Frazis Capital Podcast

Terry Hau interviewed us for HedgeVista.

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 m

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 bus

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

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 – Marke

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

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.

Gaming is one of the more exciting industries in technology right now. We discuss the opportunities and precedents for Twitch and streaming phenomenon.  Ben also takes us through leading chipmakers like NVDIA.  0:32 - Long term trends for Nvidia 2:16 - Demand for Nvidia GPU's in Data centres 3:03 - Use of Nvidia chips for Crypto mining 4:38 - Semiconductors are on the forefront for everything 5:46 - Nvidia compared to other chip makers, AMD and Intel 8:35 - Bitcoin mining economics 9:22 - Technology companies that 'miss the trend' 10:40 - Moore's Law and what it means for CPU's and GPU's 11:58 - What is the go-to for gamers now? 12:50 - Interesting stocks and opportunities for gaming - the shift to mobile gaming 15:35 - American vs Chinese Mobile games 16:10 - Sea's mobile game Freefire's recent success 18:40 - Ben's experience with mobile gaming  19:44 - Popularity of the MOBA category specifically League of Legends 21:05 - Online viewership of League of Legends worlds more than 44M concurre

Peter Stevens rejoins us to discuss some of our environmentally friendly investments. 0:30 - The continued dispersion between technology and the rest of the market 0:50 - The successes of Pinduoduo, Carvana and Afterpay 1:28 - Frazis Capital's successful diversification away from a highly concentrated portfolio 2:33 - Comparing today's hot tech businesses with the hot auto businesses of the past 3:00 - Michael introduces Plug Power (NASDAQ:PLUG), a hydrogen fuel cell manufacturer and one of the fund's most exciting holdings 5:00 - Introducing the Frazis Capital Youtube channel 5:50 - Michael introduces Chinese software firm, Kingsoft Corporation (HKG:3888) 7:00 - Peter and Michael discuss the various factors influencing the systematic underpricing of IPOs  10:10 - Cochlear's (ASX:COH) lucrative discounted capital raising  11:35 - The value that Frazis Capital can add to your portfolio 12:40 - Solaredge (NASDAQ:SEDG), an innovative Israeli solar provider and portfolio position 14:40 - ESG investing

Alexander began his career investing in technology for UK funds management giant Neptune, before joining London-based VC fund Redline Capital. It's rare indeed to speak to someone with experience across the public and private side of tech investing.  We had a fascinating chat covering robotic process automation, innovation investing, and life in venture capital vs public markets.  https://www.linkedin.com/in/alexander-portz-3a265236/ https://www.redline-capital.com/ 0:50 - Alex talks about his start in public markets 2:30 - Tech investing at Neptune Capital 3:50 - Alex discusses a high-performing company during his time at Neptune 6:20 - Michael and Alex discuss a stand-out semiconductor manufacturer 8:05 - The importance of investing in high quality companies 9:25 - Investing using an EV/Sales ratio and sales growth (Shopify as an example) 9:50 - The opportunity presented by Blue Prism 10:00 - Alex and Michael extensively discuss Blue Prism 15:05 - Alex outlines his firm's investment in Catalytic,

Eti Amegor of Axius Partners & www.suitsandkicks.com joins us to talk allocating and investing in the strange current environment. 0:52 - Opportunities during the coronavirus 1:55 - Current investor trends regarding liquidity 3:30 - The new private equity fund being launched by Eti's firm 6:30 - Why the coronavirus is the best environment for active investment managers 8:00 - Life Sciences stocks and the coronavirus 9:30 - Mike talks through Moderna, which focuses on drug discovery and  development based on messenger RNA 10:50 - Eti and Mike talk Afterpay (again) 14:00 - The endgame... Afterpay vs Paypal 16:55 - Why Frazis Capital does not buy Big Tech 17:10 - Mike introduces MercadoLibre, a new portfolio holding 18:30 - Mike introduces Sea, another new portfolio holding 20:00 - Shopify has performed superbly... is it still worth the valuation? 23:55 - Investment thematics within Frazis Capital Partners 25:20 - Mike discusses three digital health investment opportunities 28:30 - Frazis Capital's rece

Peter Stevens joins us once again - and will upload notes for this shortly. 

Michael Frazis and Peter Stevens discuss the latest developments.

Peter Stevens joins us to talk about the market sell-off, how we're positioned, and interesting opportunities that we've found.  If you'd like to know more about us see: www.fraziscapitalpartners.com Peter writes his own market commentary here:  https://insufficientcapital.com/ 0:24 – Peter wipes away his tears 0:50 – There’s growth and then there’s growth (e.g. Afterpay vs Zip) 1:30 – Why you should pay up for quality businesses 2:17 – Illiquidity during sell-offs 2:50 – Electro Optic Systems (ASX:EOS), a great business that does not fit ESG criteria 3:35 – Analysing quality within the WAAAX (the Australian equivalent of the FAANG) 4:54 – Frazis Capital’s avoidance of education and tourism stocks 5:50 – Peter and Michael look at Qantas (ASX:QAN), Australia’s major airline 7:40 – Theoretically maintaining a 20% cash position 8:00 – Michael discusses Ray Dalio’s “Principles” 9:25 – Carvana (NYSE:CVNA), Frazis Capital’s largest coronavirus casualty 10:22 – Afterpay’s (ASX:APT) accelerating growth and

