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Yen Liow: Oxford University Alpha Fund Conversation
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Yen is such a valuable source for investors to learn from, highly recommend all his videos on his youtube page. S/O to @chasinggreatness for recommending this in his awesome interview with @eggplant

Here are some takeaways from his recent conversation with Oxford University.↓

"Competition is great for consumers, it's terrible for capitalists"

No competition allows the link between the past and the future. It creates forecast ability. You have no basis to predict the future with competition.

Find Unfair Fights 🥊

MOATs:

In the absence of a competitive moat, your unit economics degrade.

1.) Competitive win rate: customer retention is evidence of your advantage

2.) Must manifest itself in pricing power. (Gross Margin)

3.) High returns on incremental capital.

4 reasons to sell:

1.) You're wrong.

2.) You already paid for your thesis.

3.) You have better uses for the money (Thunderdome)

4.) Hit risk limits

Struggle:

"Struggle is the precursor to insight."

If you're going to lead you don't do stuff that's easy, you do stuff that's hard.

Pressure is a privilege that is only given to those that have earned it.

Mistakes:

"Fall on your knees, don't fall on your ass."

If you're not making mistakes you're not making decisions of consequences.

Mistakes will be your best gifts if you learn the lessons from them.

YouTube
Yen Liow - Oxford University Alpha Fund conversation 06-07-21
80 min conversation about investing with students from Oxford University's Alpha Fund. Not investment advice. Sharing my personal views with students. Conver...

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