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Yen Liow

12 statements across 1 episodes · 3 bullish · 2 bearish · 1 people on the record · first statement Apr 12, 2021 by Yen Liow · said 2 times in 1 episodes since 2022 · across every show →

On the record as a speaker too: Yen Liow's record, appearances and statements → this page counts the times other people say the name.

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brought up most by Paul Enright (2)

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2022 2 mentions in 1 episode

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Everything said about Yen Liow, oldest first

Apr 12, 2021
Disclosure
Liow: Aravt Global exclusively targets monopolies with 20-30% earnings growth
“So what we've landed on in Compounders actually is a version of exclusively focusing on monopolies and oligopolies, finding growth rates of earnings power that is in the twenties to thirties, multiples of the underlying market, And then finding them with reaso…”
Yen Liow Apr 12, 2021 ▶ 15:54 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021 positive
Disclosure
Liow: Aravt uses scaling management fees and a hard hurdle with no catch-up
“And so I believe, and that's what we've done too, is a scaling management fee, a fixed hurdle, right? Hard hurdle, no catch up, and then a fixed component of the carry above it.”
Yen Liow Apr 12, 2021 ▶ 52:49 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021
Insight
Liow: Three distinct frameworks drive right-tail equity returns
“So the three are built up of one is compounders at large. There's lots of different variants in there dependent upon the growth rates and evaluation paradigms. The second is called secular within cyclical. It's a commodity framework where there's a demand shoc…”
Yen Liow Apr 12, 2021 ▶ 14:25 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021 positive
Insight
Liow: Secular-within-cyclical setups create 10-baggers via multiple and earnings growth
“You have an entire demand shock shift in the demand curve. Into a fixed or delayed supply response. So what happens is you have a lower quality industry and margins explode and stay high for multiple years. And that drives a rerating from usually a mid single …”
Yen Liow Apr 12, 2021 ▶ 18:32 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021
Disclosure
Liow made his first $100M shorting the dot-com bust
“Actually the first hundred million dollars I made was on the short side. This was coming out of the dot-com bust.”
Yen Liow Apr 12, 2021 ▶ 9:25 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021 negative
Disclosure
Liow: Launching Aravt Global in a conventional Tiger construct was a mistake
“Authenticity, I made a huge mistake when I started R of Art Global in that I was failing conventionally. I went into a classic tiger construct, and it's terrifying being fully authentic.”
Yen Liow Apr 12, 2021 ▶ 1:16:43 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021
Assertion Not checkable as stated
Liow: Ziff Brothers' early team had no public market experience
“So I started there in the summer of 2000, and there was about six of us inside there. And interestingly enough, they love training from the bottom up. So not one of us, including the portfolio manager Ian McKinnon had professional Public market experience at t…”
Yen Liow Apr 12, 2021 ▶ 7:35 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021 positive
Insight
Liow: Valuation multiples matter little for 10-year equity returns
“In the short term, multiple is a very large driver. By the time year three through five, it's almost exclusively earnings power that's driving total return, and by year 10, multiple almost has nothing to do with it.”
Yen Liow Apr 12, 2021 ▶ 15:44 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021 bearish
Insight
Liow: Hedge funds love turnaround plays, but they resist risk management
“The quality transition is usually got some M&A component to this. By the way, hedge funds love this. Why? Because it's highly idiosyncratic. It's a But it's very, very low prediction environment, and what I mean by that is there's lots of variables to get this…”
Yen Liow Apr 12, 2021 ▶ 19:45 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021
Assertion Supported
Liow: Only 3% of $1B+ stocks compound at 20%+ over rolling decades
“And what I found is about 14% of securities above a billion dollars in market cap could do it. This was in the prior 26 years. And only three percent of securities could do it for 10 year rolling periods.”
Yen Liow Apr 12, 2021 ▶ 13:36 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021
Insight
Liow: Four edges in investing are informational, analytical, behavioral, structural
“So the pursuit of compounded returns over long periods of time, the four edges were informational, analytical, behavioral, and then structural.”
Yen Liow Apr 12, 2021 ▶ 9:41 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
Apr 12, 2021
Disclosure
Aravt Global bought only one stock over a 17-month period in 2017
“So in 2017, spanning 2017, we had enormous performance, but we bought one stock for 17 months.”
Yen Liow Apr 12, 2021 ▶ 21:29 Yen Liow - The Quest for the Right Tail at Aravt Global (Capital Allocators, EP.188)
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