Frazis Capital Podcast

Double or Nothing #14: Michael Frazis and Misha Saul talk markets

State of the Market: the winners and losers in big tech cost outs

Michael Frazis and Misha Saul talk Silicon Valley bank and Submarines

Double or Nothing Episode #12: ChatGPT, Cortes and the Aztecs.

Michael Frazis gives an update on markets and technology.

Misha Saul and Michael Frazis talk markets

Double or Nothing #10: Crowdstrike, inflation, 2023

0:12 – Latest (deflationary) inflation data 6:42 – Investing strategies 10:30 – Tesla's journey and the switch to self-driving capabilities 12:56 – David Walsh's presentation at Sohn Conference on professional gambling 14:46 – Grindr IPO 21:36 – Recap of Blackbird's Sunrise startup conference and thoughts on private markets 31:44 – Lessons learned from market downturns 38:25 – Cyclicality of the semiconductor industry 39:31 – Life science industry outlook

Michael Frazis and Misha Saul talk SBF and inflation.

Double or Nothing #7: Nuclear war? And Facebook, Square, Microsoft, Google

Misha Saul and Michael Frazis discuss latest developments in global markets.

Double or Nothing with Michael Frazis and Misha Saul. Adobe buys Figma, Ancient and Modern heroes, and CPI prints

0:32 – Passing of Queen Elizabeth II 7:35 – Kim Kardashian's new private equity play 9:16 – Collapse in price of crude oil 13:12 – Market and inflation outlook 15:32 – Twilio 21:19 – Whitehaven Coal 24:37 – Update on VC Fund deals 32:02 – Summary and wrap-up

Artificial intelligence gets creative and Powell speaks at Jackson Hole

Double or Nothing with Misha Saul and Michael Frazis 0:15 – Preview and thoughts on Jerome Powell's upcoming speech 1:00 – Update on Nvidia's recent earnings and the wider semiconductor industry 12:10 – Farfetch update and latest earnings 15:45 – Notable small cap and GARP stocks 17:23 – Qantas recent performance and share buyback announcement 22:46 – Nathan Tinkler's proposed coal mine acquisition 26:31 – Texas government order for divestment of all Blackrock holdings due to hostility on fossil fuels 28:06 – Andrew Forrest's rise in the mining industry 34:05 – Assessment of Farfetch's success and outlook 38:15 – Cettire – ASX listed Australian luxury goods company 42:19 – Rise and fall of Marley Spoon 49:20 – Summary and wrap-up

Trialling a new format, and joined by Misha Saul. Please let us know what you think!

Michael Frazis gives a market update. Detailed notes to follow.

An interview with Dr Stephen Tisch, who is researching treatment methods for dystonia at St Vincent's Hospital, Sydney. If you would like to support Neurology and Neurosciences Research at St Vincent's please visit www.supportstvincents.com click Donate, and select 'Neurosciences Research' from the drop-down menu. Or contact Nicole at the St Vincent's Curran Foundation on +61 422 715 377 or by Email nicole.forrestgreen@svha.org.au for EFT-bank details and cheque instructions.

Strategy update recorded live on 22 December 2021 (Timestamps to follow)

Misha Saul on markets, life, family, and violence in Western society

Michael Frazis reviews the market. 1:35 – Fallen angels & Fed balance sheet taper 3:53 – Comments on Coupa 7:26 – Lightspeed 8:35 – Teladoc 13:15 – Twilio 14:40 – Roku 18:10 – Upstart 19:16 – EBR Systems 20:40 – PayPal and Visa 24:52 – Coupang 29:50 – Thoughts on inflation 31:46 – Question #1: Sea Limited 32:12 – Question #2: Comments on mid-cap growth companies that haven't fallen 32:42 – Question #3: Portfolio outlook 36:22 – Question #4: Crypto for payments 38:07 – Question #5: Matterport 38:45 – Question #6: Additional question on Upstart 39:33 – Question #7: Comparison of current revenue multiples to early 2000's 43:40 – Question #8: Update on Regeneron and the Biotech sector 47:51 – Question #9: PayPal vs. Square

