Frazis Capital Podcast

Strategy update recorded live on 22 December 2021 (Timestamps to follow)

Misha Saul on markets, life, family, and violence in Western society

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

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

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 resignati

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 – Wh

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:

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

Michael Frazis gives an update

Michael Frazis gives an update. 

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 

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

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 ca

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

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 in Boston and UCLA Medical Center in Los Angeles. He is board-certified by the American Board of Internal Medicine (ABIM).

This is the audio from an investment update Michael Frazis gave on 23 April 2021. 

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 D

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

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

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 e