The Better Podcast Podcast

Welcome to the 11th episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our 11th episode, we discussed a whole bunch of things, including:Lessons we learnt from stock picks we had made in August 2018; these are stocks that have collectively delivered a positive return, but which have trailed the market. The stock picks we talked about include:Our biggest loser, Zuora, which helps other companies make the leap from one-time sale of products to subscription servicesSATS, a Singapore-based company that provides catering services to airlinesOnline search giant, Alphabet (formerly known as Google), which is one of the bigger winners among the stock picks we had madeThe biggest winner within the picks, the Singapore-based fintech company iFASTMeasuring investment results over 5-10 year time-frames is way more meaningful than measuring results over shorter time periodsA simple but useful thing all investors can implement to improve their investment process: Setting reminders to look back at how stocks you've passed on perform with the passage of time Two examples of companies that have managed to improve their businesses in the face of difficulties, thereby bringing to life the concept that necessity is the mother of invention. The examples are:ASML being forced to ship its lithography machines faster to customers Tesla being forced to reduce the number of chips used per vehicleNothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesBook written by Tien Tzuo, founder of Zuora, titled Subscribed: LinkArticle on how human taste buds change when flying: LinkTweet made by Ho Nam, on how Walmart and Amazon both took nearly the same amount of time to reach US$100 billion in GMV: LinkThe engineering magic behind ASML's lithography machines: Link Earnings call transcript of ASML where management talked about fast shipments: LinkEarnings call transcript of Tesla where management talked about reducing the number of chips used per vehicle: Link This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the tenth episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.If you prefer videos of our conversations, we have a Youtube channel too, which you can find here!For our tenth episode, we discussed a whole bunch of things, including:The current chaotic situation of USA's freight railroad industry that is a result of the use of precision-scheduled railroadingHow the freight railroad industry's obsession with precision-scheduled railroading could be making the industry more fragileThe concept of antifragility and how organisms/systems can be classified into the fragile, the robust, and the antifragilePrecision-scheduled railroading could be a microcosm for how the overall business landscape is optimising for efficiency and thus becoming more fragileA successful Polish grocer - Dino Polska - and how it may or may not fit the common patterns seen in highly successful US-native bricks-and-mortar retail companies such as Tractor Supply and Costco:Successful membership programsOmnichannel retail programs, such as BOPIS (buy online, pick up in store), BOSS (buy online, ship to store), ROPIS (reserve online, pay in store), BORIS (buy online, return in store), and curb-side pickupExclusive products and in-house brandsFresh produce and livestockActivities that can't be done onlineNothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesFreightwave article on the chaotic situation of America's freight railroads: LinkWall Street Journal article on Hunter Harrison and his idea of precision-scheduled railroading: LinkPodcast from Colossus featuring Matt Reustle and Jon Cukierwar on Dino Polska: Link This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the ninth episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.If you prefer videos of our conversations, we have a Youtube channel too, which you can find here!For our ninth episode, we discussed a whole bunch of things, including:The history of Visa (and the creation of its network effect), from its earliest days as a card scheme created by Bank of America, to how it became adopted by banks all across the USAThe brilliance of Dee Hock, one of Visa's early leaders, in setting the stage for the company's future growth by (1) running Visa in a decentralised manner, and (2) creating important constraints for banks who were using the card scheme, that ended up being de-constraining (throwback to Episode 8!)The importance of Bank of America spinning out Visa as an independent entity, and how Amazon could potentially make its cloud-computing arm, AWS (Amazon Web Services), an even more valuable entity by allowing it become a stand-alone companyHow innovation in organisations could better flourish if individuals were given greater autonomy and freedom to explore in a decentralised wayThe idea that as markets become larger, individual units within the market can become sizeable businesses - for example, an early Ford Motors factory had to bring in rubber, coal, metals, etc; in contrast, a modern automobile factory would have specialised suppliersWhy Michelin, a tire manufacturer, ended up recommending restaurantsA funny anecdote on how traditional financial institutions in Indonesia still cannot handle digitalisation todayNothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesArticle on Visa's history by Fast Company: LinkPodcast featuring Kenneth Stanley that describes how companies should handle innovation for better results: LinkPodcast featuring Martin Casado that features the idea of how markets become granularized over time as they become larger: Link This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the eighth episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.If