by Jeremy McKeown
Conversations with entrepreneurs who dared to be different
Language
🇺🇲
Publishing Since
10/30/2021
Email Addresses
1 available
Phone Numbers
0 available
April 28, 2025
<p>During periods of global economic uncertainty and heightened financial market volatility, it is worth considering how investors should think about risk when constructing their portfolios.</p><p>To this end, I was delighted to have the chance to talk recently to <a href="https://convex-strategies.com/">David Dredge at Convex Strategies</a> in Singapore. David not only understands risk, but he also delivers his great insights in a highly entertaining way. </p><p>He spends his time immersed in understanding sources of risk and developing strategies that mitigate their impact. </p><p>He does this by embracing convexity, which is buying pockets of cheap volatility as insurance against negative outcomes in conditions of uncertainty.</p><p>When should investors do this? He says, just like insuring your house, always. </p><p>He has strong views that contradict the accepted assumptions behind Modern Portfolio Theory, which he calls Sharpe World, which, in his view, falsely equates risk with volatility. </p><p>David is full of anecdotes and illustrations of the risks investors assume in markets regulated to a Sharpe World and operated by what he calls, Rational Accounting Man. </p><p>This episode is probably the most challenging one I have edited. We spoke for nearly two hours, and I could have happily gone on for longer.</p><p>I thought about making it two episodes, but maybe take a break, if you can draw yourself away and come back to it. </p><p>I've listened to this one a few times already, and I keep hearing new gems. </p><p>As ever, none of what you are about to hear is any kind of advice. I hope you find it as entertaining and informative as I did, but this should not be used as the basis of an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. </p><p>Please make sure you are subscribed to enjoy my conversation with the maverick, David Dredge.</p><p>Brought to you by <a href="https://progressive-research.com/">Progressive Equity</a>. </p>
April 21, 2025
<p>I have always been interested in founder-led companies. Entrepreneurs and family-run companies often have unconventional attitudes to risk and return. They often back themselves to take operational risk. They tend to be more innovative. You could say that they are more prone to being maverick. But also, you could say that they are more cautious and mindful of capital preservation and the value of staying in the game for the benefit of future generations. </p><p>Investing to capture the founder-led effect is a way to achieve an asymmetric return, with better downside protection in tough times and higher upside returns in good times. Sounds great in theory, but how do you go about it in practice? </p><p>In this episode, I chat with a Chinese Australian who invests globally in founder-led companies. </p><p><a href="https://www.linkedin.com/in/lawrence-lam-354b84bb/">Lawrence Lam</a> has run the <a href="https://lumenaryinvest.com/">Lumenary Global Founders Fund</a> since 2017. As the name suggests, his process attempts to identify companies that are run for the long term and have the founder effect. </p><p>So, what is the founder effect, and how can investors determine whether a management team has this elusive characteristic? </p><p>Well, Lawrence has helpfully written a book called <a href="https://www.amazon.co.uk/Founder-Effect-Pillars-Founder-Led-Companies-ebook/dp/B0DV55RPDR/ref=sr_1_1?crid=2N2TNZ9RJRGKZ&dib=eyJ2IjoiMSJ9.vPUdH7IV30dp-3ZpfDaAXCBj94tTjX1U4pMKff2GTks.LXhFVBc_zi2bk3SqmiVDzSaXYPhgwzRze4BNUpDnEEo&dib_tag=se&keywords=the+founder+effect&qid=1745052281&sprefix=the+founder+effect%2Caps%2C100&sr=8-1">"The Founder Effect - The Three Pillars of Success in Founder-Led Companies."</a> It’s a great read if you are trying to understand good long-term management decisions and how to spot them. </p><p>This is a fascinating conversation with someone who loves what he does and scours the world’s stock markets to find his secret formula at work. </p><p>We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, how BYD is poised to become the next Toyota, and how meeting management might useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the next couple of decades. </p><p>As Lawrence says, he looks for the long-term track record of key decision-making, simple organisational structure, skin in the game, and close alignment with shareholders. </p><p>As always, none of what you are about to hear is financial or any other type of advice. It is hopefully entertaining and informative, but what you hear should not be used as the basis for an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. And with that … </p><p> Please enjoy my conversation with the maverick Lawrence Lam. </p><p>Brought to you by <a href="https://progressive-research.com/">Progressive Equity</a>. </p>
April 19, 2025
<p>I have always been interested in founder-led companies. Entrepreneurs and family-run companies often have unconventional attitudes to risk and return. They often back themselves to take operational risk. They tend to be more innovative. You could say that they are more prone to being maverick. But also, you could say that they are more cautious and mindful of capital preservation and the value of staying in the game for the benefit of future generations. </p><p>Investing to capture the founder-led effect is a way to achieve an asymmetric return, with better downside protection in tough times and higher upside returns in good times. Sounds great in theory, but how do you go about it in practice? </p><p>In this episode, I chat with a Chinese Australian who invests globally in founder-led companies. </p><p><a href="https://www.linkedin.com/in/lawrence-lam-354b84bb/">Lawrence Lam</a> has run the <a href="https://lumenaryinvest.com/">Lumenary Global Founders Fund</a> since 2017. As the name suggests, his process attempts to identify companies that are run for the long term and have the founder effect. </p><p>So, what is the founder effect, and how can investors determine whether a management team has this elusive characteristic? </p><p>Well, Lawrence has helpfully written a book called <a href="https://www.amazon.co.uk/Founder-Effect-Pillars-Founder-Led-Companies-ebook/dp/B0DV55RPDR/ref=sr_1_1?crid=2N2TNZ9RJRGKZ&dib=eyJ2IjoiMSJ9.vPUdH7IV30dp-3ZpfDaAXCBj94tTjX1U4pMKff2GTks.LXhFVBc_zi2bk3SqmiVDzSaXYPhgwzRze4BNUpDnEEo&dib_tag=se&keywords=the+founder+effect&qid=1745052281&sprefix=the+founder+effect%2Caps%2C100&sr=8-1">"The Founder Effect - The Three Pillars of Success in Founder-Led Companies."</a> It’s a great read if you are trying to understand good long-term management decisions and how to spot them. </p><p>This is a fascinating conversation with someone who loves what he does and scours the world’s stock markets to find his secret formula at work. </p><p>We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, how BYD is poised to become the next Toyota, and how meeting management might useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the next couple of decades. </p><p>As Lawrence says, he looks for the long-term track record of key decision-making, simple organisational structure, skin in the game, and close alignment with shareholders. </p><p>As always, none of what you are about to hear is financial or any other type of advice. It is hopefully entertaining and informative, but what you hear should not be used as the basis for an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. And with that … </p><p> Please enjoy my conversation with the maverick Lawrence Lam. </p><p>Brought to you by <a href="https://progressive-research.com/">Progressive Equity</a>. </p>
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