Connect with us

The Investor

Tejas Dalvi, CFA – Cause First Ventures

Published

on

The Investor - Tejas Dalvi, CFA, is the Portfolio Manager of Cause First Ventures

Tejas Dalvi, CFA, is the Chief Investment Officer of Cause First Ventures, a Family Office based in Singapore that focusses mainly on the US and India markets.

What was the first stock you ever bought?
The first stock I ever bought professionally was US listed Cognizant Technology Solutions in 2013. I understood the industry well having studied the firm and its Indian competitors in detail. CTSH at the time was the way ahead of the pack with a focus on digital solutions. The management had a great sense of where the industry was heading. I bought it at a split adjusted (for today’s reference), price of $40. I had beginner’s luck and the stock raced to $50 in about 3 months. At this point I committed a typical beginner’s mistake and sold the stock (too soon).

What is your firm’s investment philosophy?
Invest responsibly in line with long term global trends being sensitive to value. We tend to not chase latest trends and fashions and typically tend to have a long holding horizon, particularly in off-market investments. We also tend to put a lot of focus on the people involved.

How are you managing the current COVID-19 situation on the personal front and on the business front?
On the personal front the key requirements for an investor are to keep a cool head, accept one’s ignorance about the future and stay agile. I try to achieve this by taking walks (even during the day), reflecting on my decisions at the end of the day. The COVID-19 situation has also given me an opportunity to spend more time with my family which is the silver lining.

Professionally, I try to follow investing greats (e.g. reading Howard Mark’s commentary, Ray Dalio’s LinkedIn articles etc.) as they help in bringing clarity of thought. I also try to read diverse opinions (from mine) and am trying to stick to my process. The final step is frank and full communication with my employer. Easier said than done though, as this has been the toughest experience of my life.

What are the top 3 qualities any good investor should have?
Self-Belief, Clarity of Thought and Humility are in my view the top 3 qualities an investor should have. Self-Belief is necessary to take risks. Clarity of thought is essential to measure risks while taking bets and deciding whether to stick with them. Humility is what will help you properly evaluate the results and learn from them. Particularly in good times, the element of luck should not be discounted.

What is your favourite book?
Favorite book – The Most Important Thing by Howard Marks. The title is ironic. Mr Marks lists, not one but 19 most important things (!) for an investor. It’s rare for an investor of his stature to share so much and so well, a great way to learn from the experience of a legend. This book will help you develop a lot of clarity and some humility. His writing style is simple enough for anyone to follow.

I can think of many other favorite books such as Factfullness and Lessons from History, the latter is a 80 page book of essays which I found fascinating.

Which industries in Australia have caught your interest?
Australians are among the most entrepreneurial people I have come across. I have evaluated several opportunities in the mining, energy, financial services etc. sectors in Australia, but currently we are focussed on the mega trend of healthy and clean living so startups in consumption and healthcare sectors focussing on this are most interesting to us. 

How can people connect with you?
Email:
tejas@causefirst.sg

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The Investor

Helen Fisher – Bio Capital Impact Fund (BCIF)

Published

on

The Investor - Helen Fisher is the Managing Director and CEO of Bio Capital Impact Fund (BCIF)

Helen Fisher is the Managing Director and CEO of Bio Capital Impact Fund (BCIF) – a fund that maximises return on investment in the Fund by employing five strategies:

• “picking winners” using our screening and selection methodology
• providing continuity of capital to investee companies on achievement of agreed milestones
• providing strategic support for investments, maximising success and reducing time to market
• being tax efficient at evely level, including utilising tax incentives for investee companies and investors available in various jurisdictions
• making and utilising expected and unexpected connections between investments.

What was the first stock you ever bought?