1:00 – Thoughts on the recent inflation data from the US 3:06 – The 6% differential between the Fed funds rate and inflation, and its impact on the economy 4:31 – Parallels with inflation spikes in the seventies and nineties 7:36 – The effect of inflation on the Australian dollar 7:46 – The effect of inflation on companies – Cloudflare 9:00 – Comments on Lightspeed 9:43 – Comments on Cettire 10:27 – Comments on Upstart 15:35 – Thoughts on Opendoor's recent results and Zillow's exit 17:47 - Roblox's continued explosive growth and its impact on the Metaverse 19:05 – Thoughts on MercadoLibre's recent results 19:59 – Our number one pick in the crypto space – Galaxy Digital 21:07 – Two crypto coins that you can stake – Olympus and KlimaDAO 22:39 – Question #1: What is the impact of credit risk on companies like Upstart during economic downturns? 23:41- Question #2: Thoughts on Paypal? 24:28 – Question #3: Thoughts on DermTech's recent quarterly? 25:37- Question #4 Thoughts on Marqeta? 25:55 – Question #5: Thoughts on Quantum-Si? 26:35 – Question #6: Have you ever owned Trade Desk? 27:22 - Question #7: What do you think of Fulgent Genetics? 28:30 – Question #8: Thoughts on Green Hydrogen? 30:14 – Question #9: Do you still hold and believe in TIGR/FUTU? 32:04 – Question #10: What's the outlook on India for the next 5-10 years? 32:49 – Question #11: What platform do you use to purchase your crypto?

0:58 Launch of our Venture Fund 3:04 The benefits of pre-IPO access and our investment in Camplify 4:58 Private access to fast growing companies like Mawson Infrastructure 6:05 Zillow's shrinking growth model 11:05 Comparative management decisions between Opendoor and Zillow 15:54 More on Zillow's travails and management 17:29 The importance of customer love – Tesla 18:25 Tesla valuation thoughts 19:16 The NFT and crypto revolution 23:40 How crypto is transforming how games are played 27:48 Facebook's lame Metaverse 29:53 The exciting prospects of games like Star Atlas 30:55 Our thoughts on Pinduoduo and Coupang 31:47 Chinese capital controls and its effects on FUTU and TIGR 33:44 What we like about Solana 34:24 The investment bank of the crypto world – Galaxy 35:50 Value in holding crypto companies – Voyager Digital Q&A's 36:30 Question: Would love to here your thoughts on FUTU? 37:03 Question: What's the upside of Tesla's valuation? 38:17 Question: Thoughts on great resignation and how work is changing? 39:40 Question: What are your thoughts on Zoom? 40:00 Question: Do you like Sandbox over MANA? 40:20 Question: Opening fund for retail? 40:28 Question: Thoughts on Paradigm Pharma? 42:00 Question: What are your thoughts on Chegg? 44:00 Question: What are your thoughts on Allbirds? 44:18 Question: Thoughts on inflation? 45:10 Question: Thoughts on Iris energy? 46:30 Question: CBA and crypto trading? 48:35 Question: What is the global gaming TAM and growth rate? 50:17 Criminal coins

Henry joins us to talk about his journey and experiences with surface science, engineering, and the US Airforce. Timestamps 0:35 – How did MicroTau come to be? 2:08 – Henry discusses his involvement with InnoCentive challenges 5:16 – A challenge from the US Air Force Research Laboratory 6:26 – What is drag? 8:26 – How riblets found on shark skin can reduce drag 11:20 – Printing with light to create nano-scale features on surfaces 15:14 – Henry talks about his unexpected success with the US Air Force challenge 17:54 – Submitting a business proposal to the US Air Force 19:47 – The process of implementing the technology 22:13 – The carbon and cost savings associated with reducing friction drag on large-scale aircrafts 24:04 – The applications of MicroTau's technology 27:18 – How the product will scale to large-scale surfaces 28:37 – MicroTau's revenue model 30:35 – The process of approval in a highly-regulated industry 32:45 – MicroTau's funding sources 33:30 – Support for start-ups in Australia 35:27 – What are some of the other applications for these riblets? 40:37 – Different types of surfaces and their applications 41:11 – Gecko pads 43:08 – Optical applications including visual adaptive camouflage 46:00 – Namib beetles 47:08 – What's next for MicroTau? 48:48 – Growing the team 50:02 – MicroTau's first active flight test this year

