China observations | Peter Lampert | EP02
This episode features the investment insights of Peter Lampert, Mawer Emerging Markets Equity and International Equity portfolio manager, from his research trip to China.
In our discussion, Peter talks about:
- why Mawer’s Research team travels extensively
- the progression of manufacturing and the internet sectors in China
- the leapfrog impact of mobile technology, and
- scale benefits of China’s economic engine.
A transcript of this episode is available below, modified for a more enjoyable reading experience. For more posts exploring the ideas we talk about in the episode, check out our Related Reads links.
- Guest Speakers
1:20 – Mawer overall investment thesis for travel and why China now.
3:44 – Peter’s research trip preparation. Combing top down insights with those at the company level.
4:45 – Understanding the environment in which the Chinese companies operate. Benefits of the regulatory environment and the government’s push to accelerate technological advancements.
7:38 – Peter’s management meeting prep.
8:42 – Trip insights on two big areas: internet and manufacturing sectors
10:23 – internet sector:
- leapfrog effect
- growth potential
- biggest risks – valuations
16:05 – manufacturing sector:
- is overcapacity an issue?
- Companies with positions of strength
- Avoiding the losers
- How competitive on a global basis is China?
20:13 – China as an investment destination:
- how Chinese companies can meet our investment philosophy criteria
- opportunities and risks
24:10 – Assessing Chinese management teams’ understanding of shareholder value.
26:23 – How Mawer ties the investment insights from travelling into investment decisions.
27:44 – Rapid Fire Round: get to know Peter Lampert a bit better (bonus: Peter’s approach to selecting a winning NHL fantasy league team!)
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