FrazPod
By Michael Frazis
FrazPodMar 05, 2019
Frazpod #67 - Clarity Pharma, Curvebeam AI, Transmedics and AMD
Clarity Pharmaceuticals Success:
- Clarity Pharmaceuticals reported a significant response in a patient with metastatic castrate-resistant prostate cancer.
- The patient received two cycles of copper 67 Biss. PSMA, and after six months from the second dose, there was no evidence of PSA, indicating a potential cure.
- This is noteworthy because the patient had undergone extensive prior treatments, including chemotherapy and androgen deprivation therapy.
Trial Progress and Market Potential:
- Clarity Pharmaceuticals has been releasing data as each cohort progresses in their trial, currently in the fourth cohort of phase one.
- The market potential for effective prostate cancer treatment is significant, estimated at over $6 billion.
- The company's stock is trading at around $650 million, with considerable interest from both investors and pharmaceutical companies due to the promising trial results.
Director Confidence and Financials:
- Directors have shown confidence in the company by purchasing stock with cash, signaling belief in the company's prospects.
- Clarity Pharmaceuticals has a substantial cash reserve of $150 million AUD, providing a strong financial position for future trials and developments.
Curve Beam AI Progress:
- Curve Beam AI reported progress with six device sales and orders for five more devices in one month, indicating a potential annual run rate of 60.
- The company is working on expanding its device's approved usage beyond foot and ankle to include hip and knee, which could significantly increase its market potential.
Financial Challenges and Future Prospects:
- Curve Beam AI faces financial constraints with approximately $11.8 million in cash, expecting to last until September 2023.
- The company's success relies on increasing its installed base to maximize revenue from software updates and future developments.
Trans Medics' Strong Performance:
- Trans Medics reported a 133% increase in revenue compared to the previous year, with $12 million in net income for the quarter.
- The company's profitability amidst significant revenue growth highlights the effectiveness of its platform and pricing power.
Market Trends and Risk Management:
- Market trends show a divergence between companies with strong performance like Trans Medics and those with weaker results like AMD.
- Applying quantitative risk management strategies can reduce drawdowns and optimize returns, as demonstrated by Trans Medics' performance.
Comparison with AMD:
- AMD reported declines in gaming and embedded segment revenue, highlighting the importance of sticking with market leaders like Nvidia.
- Nvidia's consistent growth and profitability contrast with AMD's weaker financial performance, emphasizing the benefits of choosing market leaders.
Conclusion:
- The podcast concludes with reflections on the updates from Clarity Pharmaceuticals, Curve Beam AI, Trans Medics, and AMD, highlighting the importance of strategic investment decisions and risk management strategies in navigating the market.
Episode #66: A crack in the semi facade? Angus Walker joins us
Episode #66: A crack in the semi facade? Angus Walker joins us
Episode #65 - Interesting perspectives from Microsoft
Frazis Capital Podcast
Semis, Tesla and interest rates, what we're looking at right now
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...
Frazis Capital Podcast #62: Medtech, liquidity, and talking computers
Medtech, liquidity, and talking computers
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.
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 #15 - Ozempic, AI in the sex industry, drug discovery, Stefan Zweig
Ozempic, AI in the sex industry, drug discovery, Stefan Zweig
Double or Nothing #14: Michael Frazis and Misha Saul talk markets
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
Double or Nothing #13: Submarines and Silicon Valley Bank
Michael Frazis and Misha Saul talk Silicon Valley bank and Submarines
Double or Nothing Episode #12: ChatGPT, Cortes and the Aztecs
Double or Nothing Episode #12: ChatGPT, Cortes and the Aztecs.
Frazis Capital Update - 9 February 2023
Michael Frazis gives an update on markets and technology.
