The Meb Faber Show
Welcome to The Meb Faber Show, where the focus is on helping you grow and preserve your wealth. Join us as we discuss the craft of investing and uncover new and profitable ideas, all to help you grow wealthier and wiser. Better investing starts here.
Soo Chuen Tan, Discerene - Contrarian, Long-Term Value Investing | #500
Today’s guest is Soo Chuen Tan, Founder & President of Discerene Group, which has a fundamental, contrarian, long-term value investing philosophy. Today’s episode starts off with lessons from working under the great Seth Klarman at Baupost. Then we spend a lot of time around what the ideal structure is for an investment firm and how to build a true partnership with LP’s - and that even includes giving money back when there aren’t opportunities in the market. Then we get into his investing philosophy. He answers broad questions like: what businesses actually have network effects? Does it matter if a certain business goes away tomorrow?
Key Points
- Sue Chintan, founder and president of Disareen Group, emphasizes the importance of a long-term, contrarian, and fundamental value investing approach, drawing on lessons from working under Seth Klarman at Baupost.
- Disareen Group's investment philosophy involves a rigorous process of identifying businesses with a strong reason to exist, the ability to predict their structure in ten years, and a defensible moat that allows them to sustain supernormal profits.
- The firm's unique structure includes long-term investor level gates and incentive allocations with clawbacks to align closely with their investment philosophy and partnership approach with LPs.
Chapters
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Transcript
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