Vietnam

“Today, the largest profit pool for Heineken is Mexico, which they bought through the market of FEMSA. The second most profitable market in the world for Heineken State is Vietnam, which they grew Greenfield that didn't even exist in their portfolio in 1994.”

“Places like the Philippines, Vietnam, Bangladesh, Mexico will gain as a result of that kind of second location as they scale back in China and scale up there.”

“Workers, Which in the U.S. Have not had a real increase per hour work since the mid-nineteen seventies, can you believe, where even dopey Europe has more than doubled, and China and Vietnam has more than ten-tupled, and so on.”

“If I were to turn the clock back on China, 3040 years ago, that's exactly where Vietnam is today.”

“About three quarters of the Vietnamese stock market, maybe a little less now, are state-owned enterprises, which again, we struggle with from a governance perspective. And then of the remaining balance in Vietnam, many of those have hit their foreign ownership…”

“For example, the largest exporter of Vietnam today is not shoes and t-shirts and it's actually Samsung. Samsung doesn't produce smartphones in China anymore. They do produce them in Korea, but the low and medium end phones are now produced out of Vietnam. The …”

“We own a company in Vietnam. It's an IT outsourcing company, and the company cannot hire enough developers to meet demand, so they're growing 25% a year because they can only train that many developers”

“So we have about 40% of our book in India, and it's the fact that ultimately we are looking for great companies that have long runways to really compound capital, and today India is a deeper market. There are more than 3000 listed companies, and so our ability…”

“It's firstly not even feasible today, for example, to make a t-shirt in China. The labor costs are just too high, but it is feasible to create a factory for garments or for washing machines in Bangladesh, in India, in Vietnam.”

“So I think for example, Andreas and Horowitz first investments in Norway was an antler company. White Combinator's first investment in Vietnam was an antler company.”

“If you are a twenty billion dollar endowment and need to write a five hundred million dollar check into that market, it's not possible.”

“We backed him day one when he launched his own fund, Composite Capital. Within two years, he had stopped investing in China and pivoted his portfolio hard towards Vietnam.”