you prefer videos of our conversations, we have a Youtube channel too, which you can find here!For our eighth episode, we discussed a whole bunch of things, including:There have been long periods of time where rising interest rates coincide with rising valuationsIt's hard to say what stocks would do when interest rates do rise; 2016-2019 was a period of rising interest rates and stocks did fineThe level and direction of interest rates may have very little to say about future movement of asset priceStock picks the both of us made between 2016 and 2019 that have done well, even after the recent sharp decline in stock prices The importance of measuring investment results over a multi-year period for lessons learntThe interesting concept of constraints that de-constrains, which is related to the idea of interoperability (language itself exemplifies this concept!)Another interesting concept of observing the present clearly instead of trying to predict the futureAn insightful way of listening to your customersGreat stocks don't make you thinkNothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesRobert Shiller's database on interest rates, stock prices, and valuations: LinkDan Rasmussen podcast on the level and direction of interest rates showing little correlation to the movement of asset price : LinkAlex Danco podcast on constraints being de-constraining, and observing the present clearly: LinkPeter Gassner podcast on listening to customers: LinkDavid Gardner talking about how great stocks don't make you think: Link This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the seventh episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our seventh episode, we discussed a whole bunch of things, including:Hank Paulson and Neel Kashkari had no idea how much money was enough to save the US financial system when the Great Financial Crisis erupted in 2008; Paulson was the Treasury Secretary back then and Kashkari was his aideWarren Buffett and his investment lieutenants - Ted Weschler and Todd Combs - felt lost in the investment landscape when the COVID-19 pandemic first happenedThe experiences of Paulson, Kashkari, Buffett, Weschler, and Combs highlight the importance of humility when investingHow chaotic the situation was during the Great Financial CrisisA book written by turnaround expert Steve MillerLearning the proper lessons from financial crises and market crashesA prediction by venture capital firm Bessemer Venture Partners from its State of the Cloud 2022 report on how software firms can build different monetisation models through the power of APIs (application programing interfaces)Amazon co-founder Jeff Bezos linking beer brewers in the early 20th century with cloud computing providers todayAn interesting story of how one road in China came to be named “1 Sundram Road”Another prediction by Bessemer Venture Partners from its State of the Cloud 2022 report: Cloud marketplaces will become an important distribution channel for software companiesNothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesBook from Mary Childs on Bill Gross titled The Bond King, which featured the story on Hank Paulson and Neel Kashkari: LinkPodcast featuring Ted Weschler, where he shared his investing experience when COVID-19 happened: LinkBook written by Steve Miller: LinkBessemer Venture Partners State of the Cloud 2022 report: LinkAcquired podcast featuring Jeff Bezos's story on beer brewers in the early 20th century: Link This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the sixth episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our sixth episode, Chin discussed a 2013 letter written by Mark Zuckerberg, the co-founder and CEO of Meta Platforms (formerly known as Facebook). Chin shared a number of his takeaways from the excellent letter, such as Zuckerberg's impressive ability to constantly be aware of the competitive landscape his company is in; the importance of building products that are 10x better than what's out there; how crucial it is for companies to have multiple sources of competitive advantage and to constantly reinforce these competitive advantages; the pros and cons of having a centralised or decentralised organisation structure, and more.Furthering the discussion on Zuckerberg's letter, Ser Jing brought up a few points, including the observation that even Zuckerberg underestimated the growth potential of the Facebook platform. Finally, we talk about the recessionary fears that are griping stock market participants lately. We bring up data from companies showing strong consumer spending. But at the same time, we acknowledge that many high-profile company executives have publicly sounded their worries about the economy and retail companies are also facing inventory problems. Ser Jing also highlighted investing legend Stanley Druckenmiller's recent comment that he is not aware of any historical precedent for the current investing climate we're in. Nothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesMark Zuckerberg's 2013 emailRetail companies' inventory problemsStanley Druckenmiller's comments This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the fifth episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our fifth episode, Chin uses the recent troubles of Meta Platforms (the parent of Facebook and Instagram) as an example to illustrate the importance of thinking long-term when investing and giving the benefit of the doubt to management teams with a long track record of success. And using Meta Platforms as the launch point, we also talk about the behavioural quirk known as the recency bias that afflicts all of us. Moving on, Ser Jing discusses a weird financial bubble in Europe