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More than ten years ago before COVID-19, I recall most of my days (and nights) spent in the office working on ppt slides and having discussions with my VPs and directors. Occasionally when they wanted to work directly on the numbers or show me how something was done, they would come over and sit at my desk space, typing away at my computer while I stood and watched how it was done. It was a simple gesture — fixing a problem right when and where it was needed, in person. …


To understand and decide whether bitcoin is a good store of value, consider first: real estate, commodities and other asset classes.

The real estate market.

About twenty years ago, I remember hearing folks talk about property being a store of value, something that has that ability to stand the test of time. In some ways that is true — real estate has not only been a good store of value but an instrument that has proven ability to deliver steady returns through capital appreciation and the accumulation of rental income.

Within Asia, the real estate market has not only demonstrated resilience through the ups…


The fundraising process.

Formal investor roadshows work well with large and mature funds and companies. This is largely because the people showing up at these meetings tend to be already aware of the fund managers and investor education is minimal.

If you have worked in an investment bank, you are probably familiar with ‘non-deal roadshows’ — which is basically a short briefing with prospective investors to introduce the company. No formal communication of offers are made at these meetings though there might still be interest and queries on the company’s future direction, strategy and whether they are exploring the idea…


If you aren’t an investment professional, a lawyer or a banker, fund set up and the mechanics of how LP-GP structures work can be somewhat challenging to understand.

The majority of the business community are familiar with corporate entities limited by shares. But market practice and conventional wisdom seem to dictate that most funds be structured as . It happens to be the most common and most widely acceptable structure in the PE/VC world.

If this seems complicated, just remember:


Once, there were two boatmen who set out to sea, aspiring to catch some fish so that they could make a living by selling them at the wholesale market.

But the world of fishing is characterized by rough seas and unforgiving waves. Every journey out to sea is a dangerous mission, but there is big business in finding and selling a quality catch. The boatmen understand these risks but are also driven by its potential rewards. Together, they invested some money to buy a boat. …


Constructing the investment thesis

While the background and experience of the GP naturally drives the fund strategy, there are also numerous external factors to consider, such as: geopolitical landscape, the overall demographics of the economy and market forces. These factors are guided by the inherent attributes of the GP and should ultimately shape the overall direction and strategy of the fund.

Designing the strategy of the fund

When looking at extrinsic factors, the geopolitical environment forms the overarching consideration, followed by other macroeconomic factors such as:

(i) Key industries that drive and underpin the broader economy

(ii) Population size…


“Avengers Assemble.” — Captain America

Preface

In the last four years, I’ve had the opportunity and privilege to speak and consult with many acquaintances and friends expressing interest in starting their own investment funds. Most of them have very decent credentials: having worked in large corporates, Fortune 500 companies, reputable advisory and consulting firms, as well as investment banks. …


“They come here every day to sleep? No. They come to be woken up. The dream has become their reality. Who are you to say otherwise?”

In 1990, a psychologist quoted in the New York Times reported that people “

Another psychologist also said:

How the phenomenon above has impacted our lifestyles and wellbeing is not new. Way back in the 1930s, a sociologist named Herbert Blumer published a paper titled “”. The observations from the research suggested that content…


With so much negativity around closed-up economies, city lockdowns, finding a vaccine, one can’t help but wonder why valuations — especially for tech firms — are sky rocketing.

Long term over short term

In any asset pricing exercise, there are two fundamental parameters to look at: future free cash flows and the discount rate.

The future free cash flows of the assets are whatever anyone thinks it to be: three, five or even ten years out. …

Kenny NG

Engineer. Banker. Investor. Thinker. Builder. Writer. Illustrator. Troubleshooter. Light Bulb Fixer. www.kennyng.com

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