Michael Frazis gives an update and answers questions. 0:26 – Introduction 1:10 – Performance update 1:58 – Comments on the NASDAQ100's strong rally 2:46 – The performance of small-mid cap companies 3:38 – An analyse of where our returns have come from over the years 4:20 – Our past investment in bluebird bio 5:39 – Our IPO/pre-IPO investments in the life sciences 6:57 – We funded a PhD fellowship on research into Dystonia 8:45 – True customer love and explosive growth 9:14 – Our take on ESG and the rising coal prices 10:40 – The effects of currency fluctuations on a fund's performance 12:23 – Drivers in the value of the AUD 13:36 – Comments on Opendoor and the three industries that are resistant to ecommerce 16:25 – Comments on Upstart 18:42 – Thoughts on the decline in digital health companies 20:03 – Question #1: What do you think of PointsBet? 21:31 – Question #2: Do we still hold Guardent and Dermtech? 23:30 – Question #3: The contribution of the life science companies to the fund's performance 26:08 – Question #4: Are you planning on taking advantage of the current dip in the market? 26:23 – Question #5: What are the risk management strategies when if the market turns? 28:51 – Question #6: Customer love in the life sciences 29:09 – Question #7: How has the recent move back into China-tech progressed? 30:12 – Question #8: What do you think of developer tools ecosystem DevOps? 30:51 – Question #9: What is an odd stock that looks good at the moment? (Camplify and Cettire) 31:35 – Question #10: What are your thoughts on Megaport? 31:50 – Question #11: What are your thoughts on cloud in general? (Snowflake) 32:58 – Question #12: Do you see the fund's China positions as trading or long-term holds? (Pinduoduo) 36:25 – Question #13: Would eye-wear replace mobiles? 37:20 – Question #14: What are your thoughts on the recent Canva valuation? 40:18 – Question #15: What are your thoughts on Fiverr?

Timestamps 0:15 Introduction to our strategy 2:55 How a company can lose money and still create value 4:38 Avoiding ‘deep value' traps 5:30 Update on 2021 fund performance 6:50 How we're investing in China 9:00 Update on FUTU's Q2 results and why we bought more 12:18 Recently approved antibodies for COVID-19 – cause for optimism? 16:23 Update on Cettire's FY21 results 18:03 How we evaluate business ‘quality' 19:00 Update on Camplify's FY21 results 21:18 Question: thoughts on Digital Turbine 22:39 Question: thoughts on the recent Square and Afterpay deal

Michael Frazis gives an update

Michael Frazis gives an update.

Michael Frazis describes his investment company's strategy that involves a 30-40 year view, not panicking and diverting the approach during dips and rallies. Evaluating growth stocks involves identifying customer love for a product or service which acts a key indicator of explosive growth potential. This approach is utilized in picking winners in industries like the ‘buy now, pay later' space. Frazis explains how vaccine development is a long process involving extensive trials and how the emergency approval of Moderna's vaccine allowed the company to prove the mRNA concept, providing the company a significant boost. TIMESTAMPS 0:00 - Intro and background 2:39 - Founding his company at 29 and investing strategy 11:38 - Evaluating polarizing stocks like Tesla 15:08 - Investing psychology 18:45 - Processing investment information 23:17 - Investing in industry creators 25:31 - Moderna and life sciences investments 31:43 - Dogecoin case study 35:30 - Growth stocks amid inflation

Michael Frazis attempts to understand the FDA's decision to approve Biogen's aducanumab for Alzheimer's and the possible ramifications.

Timestamps  ·      0:32 – Our fast-growing portfolio companies ·      2:21 - Frazis life sciences strategy update ·      5:18 – RNAi Biology ·      7:15 – Alnylam: RNAi clinical development pipeline and recent execution ·      8:16 – Timing and valuation in life sciences ·      9:26 – What do we think of CRISPER? ·      11:03 – Companies targeting sickle cell disease ·      11:56 – Companies targeting beta-thalassemia ·      12:53 – Platform technologies: Moderna ·      15:12 – Platform technologies: Ultragenyx ·      16:30 – Special focus: Alzheimer's ·      18:50 –Alzheimer's APOE4 ·      23:50 – Could Alzheimer's be caused by infection? ·      24:55 – Cortexyme: Alzheimer's and the gingivalis hypothesis ·      27:00 – Cassava and Alzheimer's ·      28:30 – How are we different to Ark? ·      29:10 – Summary

Michael Frazis discusses the growth sell-off in equities as of 15 May 2021.