I bought CSL (ASX:CSL) back in 2009 when the company’s market cap was roughly $15B. Although a fair way from its current market cap of $130B, it was already the leading biotech company in Australia. I understood their business and their product well. It was attractive that CSL had essentially a monopoly on plasma blood products, something that will always be needed. I believed in the story, the product and the company and was reassured by the fact that they had the same CEO since 1990 (Brian McNamee left the company in 2013 before rejoining as Chairman in 2018). To me it was a great Australian story that went global and has now been proven by time. 

On the same day, I also purchased shares in Apple. During our regular weekly family dinners, we would find conversation eventually turning into debate of Apple vs “The others”. What made my husband and I decide to invest into Apple was the passion with which its customers defended and promoted the company’s products. We figured that, if consumers felt this strongly about a particular brand, they must be doing something right. Our logic proved to be correct.

What is your firm’s investment philosophy?

Our fund is focused on health, though with a more holistic approach to “health”. In addition to the more traditional areas, such as drug development, medical devices and healthcare services, we also look at technologies capable of impacting our food, water and air, acknowledging that these are also key contributors to our health outcomes. Our fund is global, evergreen and invests across both public and private sectors. Our philosophy is to predict the technological trends that will shape our future, find the best companies within those trends and actively work together with them, leveraging our broad expertise, global networks and strategic partnerships to help them grow. We truly believe that we are entering the era of healthcare (only further amplified by COVID) and BCIF is a unique vehicle designed to maximise returns on investment in this sector.

How are you managing the current COVID-19 situation on the personal front and on the business front?

In this environment, the personal and business fronts are somewhat mixed, given that we have been working and studying from home for the last 6 months. I am grateful that we are all healthy and are looking forward to the restrictions loosening in Metropolitan Melbourne, where I am based.

Like most others, we definitely felt the initial shockwave around February-April of this year. Generally, most markets have fully recovered (many even surpassing pre-COVID levels). Melbourne, where a number of our team members are based, is still in lockdown, which makes travel impossible. We have adapted and made it work for us – working from home, using various web-based communication solutions and cloud services. It’s an interesting time and certainly one that has brought about much change to the way we think about business and working environments.

What are the top 3 qualities any good investor should have?

  1. Ability to undertake the difficult and time-consuming analytical work required to take out as much of the guesswork as possible from investment decisions.

  2. Persistence in sticking to your investment strategy, even if it means weathering a few storms, while also …

  3. Knowing when to cut your losses. 

What is your favourite book?

Atlas Shrugged by Ayn Rand

Which industries in Australia have caught your interest?

Health, broadly defined. As I mentioned above, we are entering the era of health. We expect that governments are going to ramp up health-related funding at all levels, investors will become more attuned to the immediacy and impact of health investments and there will be a plethora of new ventures in healthcare and life sciences seeking to explore the increases in both government funding and investor demand. This was true prior to COVID but, in our view, has only been solidified this year. Without health, we have nothing, and spending on medical interventions is unfortunately, in most cases, non-discretionary. This is a sector that, in addition to having a large-scale positive impact on society, can offer extraordinary financial returns.

How can people connect with you?
Email:
hfisher@bcif.com.au
Website: www.bcif.com.au

 

Continue Reading

The Investor

Scott Williams – Fiftyone Capital

Published

on

The Investor - Scott Williams is the Chief Executive Officer & Chief Investment Officer of Fiftyone Capital

Scott Williams is the Chief Executive Officer & Chief Investment Officer of Fiftyone Capital – an experienced financial services professional specialising in stock selection, portfolio management and corporate advisory.

What was the first stock you ever bought?
Cervantes Gold, I bought it when I started work experience at a broking firm and this was the ‘hot stock’ at the time. Pretty sure I lost about half my very small investment on it. First trade, a loser!

What is your firm’s investment philosophy?
To preserve and grow our capital over time. We do this by investing with conviction in our best ideas while mitigating downside risk by short selling the worst companies.

