ASX listed Australian luxury goods company

42:19 – Rise and fall of Marley Spoon

49:20 – Summary and wrap-up

Aug 29, 202249:50
New Format with Misha Saul. Double or Nothing Episode #1

New Format with Misha Saul. Double or Nothing Episode #1

Trialling a new format, and joined by Misha Saul. Please let us know what you think!

Aug 20, 202201:01:17
Episode #60: Market update - 15 May 2022

Episode #60: Market update - 15 May 2022

Michael Frazis gives a market update. Detailed notes to follow.

May 18, 202248:09
Episode #59: A cure for Dystonia with Dr Stephen Tisch

Episode #59: A cure for Dystonia with Dr Stephen Tisch

An interview with Dr Stephen Tisch, who is researching treatment methods for dystonia at St Vincent's Hospital, Sydney. 

If you would like to support Neurology and Neurosciences Research at St Vincent’s please visit www.supportstvincents.com click Donate, and select 'Neurosciences Research' from the drop-down menu.    

Or contact Nicole at the St Vincent’s Curran Foundation on +61 422 715 377 or by Email nicole.forrestgreen@svha.org.au for EFT-bank details and cheque instructions.

Apr 16, 202245:49
Episode #58: Equity rotation and the tech sell-off

Episode #58: Equity rotation and the tech sell-off

Strategy update recorded live on 22 December 2021


(Timestamps to follow)

Jan 07, 202233:47
Episode #57: Misha Saul on markets, life, family, and violence in Western society

Episode #57: Misha Saul on markets, life, family, and violence in Western society

Misha Saul on markets, life, family, and violence in Western society
Dec 03, 202101:35:54
Episode #56: Market review

Episode #56: Market review

Michael Frazis reviews the market.  


1:35 – Fallen angels & Fed balance sheet taper 3:53 – Comments on Coupa 7:26 – Lightspeed 8:35 – Teladoc  13:15 – Twilio  14:40 – Roku  18:10 – Upstart 19:16 – EBR Systems 20:40 – PayPal and Visa 24:52 – Coupang  29:50 – Thoughts on inflation 31:46 – Question #1: Sea Limited 32:12 – Question #2: Comments on mid-cap growth companies that haven’t fallen 32:42 – Question #3: Portfolio outlook 36:22 – Question #4: Crypto for payments 38:07 – Question #5: Matterport 38:45 – Question #6: Additional question on Upstart 39:33 – Question #7: Comparison of current revenue multiples to early 2000’s 43:40 – Question #8: Update on Regeneron and the Biotech sector 47:51 – Question #9: PayPal vs. Square

Nov 29, 202149:49
Episode #55: Inflation strikes

Episode #55: Inflation strikes

1:00 – Thoughts on the recent inflation data from the US
3:06 – The 6% differential between the Fed funds rate and inflation, and its impact on the economy
4:31 – Parallels with inflation spikes in the seventies and nineties
7:36 – The effect of inflation on the Australian dollar
7:46 – The effect of inflation on companies – Cloudflare
9:00 – Comments on Lightspeed
9:43 – Comments on Cettire
10:27 – Comments on Upstart
15:35 – Thoughts on Opendoor’s recent results and Zillow’s exit
17:47 - Roblox’s continued explosive growth and its impact on the Metaverse
19:05 – Thoughts on MercadoLibre’s recent results
19:59 – Our number one pick in the crypto space – Galaxy Digital
21:07 – Two crypto coins that you can stake – Olympus and KlimaDAO
22:39 – Question #1: What is the impact of credit risk on companies like Upstart during economic downturns?
23:41- Question #2: Thoughts on Paypal?
24:28 – Question #3: Thoughts on DermTech’s recent quarterly?
25:37- Question #4 Thoughts on Marqeta?
25:55 – Question #5: Thoughts on Quantum-Si?
26:35 – Question #6: Have you ever owned Trade Desk?
27:22 - Question #7: What do you think of Fulgent Genetics?
28:30 – Question #8: Thoughts on Green Hydrogen?
30:14 – Question #9: Do you still hold and believe in TIGR/FUTU?
32:04 – Question #10: What’s the outlook on India for the next 5-10 years?
32:49 – Question #11: What platform do you use to purchase your crypto?
Nov 17, 202134:40
Episode 54: New venture fund, Web3, Zillow vs Opendoor, and questions answered