Dr. Robert Stretch is a specialist in Pulmonary, Critical Care & Sleep Medicine. After graduating from Yale School of Medicine in 2014, he completed subspecialty training at BIDMC in Boston and UCLA Medical Center in Los Angeles. He is board-certified by the American Board of Internal Medicine (ABIM).

0:15 – Introduction to Frazis Capital Partners. 1:45 – Sell-off trends and SPAC’s. 3:57 – Growth stocks outperforming tech indices. 6:45 – Standpoint on growth stocks. 9:18 – Software’s strong run. 11:05 – Multiple contractions and what this means. 13:30 – Teladoc Health. 14:20 – View on Appharvest. 16:45 – Batteries & developments in the lithium space. 18:30 – Thoughts on DermTech. 19:58 – Chinese regulatory risks. 22:29 – What is a stock? 24:15 – State of play for Xero. 25:25 – What do we look for in a company? 27:00 – Are we currently buying? 28:21 – Thoughts on the Redbubble quarterly results. 30:12 – Outlook on Airtasker. 31:00 – Our current best stock play. 32:24 – Perspective on Coinbase. 34:40 – Key takeaways/Summary.

Brian Hartzer joins us to talk about his new book 'The Leadership Star', available from Amazon. Brian was CEO of Westpac from 2014-2020. For those who don't know Westpac is Australia's second largest bank with over $800 billion of assets. Brian discusses his 'Leadership Star' framework and pivotal moments in Australia's banking history. Brian also shares his views on cryptocurrency, neobanks, alternative lenders, the Buy-Now-Pay-Later movement, and the future of financial technology more broadly. Timestamps 00:05 – Introducing Brian 03:15 – Brian's new book: ‘The Leadership Star: A Practical Guide to Building Engagement’ 06:00 – Shifting from management consulting to running ANZ’s credit card business 08:25 – Brian’s perspective on the evolution of credit cards in Australia 10:25 – The five c’s of leadership: care, context, clarity, clearing the way and celebrate 11:05 – Why the phrase ‘I’m just a teller’ is a sign of bad management 13:00 – Why cleaners are the most important workers at Disney 14:10 – ‘Clearing the way’ - what does this mean? 15:50 – How corporate and leadership culture has changed over Brian’s career 18:46 – How Brian navigated the “biggest bank failure in history” 20:25 – What led to the downfall of RBS 23:37 – Brian’s perspective on the evolution of US corporate culture 24:50 – The state of banking technology in the UK 28:58 – Why more competitors doesn’t necessarily equal better consumer outcomes 29:17 – How the banking landscape helped Australia navigate the GFC 31:35 – Behind the scenes of the Australian banking crisis in 1991/1992 32:58 – Why hybrid bank branches are the way of the future 36:15 – Multi-brand strategies and Westpac 39:30 – Brian’s thoughts on the buy-now-pay-later sector 42:28 – Will the buy-now-pay-later sector will displace credit cards? 44:58 – Views on Bitcoin and why Brian pushed through Westpac's investment in Coinbase 49:20 – The “one and only legitimate” use case for bitcoin 50:50 – The future of neobanks and alternative lenders 54:15 – Predictions on the future of banking technology 55:45 – Brian’s pivot to working as an angel investor 57:50 – The one key takeaway from Brian’s new book

Michael Frazis gives an update on SPACs, rising interest rates, tech valuations and what might happen next. Timestamps 1:35 - Quick review of 2021 2:30 - Thoughts on Cathie Wood and ARK 3:59 - Expansions and contractions in software multiples 7:40 - Snowflake 8:47 - SPACs: why we like them and why they're dangerous (hint: the same reason) 12:02 - Why we hope SPACs encourage leading tech firms to list sooner 14:21 - Dodgy forecasts 16:51 - Why we rule out most SPACs in the fund 18:00 - Navigating rising interest rates 22:33 - The recent sell-off 24:32 - How we look at market rotations 26:46 - Coupang IPO

