Kevin Fung
speaker
348 appearances
1 recordings
1 series
first heard May 2021
last heard May 2021
Kevin Fung’s voice in public audio — every appearance, attributed to the second.
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Appearances
And I don't think it is.
No.
And it's the mistake that I made while I was developing and learning my skills as an analyst.
I thought if I could understand discounted cash flows, this DCF thing that everybody kept talking about, I thought that was the magic bullet to find undervalued businesses.
And after understanding and picking that apart and building my own models, I
I learned that actually it's not.
It's all the other research.
It's all the other little things that, you know, understanding why exactly Disney Plus could be better than Netflix or why is it catching up so quickly.
That's the stuff that really matters.
I think it definitely is.
It's much more than some of the other businesses that we look at where we do look at some businesses that are sort of classified as disruptors in the industry.
And these are businesses that are spending a whole lot of money right now to really grab market share quickly.
And often what that means is they're not profitable.
And traditional investors would look at that and go, oh, they're just losing all this money.
Like, what a terrible business.
And it's the same mistake that people early on
In a story like Xero, which is a business that I own and listed on the ASX, it's like early days, people saw that business as a money incinerating machine.
And what they didn't realize was the stickiness.
And that just means the customers that they brought on, they were really long-term customers.
They were staying with the business for a long time.
Showing 301–320 of 348 · page 16 of 18
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