Episode 54: New venture fund, Web3, Zillow vs Opendoor, and questions answered

0:58   Launch of our Venture Fund
3:04   The benefits of pre-IPO access and our investment in Camplify
4:58   Private access to fast growing companies like Mawson Infrastructure
6:05   Zillow’s shrinking growth model
11:05 Comparative management decisions between Opendoor and Zillow
15:54 More on Zillow’s travails and management
17:29 The importance of customer love – Tesla
18:25 Tesla valuation thoughts
19:16 The NFT and crypto revolution
23:40 How crypto is transforming how games are played
27:48 Facebook’s lame Metaverse
29:53 The exciting prospects of games like Star Atlas
30:55 Our thoughts on Pinduoduo and Coupang
31:47 Chinese capital controls and its effects on FUTU and TIGR
33:44 What we like about Solana
34:24 The investment bank of the crypto world – Galaxy
35:50 Value in holding crypto companies – Voyager Digital
Q&A’s
36:30 Question: Would love to here your thoughts on FUTU?
37:03 Question: What’s the upside of Tesla’s valuation?
38:17 Question: Thoughts on great resignation and how work is changing?
39:40 Question: What are your thoughts on Zoom?
40:00 Question: Do you like Sandbox over MANA?
40:20 Question: Opening fund for retail?
40:28 Question: Thoughts on Paradigm Pharma?
42:00 Question: What are your thoughts on Chegg?
44:00 Question: What are your thoughts on Allbirds?
44:18 Question: Thoughts on inflation?
45:10 Question: Thoughts on Iris energy?
46:30 Question: CBA and crypto trading?
48:35 Question: What is the global gaming TAM and growth rate?
50:17 Criminal coins

Nov 06, 202152:40
Episode 53: How to build a deep tech company in aerospace from scratch, with Henry Bilinsky, founderCEO of MicroTau

Episode 53: How to build a deep tech company in aerospace from scratch, with Henry Bilinsky, founderCEO of MicroTau

Henry joins us to talk about his journey and experiences with surface science, engineering, and the US Airforce. 

Timestamps

0:35 – How did MicroTau come to be?

2:08 – Henry discusses his involvement with InnoCentive challenges

5:16 – A challenge from the US Air Force Research Laboratory

6:26 – What is drag?

8:26 – How riblets found on shark skin can reduce drag

11:20 – Printing with light to create nano-scale features on surfaces

15:14 – Henry talks about his unexpected success with the US Air Force challenge

17:54 – Submitting a business proposal to the US Air Force

19:47 – The process of implementing the technology

22:13 – The carbon and cost savings associated with reducing friction drag on large-scale aircrafts

24:04 – The applications of MicroTau’s technology

27:18 – How the product will scale to large-scale surfaces

28:37 – MicroTau’s revenue model

30:35 – The process of approval in a highly-regulated industry

32:45 – MicroTau’s funding sources

33:30 – Support for start-ups in Australia

35:27 – What are some of the other applications for these riblets?

40:37 – Different types of surfaces and their applications

41:11 – Gecko pads

43:08 – Optical applications including visual adaptive camouflage

46:00 – Namib beetles

47:08 – What’s next for MicroTau?

48:48 – Growing the team

50:02 – MicroTau’s first active flight test this year

Sep 23, 202151:08
Episode 52: 20 September 2021 Update and Questions Answered

Episode 52: 20 September 2021 Update and Questions Answered

Michael Frazis gives an update and answers questions. 