January 2021 - one of the more amusing weeks of finance. 0:57 - The short squeeze 2:31 - The reality of Robinhood's 'free' trades 5:08 - The hidden consequences of Hedge Fund strategy 6:51 - How useful is management access? 9:56 - The gamma squeeze 12:15 - How this forced people to rethink how they discuss finance? 13:39 - Is the squeeze squoze? 14:37 - Timing and recovery 15:40 - Our strategy 17:24 - An important dynamic of short interest 19:43 - The true signal of growth 20:32 - How fund managers missed a multidecade trend? 23:00 - A changing guard in allocation decisions

1.40 - Quick review of 2020 2.35 - How to survive huge market swings like March 2020 and 2008-2009 3.45 - Discussion on support mechanisms in place in equity markets (central banks, fiscal stimulus, actions by management teams, etc) 5.45 - Current investment strategy is to stay invested & make sure we are constantly holding winners 7.35 - Sound fundamental reasons why companies with intense customer love, explosive growth, and market leadership perform so well 8.15 - Our companies are investing heavily. When revenue comes in they open new offices, hire marketing staff and etc which promises a greater return on investment. Many categorise these investments as costs, which gives the opposite (incorrect) answer 10.17 - Investment in tech and the "companies of the future" requires long term investment with value creation over 5 - 10 years 11.50 - Question: Have you invested in Nio? Nio capitalises on the necessity of an electric China. There is demand in the Chinese economy with issues like pollution for electric vehicles and the vast majority of the population will be buying locally made vehicles. Nio is a 100%+ revenue growth company and has proven user base in China 13.25 - Question: When do we trim? Focus of maintaining diversified portfolio of ultra-high growth companies 14.25 - Long term goals of the fund 16.17 - Question: Is there a limit to when printing to support the economy triggers inflation? Austerity weakened the private sector as seen in the UK and saw mass unemployment 17.14 - Comparison with the Australian experience 18.08 - The Greek experience with austerity, and how growth can be the solution to an economic crisis 20.20 - Worries around debt overhang have been consistently proven wrong for countries like Australia, Japan, UK and USA anyway 20.50 - Question: How are you investing in the life sciences? 22.23 - Discussion on liquid biopsy and Dermtech's sticker approach to melanoma 24.00 - Question: What do we think about SPACs? 26.20 - Question: what didn't work in 2020? A few biotechs underperformed, like Avita 27.40 - Discussion on Moderna now that vaccine is approved 30.33 - Market outlook: Market is changing with stimulus, vaccines and substantial changes in leadership with low interest rates 30.45 - At the highs of January 2021 we aim to stay consistent & ensure our portfolio companies are adding users and revenues everyday at the highest possible rates, just as we did in the lows 33.10 - Question: What do we think of high quality but richly priced companies like Crowdstrike? 33.23 - 2021 focus on life sciences - the space is independent over the growth space & captures novel explosive growth 34.10 - Always searching for companies that grow 100% year on year, trading on five-time sales 34.25 - Why we never bought Spotify 35.10 - Question: Are we in a tech bubble? 44.30 - Conclusion: we remain focused on our diversified portfolio of ultra-high growth companies intense customer love, long term

Terry Hau interviewed us for HedgeVista.

