🗣️ Investor Talk #1: Eugene Ng

Founder - Vision Capital Fund

Welcome to Investor Talk — where we interview successful investors to uncover their journeys, strategies, and the lessons they've learned. Get inspired by real stories and gain valuable insights to sharpen your own investment approach.

Every interview follows the same set of sharp, insightful questions — such as “What is your investment strategy?”, “What are your highest conviction stocks?”, and “What’s the biggest investment mistake you’ve made?”

In this edition, we have the pleasure of interviewing:

Name: Eugene Ng @EugeneNg_VCap
Age: 39
Residence: Singapore
Invests since: March 2017

𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻
I was born in Singapore and studied Economics & Finance. I started my career with Citi in 2008 as a Management Associate, working across credit card payments, insurance, and FX for 3 years. Then, I joined JP Morgan, where I spent 8 years specializing in FX advisory sales to corporate clients.

𝗛𝗼𝘄 𝗱𝗶𝗱 𝘆𝗼𝘂 𝗯𝗲𝗰𝗮𝗺𝗲 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝗶𝗻 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴?
I had always been interested in stock market investing, but I struggled to find my edge. A life-altering accident almost 10 years ago made me reevaluate my priorities and inspired me to learn and master investing. Initially, I focused on value investing but quickly shifted to growth investing when I realized the importance of strong profit margins and fast growth for long-term returns. It took time, but in early 2017, I developed a framework and philosophy that guided my investments. In 2020, I wrote a book called 'Vision Investing: How We Beat Wall Street & You Can, Too!' which outlined a data-backed approach to achieve long-term outperformance. As an individual investor, I founded Vision Capital to manage my own capital professionally, serving as a living example of the new philosophy of Vision Investing. Everything I do and share is a reflection of that.

𝗪𝗵𝗮𝘁 𝗶𝘀 𝘆𝗼𝘂𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆?
At Vision Investing, our focus is on investing in top dog and disruptive companies that introduce innovative solutions to their industries. We target businesses that have the potential to become monopolies or oligopolies and prefer those led and owned by founders.

Our investment decisions are guided by the presence of large total addressable markets, long-term structural and secular tailwinds, strong competitive advantages (especially network effects), scalable business models with solid unit economics, recurring and growing revenues, improving profitability, ample reinvestment opportunities, and financial strength. We prioritize companies that demonstrate durability and endurance while making a positive impact and shaping the world.

𝗛𝗼𝘄 𝗺𝗮𝗻𝘆 𝘀𝘁𝗼𝗰𝗸𝘀 𝗮𝗿𝗲 𝗰𝘂𝗿𝗿𝗲𝗻𝘁𝗹𝘆 𝗵𝗲𝗹𝗱 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼?
Our portfolio consists of 60 stocks, with the top 25 and 35 positions accounting for around 80% and 90% of the portfolio, respectively. These positions primarily consist of highly successful long-term investments, resulting in a skewed distribution that is expected to become even more concentrated over time.

𝗪𝗵𝗶𝗰𝗵 𝘀𝗲𝗰𝘁𝗼𝗿𝘀 𝗱𝗼 𝘆𝗼𝘂 𝗺𝗮𝗶𝗻𝗹𝘆 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻?
The broad aching theme is technology, but currently in Payments, E-commerce and Software/SaaS.

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘁𝗵𝗲 𝟯 𝘀𝘁𝗼𝗰𝗸𝘀 𝘆𝗼𝘂 𝗵𝗲𝗹𝗱 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗹𝗼𝗻𝗴𝗲𝘀𝘁 𝗽𝗲𝗿𝗶𝗼𝗱 𝗼𝗳 𝘁𝗶𝗺𝗲?
$META - Meta
$GOOGL - Alphabet
$V - Visa

𝗪𝗵𝗶𝗰𝗵 𝘀𝘁𝗼𝗰𝗸 𝗵𝗮𝘀 𝘁𝗵𝗲 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝗿𝗲𝘁𝘂𝗿𝗻?
$NVDA - Nvidia

𝗪𝗵𝗮𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗺𝗶𝘀𝘁𝗮𝗸𝗲 𝘆𝗼𝘂 𝗵𝗮𝘃𝗲 𝗺𝗮𝗱𝗲?
Wirecard. I chose to focus on the strong financial metrics and underweight the red flags which became evident after the first FT article, and upon revisiting, I exited immediately. I took a significant loss of >30%, but avoided a complete 100% loss later on.

𝗠𝘆 𝗳𝗮𝘃𝗼𝗿𝗶𝘁𝗲𝘀
Favorite book: The Almanack of Naval Ravikant

Favorite podcast: Founders Podcast by David Sentra

Favorite quote: "𝐼𝑛𝑣𝑒𝑠𝑡 𝑖𝑛 𝑐𝑜𝑚𝑝𝑎𝑛𝑖𝑒𝑠 𝑡ℎ𝑎𝑡 𝑟𝑒𝑓𝑙𝑒𝑐𝑡 𝑜𝑢𝑟 𝑏𝑒𝑠𝑡 𝑣𝑖𝑠𝑖𝑜𝑛 𝑓𝑜𝑟 𝑜𝑢r 𝑓𝑢𝑡𝑢𝑟𝑒, 𝑐ℎ𝑎𝑛𝑔𝑖𝑛𝑔 𝑎𝑛𝑑 𝑠ℎ𝑎𝑝𝑖𝑛𝑔 𝑡ℎ𝑒 𝑤𝑜𝑟𝑙𝑑 𝑓𝑜𝑟 𝑡ℎ𝑒 𝑏𝑒𝑡𝑡𝑒𝑟." - 𝐸𝑢𝑔𝑒𝑛𝑒 𝑁𝑔

"𝐹𝑖𝑛𝑑 𝑒𝑥𝑐𝑒𝑙𝑙𝑒𝑛𝑐𝑒, 𝑏𝑢𝑦 𝑒𝑥𝑐𝑒𝑙𝑙𝑒𝑛𝑐𝑒, ℎ𝑜𝑙𝑑 𝑒𝑥𝑐𝑒𝑙𝑙𝑒𝑛𝑐𝑒, 𝑎𝑑𝑑 𝑡𝑜 𝑒𝑥𝑐𝑒𝑙𝑙𝑒𝑛𝑐𝑒, 𝑠𝑒𝑙𝑙 𝑚𝑒𝑑𝑖𝑜𝑐𝑟𝑖𝑡𝑦, 𝑡ℎ𝑎𝑡’𝑠 ℎ𝑜𝑤 𝐼 𝑖𝑛𝑣𝑒𝑠𝑡." - 𝐷𝑎𝑣𝑖𝑑 𝐺𝑎𝑟𝑑𝑛𝑒𝑟 - 𝐹𝑜𝑢𝑛𝑑𝑒𝑟 𝑇ℎ𝑒 𝑀𝑜𝑡𝑙𝑒𝑦 𝐹𝑜𝑜𝑙

Favorite FinTwit account: @IrnestKaplan. Highly thoughtful, genuine, yet critical, and open to changing his thinking.

𝗪𝗵𝗲𝗿𝗲 𝗰𝗮𝗻 𝘄𝗲 𝗳𝗶𝗻𝗱 𝗺𝗼𝗿𝗲 𝗶𝗻𝗳𝗼 𝗮𝗯𝗼𝘂𝘁 𝘆𝗼𝘂?
visioncapital.group

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