0:26 – Introduction

1:10 – Performance update

1:58 – Comments on the NASDAQ100’s strong rally

2:46 – The performance of small-mid cap companies

3:38 – An analyse of where our returns have come from over the years

4:20 – Our past investment in bluebird bio

5:39 – Our IPO/pre-IPO investments in the life sciences

6:57 – We funded a PhD fellowship on research into Dystonia

8:45 – True customer love and explosive growth

9:14 – Our take on ESG and the rising coal prices

10:40 – The effects of currency fluctuations on a fund’s performance

12:23 – Drivers in the value of the AUD

13:36 – Comments on Opendoor and the three industries that are resistant to ecommerce

16:25 – Comments on Upstart

18:42 – Thoughts on the decline in digital health companies

20:03 – Question #1: What do you think of PointsBet?

21:31 – Question #2: Do we still hold Guardent and Dermtech?

23:30 – Question #3: The contribution of the life science companies to the fund’s performance

26:08 – Question #4: Are you planning on taking advantage of the current dip in the market?

26:23 – Question #5: What are the risk management strategies when if the market turns?

28:51 – Question #6: Customer love in the life sciences

29:09 – Question #7: How has the recent move back into China-tech progressed?

30:12 – Question #8: What do you think of developer tools ecosystem DevOps?

30:51 – Question #9: What is an odd stock that looks good at the moment? (Camplify and Cettire)

31:35 – Question #10: What are your thoughts on Megaport?

31:50 – Question #11: What are your thoughts on cloud in general? (Snowflake)

32:58 – Question #12: Do you see the fund’s China positions as trading or long-term holds? (Pinduoduo)

36:25 – Question #13: Would eye-wear replace mobiles?

37:20 – Question #14: What are your thoughts on the recent Canva valuation?

40:18 – Question #15: What are your thoughts on Fiverr?

Sep 21, 202141:11
Episode 51: New antibodies, vaccines, and our portfolio companies Cettire, Futu, and Camplify report

Episode 51: New antibodies, vaccines, and our portfolio companies Cettire, Futu, and Camplify report

Timestamps

0:15 Introduction to our strategy
2:55 How a company can lose money and still create value
4:38 Avoiding ‘deep value’ traps
5:30 Update on 2021 fund performance
6:50 How we’re investing in China
9:00 Update on FUTU’s Q2 results and why we bought more
12:18 Recently approved antibodies for COVID-19 – cause for optimism?
16:23 Update on Cettire’s FY21 results
18:03 How we evaluate business ‘quality’
19:00 Update on Camplify’s FY21 results
21:18 Question: thoughts on Digital Turbine
22:39 Question: thoughts on the recent Square and Afterpay deal

Sep 02, 202124:22
Episode 50: Reporting season and the next big thing in the life sciences

Episode 50: Reporting season and the next big thing in the life sciences

Michael Frazis gives an update

Aug 23, 202149:16
Episode 49: Regulatory crackdown in China and Square's acquisition of Afterpay

Episode 49: Regulatory crackdown in China and Square's acquisition of Afterpay

Michael Frazis gives an update. 

Aug 06, 202128:25
Episode 48: SALT interview with Rachel Pether - true love and explosive growth
Jul 19, 202139:38
Episode 47: A disastrous decision from the FDA

Episode 47: A disastrous decision from the FDA

Michael Frazis attempts to understand the FDA's decision to approve Biogen's aducanumab for Alzheimer's and the possible ramifications. 

Jun 10, 202113:24
Episode 46: Strategy in the Life Sciences

Episode 46: Strategy in the Life Sciences

Timestamps
· 0:32 – Our fast-growing portfolio companies
· 2:21 - Frazis life sciences strategy update
· 5:18 – RNAi Biology
· 7:15 – Alnylam: RNAi clinical development pipeline and recent execution
· 8:16 – Timing and valuation in life sciences
· 9:26 – What do we think of CRISPER?
· 11:03 – Companies targeting sickle cell disease
· 11:56 – Companies targeting beta-thalassemia
· 12:53 – Platform technologies: Moderna
· 15:12 – Platform technologies: Ultragenyx
· 16:30 – Special focus: Alzheimer’s
· 18:50 –Alzheimer’s APOE4
· 23:50 – Could Alzheimer’s be caused by infection?
· 24:55 – Cortexyme: Alzheimer’s and the gingivalis hypothesis
· 27:00 – Cassava and Alzheimer's
· 28:30 – How are we different to Ark?
· 29:10 – Summary
Jun 06, 202131:23
Episode 45: Growth sell-off continues

Episode 45: Growth sell-off continues

Michael Frazis discusses the growth sell-off in equities as of 15 May 2021.