Jackie Vullinghs @ Airtree 0:11 - Introducing Jackie 0:54 - University in Australia vs the UK 3:08 - Interviewing at Oxford and Cambridge 3:56 - Approach to VC interviews with company founders 5:55 - Jackie discusses AirTree's key portfolio focus (digital health, fintech, consumer) 6:48 - Companies are staying private for longer, is that good or bad? 8:38 - How sustainable are the accelerations of digital health and ecommerce? 9:57 - Low relative penetration of ecommerce in Australia 11:25 - Equity derivatives in London 13:39 - Jackie's shift to start-up, Listable, Kalo 14:50 - August tech runup & option trading 20:46 - Alex Danco: are founders allowed to lie when selling a vision? 21:58 - Short reports and long-term growth of heavily shorted companies 24:27 - Interviews are a valid test for start-up hopefuls 26:14 - Creative arts and consumer tools to monetise creative pursuits 27:58 - Online writing & Jackie's substack (https://jax.substack.com/) 31:00 - As a collective, do retail investors make money? 33:03 - Snowflake IPO 34:26 - A Cloud Guru 37:15 - B2B SaaS playbook 39:08 - Jackie discusses AirTree 40:19 - The rise of new VC funds 41:45 - Listed vs. unlisted companies 42:50 - Comparing investment memos 45:08 - Customer love, competition and growth 49:16 - Pricing and flexibility of managed funds 51:26 - External descriptions of market shifts 52:21 - Spaceship voyager & superannuation 55:33 - Real Estate investment

Jarred Shein joins us to talk digital health. Jarred has invested in digital health at MH Carnegie and Qure, an Israeli based VC fund. 0:20 - Introducing Jarred 1:00 - Jarred's education and background. 1:45 - Jarred's studies of nanotechnology, specifically biochemistry 2:30 - Jarred's thesis on biosensor devices and how it relates to Startrek 3:55 - End of university job with Macromatix, completely unrelated to biochemistry 5:10 - The early opportunity to pick up distressed medical device assets 6:00 - Australia's strong position in the world and relatively painless COVID-19 experience make it a great place for global healthcare 8:10 - Australia's unfortunate lack of a biochemistry talent pool 9:30 - Australia's amazing history of medical device companies, including Cochlear and Resmed 10:30 - The opportunity to invest in the digital health space in Australia 11:40 - Deep dive into Resmed (RMD:ASX) and its successful pivot to health data revenue 14:40 - The benefits of living and doing business in Australia 16:33 - The rise and rise of telehealth services, silencing industry doubters 18:50 - 'Ageing in Place' (getting older comfortably in the environment that you are in) is a really interesting growth space 21:25 - 'Digital Therapeutics' (clinically relevant personal solutions) is another compelling growth area (e.g. Propeller Health - a recent Resmed acquisition) 25:00 - Discussion of Click Therapeutics (digital therapeutics solutions for mental health issues) 26:55 - What happens when the 20 year patent life timer ends? 27:50 - Jarred's thoughts on Livongo (NASDAQ:LVGO), a Frazis Capital position 30:30 - Successful US healthcare business models rely on the US health insurance system 32:00 - The merger between Teladoc (NYSE:TDOC) and LVGO 34:00 - There should be a very tight communication channel between primary care and chronic disease management 35:25 - Do you book a telehealth consultation based on Brand? Doctor? Or Price? 37:30 - Today's best opportunities in digital health, both listed and unlisted 38:50 - Missed opportunity in American Well (NYSE:AMWL), a hot recent digital health IPO 40:10 - Lots of opportunities in the private space for digital health 40:45 - Early stage Australian digital health companies can only access capital by going public 41:35 - Jarred discusses a compelling Australian microcap digital health opportunity, Hera Med (ASX:HMD) 43:40 - Jarred introduces an interesting QLD telehealth service provider called Medicine, providing remote primary care services 45:00 - Some problems within the digital health industry - access to capital and talent, commercialising technology

Sam Rich joins us to talk security, Crowdstrike, travel names, and how we're positioning the portfolio.

We discuss the current landscape and a couple of choice earnings reports. 0:20 – Introducing Joel Tomaino 1:10 – The structural shift to e-commerce 1:30 – Government stimulus and the diverse impacts of the current economic crisis 2:30 – How long will stimulus benefits and exacerbated e-commerce growth rates last 3:30 – Australian e-commerce plays, including Redbubble (ASX:RBL) 4:40 – E-commerce growth in mature markets compared to developing markets 5:00 – The opportunity for MercadoLibre (NASDAQ:MELI) in South America 6:20 – The opportunity for Sea (NYSE:SE) in South-East Asia 6:55 – Disney’s powerful platform and the success story of Disney Plus 8:25 – Is there pent up demand in travel? Will travel companies have their best years yet? 9:50 – Broader rotations in the market. Re-rates in growth stocks 10:45 – Frazis Capital’s auto plays (Carvana – NYSE:CVNA, Tesla – NASDAQ:TSLA) 12:45 – Changing attitudes to public transport because of COVID-19 13:40 – Where does the common cold come from? 14:10 – Market darlings showing some cracks, including Nanosonics (ASX:NAN) 14:50 – Afterpay’s (ASX:APT) European acquisitions 15:55 – Xero’s (ASX:XRO) acquisition of an invoice-lending company 17:20 – Great companies create much bigger TAMs than first estimates

