The Model 37 Years Investing in Asian Equities 1st edition by Richard Lawrence – Ebook PDF Instant Download/Delivery: 0857199595, 9780857199591
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ISBN 10: 0857199595
ISBN 13: 9780857199591
Author: Richard H. Lawrence
Richard H. Lawrence, Jr. founded Overlook Investments in Hong Kong in 1991. Since inception, Overlook has grown at 14.3% per year for three decades—a remarkable record of growth that is testament to a consistent ability to find and invest in Asia’s best companies.This raises two important questions: How did Overlook achieve its success; and how can Overlook best ensure future success?Now, in a level of detail never before disclosed, Richard and the Overlook executive team turn the lens inward to analyse The Overlook Model. They describe the philosophies, practices and people that drive Overlook’s outperformance. Welcome to The Model .The Model is composed primarily of stories—of the people, companies, executives and events that have punctuated three decades at Overlook. There are stories of success, but also stories of problems and failure. This is how Overlook learned and grew. The two principal stories are a pulsating case study of the voracious 1997/98 Asian Crisis; and an extended review of TSMC, Asia’s finest public company.A sharp focus is also placed on the constituent elements of The Overlook Model: Overlook’s Investment Philosophy and Business Practices, which add up to Overlook’s Margin of Safety. This analysis of investment theory–how an investment management company should be run–illustrates how Overlook is able to say with confidence that it can nearly guarantee delivery of outperformance to its investors.And where would Overlook be without China? Overlook’s experiences in Asia reflect the ways that Overlook’s methods of investing have succeeded while Asia grew and matured over the past three decades. For this reason, The Model contains a series of chapters charting Overlook’s path in China.Finally, the Overlook executives provide a series of delightful chapters including The Art of Selling; an interview with Jeffrey Lu Minfang; a panel discussion on Overlook’s home city of Hong Kong; and thoughts on ESG.The Model is a celebration of three decades of success in investing in Asia. It gives Richard Lawrence, along with James Squire, Leonie Foong and William Leung, the opportunity to answer: Just how did Overlook do it; and can Overlook keep doing it in the future?All proceeds from the sale of the book will go to support Proyecto Mirador, a non-profit that builds fuel-efficient cookstoves in rural communities across Central America.
The Model 37 Years Investing in Asian Equities 1st Table of contents:
The Overlook Model
- Map of The Model
- How We Tell the Overlook Story
- The Overlook Executive Team
- Lessons Learned
- Hong Kong, Our Home
Part One: Bear Markets
- Voracious!
- The 1997/98 Asian Crisis
- When We Still Slept at Night
- June 24, 1997: On the Brink
- September 1997: Surreal Madness
- December 1997: On the Front Lines
- March 1998: A Future at McDonald’s?
- June 1998: Have You Heard Enough?
- September 1998: Are You Joking?
- December 1998: New Winners
- Lessons from Bear Markets
- Survive
- Bear Markets Hurt
- Prepare for Bear Markets, Don’t Predict
- Appreciate the Cap on Subscriptions
- Never Question the Investment Philosophy
- Four-Part Strategy to Survive Bear Markets
- Solutions are Found at Factories and Headquarters, Not the Bloomberg Machine
- Investment Opportunities Improve During Bear Markets
- “The Old Winners Are the New Losers, and the Old Losers Are the New Winners.”
- An Enlightened Pioneer
- Bear Markets End
- Quotes on Bear Markets from Overlook and Friends
Part Two: The Overlook Model
- The Overlook Investment Philosophy
- In Failure Are the Seeds of Success
- I. Superior Businesses
- II. Management with Integrity
- III. Bargain Valuations
- IV. Long-Term Investment Horizon
- The Overlook Pyramid: Generating Outperformance
- Delivering Results to Investors
- Failure to Deliver
- First Our Story Needs Some Definitions
- It’s All About Business Practices
- The Overlook Business Practices
- I. The Overlook Cap on Subscriptions
- II. Outlaw Policies that Lead to Greed and Conflicts of Interest
- III. Building the Overlook Community
- IV. Overlook’s Cultural DNA
- V. Transition of Ownership at Overlook
- VI. ESG Investing
- VII. Overlook’s Modern Finance Technology
- The Overlook Margin of Safety
- I. The Overlook Investment Philosophy
- II. The Overlook Business Practices
- III. The Overlook Margin of Safety
- Equations:
- A Component of Overlook’s Success
- DuPont Equation: Return on Equity
- Valuation Equation
- The Overlook Equation
- The Overlook Margin of Safety Equation
- Modern Finance Technology
- From Confrontation to Conversation: Corporate Governance in Asia
- A Concise Definition of Corporate Governance
- A Ransacked Apartment
- The Age of Confrontation
- Tigers Don’t Change their Stripes
- A Tug-of-War in Korea
- Modern Finance Technology
- Chroma ATE: Resistance, Then Acceptance
- A Win-Win at CP All
- How to Do It Right
- Making Great Companies Even Better
Part Three: Overlook in China from 1985 to 2021
- Chasing Rainbows:
- China: 1985–2000
- Humble Beginnings
- Early Days in Asia: Not So Fast, Rookie
- Trial and Error
- Chasing Rainbows
- Alphabet Soup
- Factory of the World, But…
- And Then We Found Kingboard
- We Don’t Invest in China Because China… Is China:
- 2000–2013
- A Giant Awakens
- The Door Cracks Open
- China… Is China
- NetEase: China on Our Terms
- The Hunt:
- China: 2013–2021
- A Bit of Background
- The Planets Align
- A Pivotal Meeting in Shanghai
- A Huddle in Macau
- QFII? Small Fee
- A Stock Picker’s Paradise
- The Thrill of the Hunt
- Bifurcation in China’s A-Shares
- A Remarkable Journey
Part Four: The Voices of Overlook
- The Art of Selling Equities
- Contributed by James Squire
- Biography of James Squire
- The Art of Selling Equities
- Early Experience
- Understanding the Investment: Duration
- Six Reasons to Sell
- Duration and Selling
- Summary
- Lunch with Overlook:
- An Interview with Jeffrey Lu Minfang
- Contributed by Leonie Foong
- Biography of Leonie Foong
- “When you have growth, you have time to fix issues.”
- Hong Kong, Our Home
- Moderated by William Leung
- Biography of William Leung
- The Panel
- Hong Kong, Our Home
- Hong Kong’s Special Appeal
- Hong Kong’s Future
- Will People Leave Hong Kong?
- Hong Kong and the Greater Bay Area
- Observations on Overlook
- How Could Overlook Improve?
- Overlook’s Next 30 Years
- ESG: The Climate Divergence
- Contributed by Richard H. Lawrence, Jr.
- “No Problem”
- Environment, Social and Governance Responsibilities
Part Five: The Poster Child
- TSMC: Asia’s Finest Public Company
- Taiwan Semiconductor Manufacturing Company
- The TSMC Model
- TSMC: A McCoy Becomes The Real McCoy
- Overlook Welcomes Dr. Chang and Dr. Sun to the Overlook Hall of Fame
- Warren Buffett
- TSMC’s Model vs. TSMC’s Results
- Conclusion:
- Don’t Mess with The Model
- The Value of Bear Markets
- Contributed by Marc Faber
- Biography of Marc Faber
- The Value of Bear Markets
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