May 17, 202127:09
Episode 44: Dr Robert Stretch

Episode 44: Dr Robert Stretch

Dr. Robert Stretch is a specialist in Pulmonary, Critical Care & Sleep Medicine.

After graduating from Yale School of Medicine in 2014, he completed subspecialty training at BIDMC, a Harvard teaching hospital in Boston, and UCLA Medical Center in Los Angeles.

Timestamps

0:05 – Introducing Robert Stretch

0:25 – Robert’s journey studying medicine in the US

3:40 – Findings when working on the MIMIC (Medical Information Mart for Intensive Care) database at MIT University

9:31 – Robert’s move into sleep apnoea

12:23 – What is sleep apnoea?

16:47 – What are the main risk factors for developing sleep apnoea?

17:26 – What is the current standard of care for sleep apnoea?

18:26 – Working in US ICU’s remotely from Sydney

23:11 – The need for remote ICU doctors

26:00 – Robert’s experience treating Covid patients in ICU

31:58 – Why are older people more vulnerable to Covid-19?

33:19 – Assessment of the Australian government’s Covid-19 support and vaccine distribution

40:30 – Outlook on Australian biotech companies

46:52 – What is RNAi technology?

52:40 – Pricing of vaccines and antibiotics globally

59:04 – Link between Alzheimer’s and Gingivitis

May 10, 202101:04:39
Episode 43: Strategy update 22 April 2021

Episode 43: Strategy update 22 April 2021

0:15 – Introduction to Frazis Capital Partners.

1:45 – Sell-off trends and SPAC’s.

3:57 – Growth stocks outperforming tech indices.

6:45 – Standpoint on growth stocks.

9:18 – Software’s strong run.

11:05 – Multiple contractions and what this means.

13:30 – Teladoc Health.

14:20 – View on Appharvest.

16:45 – Batteries & developments in the lithium space.

18:30 – Thoughts on DermTech.

19:58 – Chinese regulatory risks.

22:29 – What is a stock?

24:15 – State of play for Xero.

25:25 – What do we look for in a company?

27:00 – Are we currently buying?

28:21 – Thoughts on the Redbubble quarterly results.

30:12 – Outlook on Airtasker.

31:00 – Our current best stock play.

32:24 – Perspective on Coinbase.

34:40 – Key takeaways/Summary.

Apr 23, 202137:42
Episode 42: Brian Hartzer, CEO of Westpac from 2014-2020, on leadership, culture and financial technology

Episode 42: Brian Hartzer, CEO of Westpac from 2014-2020, on leadership, culture and financial technology

Brian Hartzer joins us to talk about his new book 'The Leadership Star', available from Amazon

Brian was CEO of Westpac from 2014-2020. For those who don't know Westpac is Australia's second largest bank with over $800 billion of assets. 

Brian discusses his 'Leadership Star' framework and pivotal moments in Australia's banking history. Brian also shares his views on cryptocurrency, neobanks, alternative lenders, the Buy-Now-Pay-Later movement, and the future of financial technology more broadly.  


