Episode 33: Interview with Chris Gosselin from Australian Fund Monitors

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Frazis Capital Partners
Australian Financial Review

Australian Financial Review

Hello all, Tom Richardson at the Australian Financial Review featured us in an article available online here. Hope you’ve had an…

Michael Frazis

Portfolio Manager, Managing Partner

This Weeks Guest.

Robert Stretch, MD


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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 discusses Adobe and Salesforce as examples of mature software companies

14:50 – The importance of focusing on market leaders, using the example of the BNPL industry 

16:10 – MercadoLibre and Sea – true market leaders, which deserve valuation premiums

18:00 – Focusing on $5-20 billion companies growing revenue at 50-100%/annum

18:40 – Chris and Michael discuss the headwinds and opportunities presented by COVID-19

20:10 – Making sure that portfolio holdings are accelerating through the coronavirus period

22:00 – What is the smart move right now? Find companies with pent-up demand

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