Pyramids and Pagodas

Audio time-stamps: 00:53 Intro to Dan Rupp. 03:20 Identifying quality compounders in Asia. 09:58 Evaluating investments in Asian emerging markets vs developed markets. 13:24 How Parkway thinks about managing FX risk. 15:00 Risk management on the upside and downside at Parkway. 19:27 Risks and opportunities of having a large exposure to Mainland China and Hong Kong. 23:46 Parkway ca

Audio Stamps: 00:52 Intro to Scott Osheroff. 01:47 How Scott got started in Asia, what piqued his interest in this region and what attracted his focus to the Uzbek market. 04:10 Scott’s investment research and process leading to his fund’s outperformance. 10:04 Uzbekistan’s reform story, including the impetus for change and the progress made so far, and how the international

Audio Stamps: 00:52 Intro to Michael McGaughy. 01:59 How Michael got started in emerging market investing. 04:00 Michael’s research process (“People, Structure and Value”) leading to his fund’s outperformance. 10:31 Assessing family-owned businesses (Sinar Mas and Astra International) in emerging markets. 12:25 What makes investing in crisis markets attractive and how to go

Audio Stamps: 01:52 Business overview and model 07:02 Reserves and resource base + project pipeline 08:29 Overall financial performance 08:57 Revenue breakdown 11:23 Margin breakdown 13:33 Investments in associates/JVs 14:39 Balance sheet, profitability and short term liquidity 16:50 Macro tailwinds – global nickel and battery demand 20:26 Macro tailwinds – Indonesia’s EV hub

Audio Stamps: 00:50 Intro to Indonesia macro 03:41 History of Indonesia 07:05 The Joko presidency and resource nationalism 10:43 Indonesia's infrastructure thematic 13:08 GDP, currency, inflation and rates 15:58 Indonesia's business and labor environments, FDI and import/exports 20:27 Indonesia's position in the global nickel market and outlook 29:08 Accessing the Indon

Audio stamps: 00:57 Business overview and product offering 05:03 The business model 06:08 The revenue model 08:43 Historical financial performance 09:33 Macro drivers 13:00 PAX operating markets and PAX market share relative to competitors 14:23 Regional markets and case studies 18:18 APAC + India (country study) 22:50 (E)MEA + Egypt (country study) 27:10 LATAM 28:56 North America

Ep 2. Egypt's Rocky Road Ahead to Growth by Pyramids and Pagodas Additional resources: ⁠⁠Pyramids and Pagodas⁠ Disclaimer: This research/podcast is for informational, entertainment, educational, and/or study or research purposes only. The information contained herein or discussed does not, should not, and cannot be construed as or relied upon and, for all intents and pu

Ep 1. Alibaba – Trouble at Home and Chinese Tech in the Middle East by Pyramids and Pagodas Disclaimer: This research/podcast is for informational, entertainment, educational, and/or study or research purposes only. The information contained herein or discussed does not, should not, and cannot be construed as or relied upon and, for all intents and purposes, does not constitute