Timestamps

00:05 – Introducing Brian
03:15 – Brian's new book: ‘The Leadership Star: A Practical Guide to Building Engagement’
06:00 – Shifting from management consulting to running ANZ’s credit card business
08:25 – Brian’s perspective on the evolution of credit cards in Australia
10:25 – The five c’s of leadership: care, context, clarity, clearing the way and celebrate
11:05 – Why the phrase ‘I’m just a teller’ is a sign of bad management
13:00 – Why cleaners are the most important workers at Disney
14:10 – ‘Clearing the way’ - what does this mean?
15:50 – How corporate and leadership culture has changed over Brian’s career
18:46 – How Brian navigated the “biggest bank failure in history”
20:25 – What led to the downfall of RBS
23:37 – Brian’s perspective on the evolution of US corporate culture
24:50 – The state of banking technology in the UK
28:58 – Why more competitors doesn’t necessarily equal better consumer outcomes
29:17 – How the banking landscape helped Australia navigate the GFC
31:35 – Behind the scenes of the Australian banking crisis in 1991/1992
32:58 – Why hybrid bank branches are the way of the future
36:15 – Multi-brand strategies and Westpac
39:30 – Brian’s thoughts on the buy-now-pay-later sector
42:28 – Will the buy-now-pay-later sector will displace credit cards?
44:58 – Views on Bitcoin and why Brian pushed through Westpac's investment in Coinbase
49:20 – The “one and only legitimate” use case for bitcoin
50:50 – The future of neobanks and alternative lenders
54:15 – Predictions on the future of banking technology
55:45 – Brian’s pivot to working as an angel investor
57:50 – The one key takeaway from Brian’s new book

Apr 06, 202159:39
Episode 41: Where to next? SPACs, rising interest rates and tech stocks

Episode 41: Where to next? SPACs, rising interest rates and tech stocks

Michael Frazis gives an update on SPACs, rising interest rates, tech valuations and what might happen next.

Timestamps
 1:35 - Quick review of 2021 
 2:30 - Thoughts on Cathie Wood and ARK
 3:59 - Expansions and contractions in software multiples
 7:40 - Snowflake 
 8:47 - SPACs: why we like them and why they're dangerous (hint: the same reason)
12:02 - Why we hope SPACs encourage leading tech firms to list sooner
14:21 - Dodgy forecasts
16:51 - Why we rule out most SPACs in the fund
18:00 - Navigating rising interest rates 
22:33 - The recent sell-off
24:32 - How we look at market rotations
26:46 - Coupang IPO

Mar 21, 202128:50
Episode 40: Gamestop

Episode 40: Gamestop

January 2021 - one of the more amusing weeks of finance. 

0:57 - The short squeeze
2:31 - The reality of Robinhood's 'free' trades
5:08 - The hidden consequences of Hedge Fund strategy
6:51 - How useful is management access?
9:56 - The gamma squeeze
12:15 - How this forced people to rethink how they discuss finance?
13:39 - Is the squeeze squoze?
14:37 - Timing and recovery
15:40 - Our strategy
17:24 - An important dynamic of short interest
19:43 - The true signal of growth
20:32 - How fund managers missed a multidecade trend?
23:00 - A changing guard in allocation decisions

Jan 30, 202125:00
Episode 39: January 2021 Strategy Update

Episode 39: January 2021 Strategy Update

1.40 - Quick review of 2020 

2.35 - How to survive huge market swings like March 2020 and 2008-2009 

3.45 - Discussion on support mechanisms in place in equity markets (central banks, fiscal stimulus, actions by management teams, etc) 

5.45 - Current investment strategy is to stay invested & make sure we are constantly holding winners 

7.35 - Sound fundamental reasons why companies with intense customer love, explosive growth, and market leadership perform so well 

8.15 - Our companies are investing heavily. When revenue comes in they open new offices, hire marketing staff and etc which promises a greater return on investment. Many categorise these investments as costs, which gives the opposite (incorrect) answer 

10.17 - Investment in tech and the "companies of the future" requires long term investment with value creation over 5 - 10 years 

11.50 - Question: Have you invested in Nio? Nio capitalises on the necessity of an electric China. There is demand in the Chinese economy with issues like pollution for electric vehicles and the vast majority of the population will be buying locally made vehicles. Nio is a 100%+ revenue growth company and has proven user base in China 

13.25 - Question: When do we trim? Focus of maintaining diversified portfolio of ultra-high growth companies 

14.25 - Long term goals of the fund 

16.17 - Question: Is there a limit to when printing to support the economy triggers inflation? Austerity weakened the private sector as seen in the UK and saw mass unemployment 17.14 - Comparison with the Australian experience 

18.08 - The Greek experience with austerity, and how growth can be the solution to an economic crisis 20.20 - Worries around debt overhang have been consistently proven wrong for countries like Australia, Japan, UK and USA anyway 

20.50 - Question: How are you investing in the life sciences? 22.23 - Discussion on liquid biopsy and Dermtech's sticker approach to melanoma 24.00 - Question: What do we think about SPACs? 