Chris Gosselin from Australian Fund Monitors (https://www.fundmonitors.com/landing.php) interviewed us about the fund and strategy. 0:00 - Introducing Michael Frazis 1:12 - Michael introduces Frazis Capital and describes its core investment requirements (Customer love, explosive growth and market leadership) 2:45 - The opportunity presented by high growth companies with ugly financial statements, professional scepticism and high short interest 4:00 - The best investment opportunities are often in front of your eyes the entire time 4:35 - Michael reiterates the importance of the fund's core investment requirements 6:10 - Unit economics often tell a very different and more valuable story than financial statements (using Xero and Tesla as examples) 7:35 - Frazis Capital's systematic framework 9:30 - Chris asks Michael, "When you don't get it right, how do you manage that?" 12:00 - Chris asks Michael, "Is there a stage at which these companies, which are growing very quickly, become mature?" 12:40 - Michael discusses Adobe and Salesforce as examples of mature software companies 14:50 - The importance of focusing on market leaders, using the example of the BNPL industry 16:10 - MercadoLibre and Sea - true market leaders, which deserve valuation premiums 18:00 - Focusing on $5-20 billion companies growing revenue at 50-100%/annum 18:40 - Chris and Michael discuss the headwinds and opportunities presented by COVID-19 20:10 - Making sure that portfolio holdings are accelerating through the coronavirus period 22:00 - What is the smart move right now? Find companies with pent-up demand

Companies with brilliant products and broad customer support are faring significantly better than mature incumbents. One of the fund's newest holdings satisfies our three core criteria: Exponential growth, products that customers truly love, genuine market leadership.

Gaming is one of the more exciting industries in technology right now. We discuss the opportunities and precedents for Twitch and streaming phenomenon. Ben also takes us through leading chipmakers like NVDIA. 0:32 - Long term trends for Nvidia 2:16 - Demand for Nvidia GPU's in Data centres 3:03 - Use of Nvidia chips for Crypto mining 4:38 - Semiconductors are on the forefront for everything 5:46 - Nvidia compared to other chip makers, AMD and Intel 8:35 - Bitcoin mining economics 9:22 - Technology companies that 'miss the trend' 10:40 - Moore's Law and what it means for CPU's and GPU's 11:58 - What is the go-to for gamers now? 12:50 - Interesting stocks and opportunities for gaming - the shift to mobile gaming 15:35 - American vs Chinese Mobile games 16:10 - Sea's mobile game Freefire's recent success 18:40 - Ben's experience with mobile gaming 19:44 - Popularity of the MOBA category specifically League of Legends 21:05 - Online viewership of League of Legends worlds more than 44M concurrent 22:06 - Streaming as a platform for advertising games (Twitch, Mixer) 24:42 - Reddit gold - 100,000's donations add up 25:15 - Facebook hate speech fiasco 26:42 - Radicalisation of people through the Youtube algorithm 27:52 - TicTok's censorship and radicalisation 29:36 - Thoughts on gaming stocks (Activison, EA) 31:04 - IP conversion from console to Mobile 31:57 - Hit vs franchise games 34:30 - Microsofts unsuccessful move into the streaming industry 36:44 - Chinese apps and consumer trends moving to the US 38:16 - Thoughts on 3D gaming and where gaming will be in 5 years 39:46 - Historical precedence for streaming Chess on Twitch

