With Per Brilioth of VNV Global, I discussed the history of the company, the current portfolio, and Babylon Health.
We discussed the following:
00:00 Introduction
01:31 The biggest mistakes
03:42 Portfolio evolution
05:09 2010’s portfolio
09:12 Divest oil
12:06 Relearning & unlearning
14:27 Going global
17:53 Building a global network
19:19 The change in the shareholder base
22:18 Investing as a listed company in private companies
25:45 Being an active shareholder
28:56 Insider ownership
30:30 Giving capital back to shareholders
32:36 Selling
33:50 Idea generation
36:19 Per’s assignments in other companies and his public visible investments
38:40 Idea selection
40:22 The importance of management
42:15 Character traits of “bad” management
42:37 Other sources to understand companies
43:47 The potential future of a company
45:45 The role of optionalities
46:34 Risk & reward
47:56 The current portfolio
50:37 A metaphor for the portfolio
54:48 The nextgen stars
56:14 Strong founders
57:12 the role of data
57:30 Established players in the portfolio – VOI
1:00:49 Babylon
1:02:29 Babylon’s leadership
1:03:58 Babylon in 3 – 5 years
1:05:33 Will VNV be a shareholder then?
1:06:02 New areas of investment for VNV
1:08:25 Climate & network effects
1:10:23 VNV in 5 years
1:12:14 Growth in VNV’s team
1:13:01 Long-term investing
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