26.20 - Question: what didn't work in 2020? A few biotechs underperformed, like Avita 

27.40 - Discussion on Moderna now that vaccine is approved 

30.33 - Market outlook: Market is changing with stimulus, vaccines and substantial changes in leadership with low interest rates 

30.45 - At the highs of January 2021 we aim to stay consistent & ensure our portfolio companies are adding users and revenues everyday at the highest possible rates, just as we did in the lows 

33.10 - Question: What do we think of high quality but richly priced companies like Crowdstrike? 

33.23 - 2021 focus on life sciences - the space is independent over the growth space & captures novel explosive growth 

34.10 - Always searching for companies that grow 100% year on year, trading on five-time sales  

34.25 - Why we never bought Spotify 

35.10 - Question: Are we in a tech bubble? 

44.30 - Conclusion: we remain focused on our diversified portfolio of ultra-high growth companies intense customer love, long term


Jan 26, 202143:34
Episode 38: Interview with Terry Hau

Episode 38: Interview with Terry Hau

Terry Hau interviewed us for HedgeVista.

Oct 27, 202042:16
Episode 37: Jackie Vullinghs from Airtree
Sep 25, 202059:18
Episode 36: Jarred Shein joins us to talk digital health

Episode 36: Jarred Shein joins us to talk digital health

Jarred Shein joins us to talk digital health. Jarred has invested in digital health at MH Carnegie and Qure, an Israeli based VC fund. 

0:20 - Introducing Jarred

1:00 - Jarred's education and background. 

1:45 - Jarred's studies of nanotechnology, specifically biochemistry 

2:30 - Jarred's thesis on biosensor devices and how it relates to Startrek

3:55 - End of university job with Macromatix, completely unrelated to biochemistry

5:10 - The early opportunity to pick up distressed medical device assets

6:00 - Australia's strong position in the world and relatively painless COVID-19 experience make it a great place for global healthcare

8:10 - Australia's unfortunate lack of a biochemistry talent pool

9:30 - Australia's amazing history of medical device companies, including Cochlear and Resmed

10:30 - The opportunity to invest in the digital health space in Australia

11:40 - Deep dive into Resmed (RMD:ASX) and its successful pivot to health data revenue

14:40 - The benefits of living and doing business in Australia

16:33 - The rise and rise of telehealth services, silencing industry doubters

18:50 - 'Ageing in Place' (getting older comfortably in the environment that you are in) is a really interesting growth space

21:25 - 'Digital Therapeutics' (clinically relevant personal solutions) is another compelling growth area (e.g. Propeller Health - a recent Resmed acquisition)

25:00 - Discussion of Click Therapeutics (digital therapeutics solutions for mental health issues)

26:55 - What happens when the 20 year patent life timer ends?

27:50 - Jarred's thoughts on Livongo (NASDAQ:LVGO), a Frazis Capital position

30:30 - Successful US healthcare business models rely on the US health insurance system

32:00 - The merger between Teladoc (NYSE:TDOC) and LVGO

34:00 - There should be a very tight communication channel between primary care and chronic disease management

35:25 - Do you book a telehealth consultation based on Brand? Doctor? Or Price?