Peter Stevens rejoins us to discuss some of our environmentally friendly investments. 0:30 - The continued dispersion between technology and the rest of the market 0:50 - The successes of Pinduoduo, Carvana and Afterpay 1:28 - Frazis Capital's successful diversification away from a highly concentrated portfolio 2:33 - Comparing today's hot tech businesses with the hot auto businesses of the past 3:00 - Michael introduces Plug Power (NASDAQ:PLUG), a hydrogen fuel cell manufacturer and one of the fund's most exciting holdings 5:00 - Introducing the Frazis Capital Youtube channel 5:50 - Michael introduces Chinese software firm, Kingsoft Corporation (HKG:3888) 7:00 - Peter and Michael discuss the various factors influencing the systematic underpricing of IPOs 10:10 - Cochlear's (ASX:COH) lucrative discounted capital raising 11:35 - The value that Frazis Capital can add to your portfolio 12:40 - Solaredge (NASDAQ:SEDG), an innovative Israeli solar provider and portfolio position 14:40 - ESG investing and the importance of being forward-looking

Alexander began his career investing in technology for UK funds management giant Neptune, before joining London-based VC fund Redline Capital. It's rare indeed to speak to someone with experience across the public and private side of tech investing. We had a fascinating chat covering robotic process automation, innovation investing, and life in venture capital vs public markets. https://www.linkedin.com/in/alexander-portz-3a265236/ https://www.redline-capital.com/ 0:50 - Alex talks about his start in public markets 2:30 - Tech investing at Neptune Capital 3:50 - Alex discusses a high-performing company during his time at Neptune 6:20 - Michael and Alex discuss a stand-out semiconductor manufacturer 8:05 - The importance of investing in high quality companies 9:25 - Investing using an EV/Sales ratio and sales growth (Shopify as an example) 9:50 - The opportunity presented by Blue Prism 10:00 - Alex and Michael extensively discuss Blue Prism 15:05 - Alex outlines his firm's investment in Catalytic, an innovative 'SAAS-linker' 18:10 - How Alex is finding the change between public markets and venture capital (VC) 20:40 - Carrying out due diligence on a VC deal compared to public markets research (sourcing, sector research etc) 23:05 - The incentives of public companies' management to always be positive 25:45 - How Alex splits his time within VC 29:20 - Some exciting thematics, such as quantum computing 30:55 - The concept of Moore's law 33:00 - The highest quality sources of learning in quantum computing 34:24 - The opportunity in mental health software such as Catasys 36:50 - Expensive data paid for by hedge funds 39:30 - The importance of reviewing companies' real-time data before the rest of the market 41:10 - Some useful data points that can be gathered from LinkedIn 42:40 - Alex's recent public markets' investments in high growth SAAS 44:00 - Michael outlines the fund's recent strategy of buying coronavirus 'recovery plays' 47:10 - Are MongoDB and Shopify overvalued? 49:50 - Alex discusses his positive outlook on lithium 52:00 - Michael and Alex reminisce on their scientific research projects at Oxford

Eti Amegor of Axius Partners & www.suitsandkicks.com joins us to talk allocating and investing in the strange current environment. 0:52 - Opportunities during the coronavirus 1:55 - Current investor trends regarding liquidity 3:30 - The new private equity fund being launched by Eti's firm 6:30 - Why the coronavirus is the best environment for active investment managers 8:00 - Life Sciences stocks and the coronavirus 9:30 - Mike talks through Moderna, which focuses on drug discovery and development based on messenger RNA 10:50 - Eti and Mike talk Afterpay (again) 14:00 - The endgame... Afterpay vs Paypal 16:55 - Why Frazis Capital does not buy Big Tech 17:10 - Mike introduces MercadoLibre, a new portfolio holding 18:30 - Mike introduces Sea, another new portfolio holding 20:00 - Shopify has performed superbly... is it still worth the valuation? 23:55 - Investment thematics within Frazis Capital Partners 25:20 - Mike discusses three digital health investment opportunities 28:30 - Frazis Capital's recent approach to a more diversified portfolio construction 34:30 - The fund's approach to adding new positions to the portfolio 37:10 - The underperformance of 70+ stock portfolios 41:00 - The issues that fund managers face when running highly consolidated portfolios 43:50 - Why Eti believes that Frazis Capital is in the 'sweet spot' 52:00 - Frazis Capital's up and coming webinar

Peter Stevens joins us once again - and will upload notes for this shortly.

Michael Frazis and Peter Stevens discuss the latest developments.