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Value Investing Gathering - A New Investing Framework: It’s All About Unit Economics & Reinvestment Returns [Full] Event Code: 180807G1
Date 07-Aug-2018
Time 7:00 p.m. - 8:30 p.m.
Venue 14/F, BOC Group Life Assurance Tower, 136 Des Voeux Road Central, Hong Kong
Speaker(s) Mr. Fred Liu, CFA
Managing Partner
Hayden Capital
Fee HKSFA Member(s) at HK$150.0/person
CFA Candidate(s) at HK$150.0/person
Guest(s) and Non-member(s) at HK$300.0/person
This seminar is qualified for 1 CPT hour(s), 1 CE hour(s), 0 RBV CPD hour(s)
Remarks
  • Snacks and soft drinks will be provided. 
  • Only Visa and Master Card are accepted for online payment.
  • Language: English
 

Event Details Add to Calendar
 
HKSFA is honoured to have the presence of Mr. Fred Liu, CFA, Managing Partner of Hayden Capital to share his expertise at our Value Investing Gathering.

Hayden Capital, as long-term investors, they are aiming to take a 10+ year view with every investment that they make.  Over such a long investment period, the key drivers for stock performance are Sales & Earnings Growth (i.e. fundamental business performance factors), rather than traditional metrics other investment styles may focus on, such as “multiple expansion, asset values, or catalysts.  

In particular, their investment process focuses on the two key drivers of earnings power growth: 
1) How quickly the business is reinvesting its cash flows?  and 
2) What rates of return it is able to earn on those investment projects? 

In order to adequately assess these variables, investors will need to go beyond simply looking at the public financial statements… they’ll need to collect data from government databases, use web-scrapping tools, talk with suppliers and industry experts, and look at case studies from similar businesses around the world.

During this presentation, Mr. Fred Liu will walk through this framework, and show how they approach this process at Hayden.  He will also share a few examples of previous investments, and the types of analysis they did to gain comfort in the business’ growth trajectory.


 
About the Speaker

Mr. Fred Liu, CFA
Managing Partner
Hayden Capital

Hayden Capital is a value-oriented investment firm that follows a research-intensive, concentrated strategy.  The firm seeks to invest in market-leading companies, with durable competitive advantages, and incentivized management teams. For more information about Hayden Capital’s investment process, members may also visit their website (www.haydencapital.com/investor-letters/), where all their investment letters and previous publications are public.

Mr. Fred Liu is Hayden Capital’s founder and portfolio manager.  He holds a B.S. in finance and international business from the Leonard N. Stern School of Business at New York University, and also the Chartered Financial Analyst (CFA) designation.  Prior to founding Hayden Capital, Fred was a research analyst at New Street Research responsible for covering the cable and satellite industries.  Before this, he was the industrials analyst on J.P. Morgan’s Small Cap Equity fund, a five-star Morningstar ranked strategy that invested in securities under $2 Billion in market cap.

Fred purchased his first stock at the age of 11, and has been an avid value investor ever since.  He currently resides in New York City.



Rating - General
Material presented will be basic and of interest to a general audience having no background in the area.