Three things you didn't know about the the virus, an Aussie company that stands to benefit, and two in the United States. Afterpay's results... this was a quick one, but a good one. If you'd like to know more about us see: www.fraziscapitalpartners.com You can find Claude at  www.arichlife.com.au 0:50 – Michael gives an update on the underlying science of the latest coronavirus 1:44 – The importance of understanding the spike protein 2:05 – Why the coronavirus is so much more infectious than SARS 3:14 – Claude shares his thoughts on how the spread of the coronavirus may play out 3:30 – Michael discusses the recent coronavirus tests using SARS antibodies 5:02 – Claude reveals his plan of action if Australian coronavirus transmission increases 6:20 – Discussion of Swine Flu 7:30 – The issue with unpredictable virus mutation 9:30 – The effects of temperature on the coronavirus 11:00 – Discussion of Biotron (ASX:BIT), an Australian biotech which could combat coronavirus 11:23 – Claude discusses his position

Episode 23: Time to sell? Mike and Claude go through EML, Shopify, Wisetech and other cult stocks in the market right now. If you'd like to know more about us see: www.fraziscapitalpartners.com 1:08 - Michael and Claude discuss EML Payments (ASX:EML) 1:44 - The ethical dilemma of EML’s gambling exposure 2:40 - Problems relating to the sale high growth stocks 3:16 - EML’s acquisition of Prepaid Financial Services 3:44 - Accusations from Ownership Matters concerning EML 6:50 - The issue with ‘EBITDA’ as a financial metric 9:05 - Michael and Peter Stevens’ thoughts on EML 10:03 - The long-term threat for EML 10:50 - The macroeconomic impact of the coronavirus  12:10 - Does coronavirus’ growing risk as a pandemic change Frazis Capital’s view of market conditions? 13:45 - Chinese stimulus countering the impacts of the coronavirus 15:35 - Luxury brands negatively impacted by the coronavirus as shopping numbers fall  16:58 - Many Australian technology businesses are still trading at high multiples of sales

Mike and Claude from A Rich Life (https://arichlife.com.au/) talk Australian growth stocks for the next decade.  If you'd like to know more about us see: www.fraziscapitalpartners.com 0:38 - Claude's background and time at Motley Fool 4:30 - Pro Medicus (PME:ASX) recommendation and discussion 6:38 - Claude touches on his investment style 8:08 - Pro Medicus as a platform business rather than just a software business 8:30 - Pro Medicus - the numbers 10:20 - Claude dives into Pro Medicus' two key revenue streams 11:50 - Michael introduces Alteryx (AYX:NYSE) and accounting standards 14:45 - Claude's worst mistake (Touchcorp) 17:30 - Claude touches on cognitive errors 18:10 - Michael discusses Afterpay (APT:ASX), comparing it to some US tech investments 19:25 - Afterpay, the YOLO stock? 21:55 - The network effects of Afterpay 22:30 - Consumer behaviour of Afterpay customers 24:38 - Claude introduces Avita Healthcare (AVH:ASX), discussed in Frazis Capital's previous podcast 26:58 - Avita's opportunity in vitil

Matthew Shribman has accumulated over 25 million views across platforms for his 'Science in the Bath' series, available here: https://www.youtube.com/channel/UCoSRNBi6F4jN0CYq-sRcOHQ  We talk about how birds literally 'see' the Earth's magnetic field, and cover Twist Bioscience, a company that's revolutionizing gene synthesis.  Twist is working on DNA as a viable storage medium for computers, drug discovery, genetic sequencing and synthetic biology.  This is a little more sciencey than usual, but I think you will enjoy!  If you'd like to know more about us see: www.fraziscapitalpartners.com Timestamps: 0:11 -- Introducing Matthew Shribman 3:00 -- Whale carbon sequestration 4:30 -- Matthew's bird migration project at Oxford 6:50 -- How bird compasses work 9:03 -- How to photograph molecules with lasers, prisms and mirrors 15:49 -- Our new investment in Twist - revolutionizing DNA synthesis 17:53 -- Twist's take on drug development 19:08 -- DNA as a storage medium for computers 24:33

Peter Stevens joins us to discuss Coronavirus and two Aussie burns innovators: Avita and Polynovo.  Find more information about us here: www.fraziscapitalpartners.com And please get in touch if you have questions you'd like us to answer on the podcast, suggestions or feedback.  If you'd like to know more about us see: www.fraziscapitalpartners.com 00:28 – Coronavirus, and how to calculate the real mortality rate  02:20 – The common cold is a coronavirus  04:18 – Market performance during past pandemics  05:00 – Why you shouldn’t sell your stocks because of the coronavirus!  07:00 – Australian bushfiresand two Aussie burns innovators  07:50 – Introducing Polynovo (ASX:PNV) and how the firm’s improving the existing standard-of-care for serious burns over the incumbent, Integra  14:40 – Avita (ASX:AVH)  15:12 – Avita's RECELL system  16:16 – How ReCell improves recovery  17:10 – The opportunity in Vitiligo  19:12 – Skin grafts  19:47 – How Avita fi

Peter Stevens rejoins us to discuss investment strategy and our top new picks.