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!)