How are you managing the current COVID-19 situation on the personal front and on the business front?
We saw the virus spreading very early as we are a global fund and follow international news. We started reducing our exposures significantly which helped us navigate the market fall very well. As our business runs from the cloud, we managed the work from home part very easily.

What are the top 3 qualities any good investor should have?
Ability to think for themselves and not follow the crowd, having conviction to back their ideas and be able to get out, take your medicine and move on if they get it wrong.

What is your favourite book?
So many. I tend to like personal development and finance books. So Extreme Ownership by Jocko Willink and Billion Dollar Whale by Bradley Hope I thought were excellent recently.

Which industries in Australia have caught your interest?
Australia is such a small part of the global investment markets. But we do really like a couple Aussie biotech stocks that we have written about quite a lot (PAR & IXC). Relative to international peers some of these companies trade well below valuations we think they could once they get further along the commercial development pipeline. Being in Australia they are probably under the radar… for now!

How can people connect with you?
Email:
scott@fiftyonecapital.com
Website: https://www.fiftyonecapital.com/

Continue Reading

The Investor

Tony Locantro – Alto Capital

Published

on

The Investor - Tony Locantro, Investment Manager at Alto Capital

Tony Locantro is the Investment Manager at Alto Capital, an independent investment and advisory firm, located in West Perth. Founded in 2004, Alto has a well-established track record of building clients’ wealth, successfully listing private companies on the ASX and completing capital raisings for both private and public companies, including start-ups.

What was the first stock you ever bought?
AWA who did the totaliser board at racetracks and electrical products on the recommendation of a broker I sourced from the yellow pages. It was around the time of Kurt Cobain’s death when I really became keen on the market. My second stock Eagle Mining was far more successful. I was green at the time and walked into the broking office with cash. It was certainly embarrassing.

What is your firm’s investment philosophy?
We specialise in small caps and have seeded two recent biotech IPO’s. Our aim is to support companies, and not adopt the fee and flip model that tends to plague small companies. As advisors we’re all small business owners and are responsible for our own decisions but being aligned leads to greater discussions, ideas and eventually corporate transactions. I’m only really focussed on companies with 400-500% upside potential balanced by halving at some stage. Advising in speculative stocks and small caps is more difficult than people think and to an extent it’s what you don’t see or know that ultimately will lead to growth and success.

How are you managing the current COVID-19 situation on the personal front and on the business front?
I’ve been advising 22 years now, and it never feels like work. Working from home and close access to the fridge and lounge I’ve finally overcome. I’m now working 4 days per week in the office and it’s great to have my routine back. Market wise I haven’t been this busy in a long time. A number of my stable are running and nearing critical share price catalysts. Finally, I feel as though I’m at the top of my game, and my decision making for clients as a result is assertive and successful. I miss having a wine at a bar socially and with business associates. My kids are bored and have fallen in love with Fortnite again. I think it’s time to hit the park and kick the football around or even walk around shopping centres.

What are the top 3 qualities any good investor should have?
The ability to walk away from the screen with patience to let a story evolve, to make decisions on the spot when I’m already pre-empting the order, I’m likely to enter onto the market. Another trait is to be able to let go and enable me to make suggestions that they may not feel comfortable with.

What is your favourite book?
Models “Attract Women Through Honesty” by Mark Manson is probably the best self-help book for men in particular. It has certainly helped me along the way, especially on my dealings with people and how to match my clothing choices. It’s Marks best book in my opinion and my meeting with the head of Pan McMillan I believe had something to do with it being republished in Australia.

Which industries in Australia have caught your interest?
Biotech across regenerative medicine, diagnostics, high risk/high reward exploration in base and precious metals along with uranium which seems to be the “contrarian” play yet again.

How can people connect with you?
Email:
tony@altocapital.com.au
Website: https://www.altocapital.com.au/

Tony Locantro On Proactive’s “Bulls, Bears & Brokers” Aired On 27 February 2020

Continue Reading

Get more stuff

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.

Recent Posts

Categories

Trending