37:30 - Today's best opportunities in digital health, both listed and unlisted

38:50 - Missed opportunity in American Well (NYSE:AMWL), a hot recent digital health IPO

40:10 - Lots of opportunities in the private space for digital health

40:45 - Early stage Australian digital health companies can only access capital by going public

41:35 - Jarred discusses a compelling Australian microcap digital health opportunity, Hera Med (ASX:HMD)

 43:40 - Jarred introduces an interesting QLD telehealth service provider called Medicine, providing remote primary care services

45:00 - Some problems within the digital health industry - access to capital and talent, commercialising technology


Sep 21, 202047:26
Episode 35: Sam Rich joins us to talk security, Crowdstrike, travel names, and how we're positioning the portfolio

Episode 35: Sam Rich joins us to talk security, Crowdstrike, travel names, and how we're positioning the portfolio

Sam Rich joins us to talk security, Crowdstrike, travel names, and how we're positioning the portfolio.

Sep 03, 202030:26
Episode 34: Joel Tomaino joins us

Episode 34: Joel Tomaino joins us

We discuss the current landscape and a couple of choice earnings reports. 

0:20 – Introducing Joel Tomaino

1:10 – The structural shift to e-commerce

1:30 – Government stimulus and the diverse impacts of the current economic crisis

2:30 – How long will stimulus benefits and exacerbated e-commerce growth rates last

3:30 – Australian e-commerce plays, including Redbubble (ASX:RBL)

4:40 – E-commerce growth in mature markets compared to developing markets

5:00 – The opportunity for MercadoLibre (NASDAQ:MELI) in South America

6:20 – The opportunity for Sea (NYSE:SE) in South-East Asia

6:55 – Disney’s powerful platform and the success story of Disney Plus

8:25 – Is there pent up demand in travel? Will travel companies have their best years yet?

9:50 – Broader rotations in the market. Re-rates in growth stocks

10:45 – Frazis Capital’s auto plays (Carvana – NYSE:CVNA, Tesla – NASDAQ:TSLA)

12:45 – Changing attitudes to public transport because of COVID-19

13:40 – Where does the common cold come from?

14:10 – Market darlings showing some cracks, including Nanosonics (ASX:NAN)

14:50 – Afterpay’s (ASX:APT) European acquisitions

15:55 – Xero’s (ASX:XRO) acquisition of an invoice-lending company

17:20 – Great companies create much bigger TAMs than first estimates

Aug 26, 202018:18
Episode 33: Interview with Chris Gosselin from Australian Fund Monitors

Episode 33: Interview with Chris Gosselin from Australian Fund Monitors

Chris Gosselin from Australian Fund Monitors (https://www.fundmonitors.com/landing.php) interviewed us about the fund and strategy. 

0:00 - Introducing Michael Frazis

1:12 - Michael introduces Frazis Capital and describes its core investment requirements (Customer love, explosive growth and market leadership)

2:45 - The opportunity presented by high growth companies with ugly financial statements, professional scepticism and high short interest

4:00 - The best investment opportunities are often in front of your eyes the entire time

4:35 - Michael reiterates the importance of the fund's core investment requirements

6:10 - Unit economics often tell a very different and more valuable story than financial statements (using Xero and Tesla as examples)

7:35 - Frazis Capital's systematic framework

9:30 - Chris asks Michael, "When you don't get it right, how do you manage that?"

12:00 - Chris asks Michael, "Is there a stage at which these companies, which are growing very quickly, become mature?"

12:40 - Michael discusses Adobe and Salesforce as examples of mature software companies

14:50 - The importance of focusing on market leaders, using the example of the BNPL industry 

16:10 - MercadoLibre and Sea - true market leaders, which deserve valuation premiums

18:00 - Focusing on $5-20 billion companies growing revenue at 50-100%/annum

18:40 - Chris and Michael discuss the headwinds and opportunities presented by COVID-19

20:10 - Making sure that portfolio holdings are accelerating through the coronavirus period

22:00 - What is the smart move right now? Find companies with pent-up demand


Aug 19, 202022:32
Episode 32: Peter Stevens joins us to discuss a new stock and our current outlook

Episode 32: Peter Stevens joins us to discuss a new stock and our current outlook

Companies with brilliant products and broad customer support are faring significantly better than mature incumbents. 

One of the fund's newest holdings satisfies our three core criteria: Exponential growth, products that customers truly love, genuine market leadership.

Jul 17, 202016:38