Double or Nothing #11: Chess, inflation, AI, software, stocks
Misha Saul and Michael Frazis talk markets
Double or Nothing #10: Crowdstrike, inflation, 2023
Double or Nothing #10: Crowdstrike, inflation, 2023
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
Double or Nothing #8: SBF
Michael Frazis and Misha Saul talk SBF and inflation.
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 #6: Run on the pound? And private equity does deals
Misha Saul and Michael Frazis discuss latest developments in global markets.
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
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
Double or Nothing #3: Artificial intelligence gets creative and Powell speaks at Jackson Hole
Artificial intelligence gets creative and Powell speaks at Jackson Hole
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
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!
Episode #60: Market update - 15 May 2022
Michael Frazis gives a market update. Detailed notes to follow.
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.
Episode #58: Equity rotation and the tech sell-off
Strategy update recorded live on 22 December 2021
(Timestamps to follow)
Episode #57: Misha Saul on markets, life, family, and violence in Western society
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
Episode #55: Inflation strikes
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?
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
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
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?
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
Episode 50: Reporting season and the next big thing in the life sciences
Michael Frazis gives an update
Episode 49: Regulatory crackdown in China and Square's acquisition of Afterpay
Michael Frazis gives an update.
Episode 48: SALT interview with Rachel Pether - true love and explosive growth
Michael Frazis describes his investment company’s strategy that involves a 30-40 year view, not panicking and diverting the approach during dips and rallies. Evaluating growth stocks involves identifying customer love for a product or service which acts a key indicator of explosive growth potential. This approach is utilized in picking winners in industries like the ‘buy now, pay later’ space. Frazis explains how vaccine development is a long process involving extensive trials and how the emergency approval of Moderna’s vaccine allowed the company to prove the mRNA concept, providing the company a significant boost.
TIMESTAMPS
0:00 - Intro and background
2:39 - Founding his company at 29 and investing strategy
11:38 - Evaluating polarizing stocks like Tesla
15:08 - Investing psychology
18:45 - Processing investment information
23:17 - Investing in industry creators
25:31 - Moderna and life sciences investments
31:43 - Dogecoin case study
35:30 - Growth stocks amid inflation
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.
Episode 46: Strategy in the Life Sciences
· 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
Episode 45: Growth sell-off continues
Michael Frazis discusses the growth sell-off in equities as of 15 May 2021.
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
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.
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
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
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
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
Episode 38: Interview with Terry Hau
Terry Hau interviewed us for HedgeVista.
Episode 37: Jackie Vullinghs from Airtree
Jackie Vullinghs @ Airtree
0:11 - Introducing Jackie
0:54 - University in Australia vs the UK
3:08 - Interviewing at Oxford and Cambridge
3:56 - Approach to VC interviews with company founders
5:55 - Jackie discusses AirTree's key portfolio focus (digital health, fintech, consumer)
6:48 - Companies are staying private for longer, is that good or bad?
8:38 - How sustainable are the accelerations of digital health and ecommerce?
9:57 - Low relative penetration of ecommerce in Australia
11:25 - Equity derivatives in London
13:39 - Jackie's shift to start-up, Listable, Kalo
14:50 - August tech runup & option trading
20:46 - Alex Danco: are founders allowed to lie when selling a vision?
21:58 - Short reports and long-term growth of heavily shorted companies
24:27 - Interviews are a valid test for start-up hopefuls
26:14 - Creative arts and consumer tools to monetise creative pursuits
27:58 - Online writing & Jackie's substack (https://jax.substack.com/)
31:00 - As a collective, do retail investors make money?
33:03 - Snowflake IPO
34:26 - A Cloud Guru
37:15 - B2B SaaS playbook
39:08 - Jackie discusses AirTree
40:19 - The rise of new VC funds
41:45 - Listed vs. unlisted companies
42:50 - Comparing investment memos
45:08 - Customer love, competition and growth
49:16 - Pricing and flexibility of managed funds
51:26 - External descriptions of market shifts
52:21 - Spaceship voyager & superannuation
55:33 - Real Estate investment
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