in the mid-to-late 1800s that involved chickens and how it played a role in Charles Darwin's thinking on the theory of evolution. We also share the positive consequences that could occur in the aftermath of financial bubbles despite their hugely negative impacts. Finally we talk about the concept of soul in the game when evaluating management teams, using the examples of Jim Weber (CEO of Brooks Running) and the late Steve Jobs. Nothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesInfinite Loops podcast episode hosted by Jim O'Shaughnessy and featuring Tracy Alloway: https://www.infiniteloopspodcast.com/tracy-alloway-understanding-financial-crises-ep104/Acquired podcast episode hosted by Benjamin Gilbert and David Rosenthal and featuring Jim Weber: https://www.acquired.fm/episodes/arena-show-part-ii-brooks-running-with-ceo-jim-weberBook on Warren Buffett CEOs: https://www.amazon.sg/Warren-Buffett-CEO-Berkshire-Hathaway/dp/0471430455/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the fourth episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our fourth episode, Chin shares his thoughts on the recent sharp declines in the stock market. He talked about the importance of remaining optimistic over the long run, and Warren Buffett's iconic 2008 essay “Buy American. I Am”. The essay was written in the throes of the 2008/09 financial crisis and Buffett discussed how he was buying American stocks despite him not knowing what the market would do over the next month or even year. But he still bought anyway because he was still optimistic about the long-term prospects of American businesses. Ser Jing also talks about Buffett, and his history with investing in The Washington Post Company. From his initial investment in Washing Post in the 1970s to 2007, Buffett made a return of 100 times or more. But according to investor Marcelo Lima, Washington Post's stock price likely fell by 60% or more shortly after Buffett's investment.Finally, we discuss an interesting aspect of human evolution Ser Jing learned from our mutual friend Thomas Chua, where our spines appear to have not evolved to the extent where it is perfectly suited for us to be walking upright, and how this relates to the world of business.Nothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.comShow NotesThe Warren Buffett letter where he writes about Washington Post:https://www.berkshirehathaway.com/letters/1985.htmlMarcelo Lima's tweet about Buffett's Washington Post investment:You can reach Thomas here:Blog: https://steadycompounding.com/Twitter: https://twitter.com/SteadyCompound This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the third episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our third episode, Chin shares his thoughts on Shopify's product suite and Atlassian's product-led growth. Ser Jing chimes in with Twilio's own history of product-led growth and an important inflection point in the company where it now has a stronger emphasis on selling its products. We also touch on the importance of building an ecosystem around the company. Finally, we discusses the observations we have on the latest earnings season: E-commerce companies retaining their pandemic gains; the rebound in travel; dislocations in the businesses some companies caused by a surge in spending in travel; and strength in cloud-computing companies.Nothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the second episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more.For our second episode, Ser Jing shares an interesting point in the history of Taiwan Semiconductor Manufacturing, where its founder, Morris Chang, had massive capital expenditure plans that were opposed by its independent directors. Chin then shared his thoughts on why Reed Hastings, the co-founder of Netflix, is another example of “Morris”, in investing bravely for the long run when the world seems to be against him.We also touch on great books for new investors to learn about the craft of investing, and how our brains can automatically trip us up in our investment activities.Finally, Chin discusses software company ZoomInfo and how the CEO has used his deep understanding of the sales process to build a company that helps salesperson succeed, despite being a non-technical leader when it comes to building software. Nothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com

Welcome to the inaugural episode of The Better Podcast! We're your co-hosts CHIN Hui Leong and CHONG Ser Jing. In The Better Podcast, we want you to get better at this game called life, together with us. This podcast is designed to share what we've learnt about life, business, investing, and so much more. For our first episode, Ser Jing shares his lessons from Thinking in Systems (by Donella Meadows) and how it relates to fast-fashion startup Shein benefitting from having a superior supply chain setup. We also touch on Red Notice (the book, not the movie!) and the mind-blowing stories recounted by author Bill Browder. Finally, Chin discusses a fragile idea: the convergence between CRM SaaS companies (think Salesforce and Adobe) with digital payment providers (think Adyen and Block, the company formerly known as Square). Nothing on this show should be taken as investment advice. It is purely for informational and entertainment purposes only. All opinions expressed in this show by us and our guests are solely our own opinions. We and our guests may hold positions in the financial assets discussed in the show. These holdings are subject to change at any time.We value your feedback, so let us know your thoughts! Contact us at thebetterpodcaster@gmail.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thebetterpodcast.substack.com