Enjoy the wisdom, insights, and ideas of selected thought leaders:

Jon Bathgate on the Key Players and Trends in the Semiconductor Industry

We had the pleasure of speaking with Jon Bathgate of NZS Capital about the competitive landscape of the semiconductor industry.

Marc Rubinstein on Warren Buffett and the Allure of Permanent Capital

We had the pleasure of speaking with fellow member and former hedge fund manager Marc Rubinstein, author of Net Interest.

Chris Mittleman on Aimia as a Long-Term Vehicle for Value Investing

In this interview, Chris discusses his investment approach; the past, present, and future of Aimia; Clear Media; AMA Group; and much more.

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Asian Investing Summit

This 8th annual online conference brought together great minds from the MOI Global network of intelligent investors.

Members enjoy complimentary and exclusive access.

The Manual of Ideas

MOI Global’s flagship member publication features exclusive content, including thought leader interviews and in-depth idea theses.

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Member-Only Podcasts

We are delighted to launch member-only podcasts, enabling you to listen to exclusive MOI Global audio content in your favorite podcast player.

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MOI Global en Español

We are proud to have built an active and engaged Spanish-speaking community of intelligent investors in Spain, Mexico, and beyond.

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Best Ideas 2021

Discover Great Instructors and Great Ideas

Latticework New York 2021

In the fall of 2021, members will meet at the Yale Club for the fifth annual Latticework. The summit explores the topic of mental models in a changing world. It has been lauded as a uniquely impactful forum of the best minds from the MOI Global community.

Speakers have included Charles de Vaulx, Tom Gayner, Howard Marks, Mohnish Pabrai, Chamath Palihapitiya, Tom Russo, Murray Stahl, Will Thorndike, Arnold Van Den Berg, and Ed Wachenheim.

Replay selected past sessions.

The Frankfurt Conversation 2021

In November 2021, invited members of MOI Global will meet in Frankfurt, Germany, for a day of wisdom and idea sharing.

The Frankfurt Conversation will address selected topics related to intelligent investing in Europe and beyond.

In the past, invited members engaged with European superinvestors Daniel Gladis, Dr. Hendrik Leber, Guy Spier, and others.

Replay selected past sessions.

Ideaweek 2022

Ideaweek brings together inquisitive minds to explore ideas of consequence in investing, business, and life.

In February 2022, invited members of the MOI Global community will meet in St. Moritz, Switzerland for a week of skiing, discussion, and friendship. The fourth annual Ideaweek is a showcase of ideas, a platform for great conversations, and an opportunity to catalyze relationships with like-minded individuals.

Read impressions from the last edition.

The Zurich Project 2022

In June 2022, a select group of fund managers and founders will come together for the fifth edition of this invitation-only forum in beautiful Switzerland. Investors building firms for the long term share experiences, best practices, and ideas in an intimate private setting, far from the demands of day-to-day business.

The Zurich Project has received acclaim for its unique culture of respect, camaraderie, and honesty.

See a few impressions.

Jon Bathgate on the Key Players and Trends in the Semiconductor Industry

May 12, 2021 in Asia, Audio, Equities, Featured, Gain Industry Insights Podcast, Ideas, Industry Primers, Information Technology, Interviews, Member Podcasts, North America

We had the pleasure of speaking with Jon Bathgate, an investor at NZS Capital, about the semiconductor industry.

In the wide-ranging conversation, Jon discusses the competitive landscape in semiconductors — major players, business models, value chains, profit pools — as well as the U.S. versus China debate, the Taiwan factor, and much more.

Companies mentioned include ASML Holding (US: ASML), Cadence Design Systems (US: CDNS), Lam Research (US: LRCX), Microchip Technology (US: MCHP), NVIDIA (US: NVDA), Synopsys (US: SNPS), Taiwan Semiconductor Manufacturing (US: TSM), Texas Instruments (US: TXN), and others.

Jon and his colleagues have done extensive work on semiconductors and have been active investors in the sector for quite some time. In 2020, they published a thought-provoking white paper, How a handful of chip companies came to control the fate of the world, and released an accompanying podcast episode.

Listen to the conversation (recorded on April 29, 2021):

audio white paper philosophy

A transcript will be shared with members soon.

This conversation is available as an episode of Gain Industry Insights, a member podcast of MOI Global. (Learn how to access member podcasts.)

Jon Bathgate is an investor at NZS Capital, LLC. Jon was most recently a research analyst and co-head of the technology sector team at Janus Henderson in Denver. Jon began his investing career at Janus Henderson in 2008, and has a Bachelor of Arts in Mathematics from Boston College. Jon is a CFA® Charterholder.

The NZS Capital team believes that the economy and the stock market are best understood as biological systems: specifically, complex adaptive systems. Complex systems have unpredictable outcomes; therefore, NZS focuses on companies that are adaptable, long-term focused, innovative, possess long-duration growth, and maximize non-zero-sum outcomes. For more, read the NZS whitepaper, Complexity Investing, published in 2014.

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