Yen Liow – The Game Within The Game

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In their recent episode of the VALUE: After Hours Podcast, Jake Taylor, Bill Brewster, and Tobias Carlisle discussed Yen Liow – The Game Within The Game. Here’s an excerpt from the episode:

Tobias: There’s a question here about– I saw Scotty Jackson had one about Yen Liao. Someone had suggested to me that I go and do some research on Yen a little while ago and then linked up to his presentation to the Ian Cassel’s MicroCapClub, it’s a really great presentation. It’s worth having a look at. He’s an Aussie. He’s lived in New York for a long time now. I think 20 years or something like that, and he runs a firm called ARAVT Capital. A-R-A-V-T, something like that.

Jake: The game within the game.

Tobias: Yeah. The presentation is called the game within the game. Absolutely fascinating presentation, because he’s got an interesting approach to that micro-cap where they’re still doing the testing to see if the product market fit to the point where they’re in the replication stage. So, they got the business model right and they’re building that.

That’s what their bread and butter is, they’re trying to find those firms that have that rapid period of growth where they’re just replicating and then they’re looking for things that aren’t particularly cyclical so that where there’s the volatilities in the price rather than in the business results. So, if they see lots of volatility in the price, they can take advantage of it knowing that the volatility won’t be in the business results. They’ve got some great returns. It’s a very interesting presentation. It’s worth checking out. I tweeted it out yesterday and I think you can also find it on MicroCapClub YouTube channel. Are you familiar with Yen?– Either of you guys are familiar with Yen?

Bill: I’ve heard fantastic things about him. I reached out to him to do a pod, and he said he’s all talked out, which I can understand.

Tobias: [laughs]

Jake: [laughs] Mouth taping will fix that.

Bill: Yeah, He’s like, “I don’t know. I shared everything I got for this year.” So, that makes sense to me, man. When you’re ready to share again, let’s chat.

Tobias: Yeah. He did [unintelligible [00:50:49] as well. I think, I haven’t seen that one yet, but have a good–

Bill: Yeah. Everyone that I know that has talked about him says that when he’s talking about compounders and the way that he analyzes longs, it would behoove people to listen.

Tobias: Yeah, Ian says he does a very deep dive.

Bill: Shoutout to Ian. Shoutout to Scotty. 2 of the 10. Bill Miller’s, the third. Who else is out there?

Tobias: [laughs] There’s a lot of guys.

Bill: I wonder if the Buff dawg listening. What’s up Buff dawg?

Tobias: He probably waits until it comes out on audio.

Bill: Yeah, that’s right. He’s deferring the cookie, of course.

Jake: Marshmallow, yeah.

Bill: That too.

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