Sid Choraria shared his perspective with fellow members during a Q&A session at our special event, Intelligent Investing in Crisis Mode 2020.
Sid focused on value investing in Asia and addressed several topics:
- Process for investing in Asia
- Assessment of the COVID-19 crisis and sell-off
- View of each market: China, India, Japan, South Asia, Australia
- Investment opportunities in selected Asian markets
- Areas of each Asian market investors should avoid
- Key takeaway for investors in the current environment
Sid highlighted several ideas, including ITC Limited (India: ITC), Nesco (India: NESCO), Nintendo (Japan: 7974), Keyence (Japan: 6861), Ryohin Keikaku (Japan: 7453), Ottogi (Korea: 007310), and Bank Mandiri (Indonesia: BMRI).
Replay this session (recorded on March 26, 2020):
About the instructor:
Sid Choraria is a private investor focused on wonderful businesses at wonderful prices in Asian markets including India, China, Japan, Australia and ASEAN. Asian markets are inefficient and less competitive relative to developed markets and provide a rich (and growing) fertile fishing ground for global value investors.
In 2013, Sid gained the attention of Warren Buffett with a letter and investment writeup on a 125-year old wide moat Japanese company that was not actively covered with reinvestment growth opportunity, high returns on capital, a unique culture and a wonderful price. His letter elicited a rare response from Mr. Buffett, recognizing the writeup and encouraging Sid to “keep his eyes open!” for great businesses in Asia. Since the letter, the stock rose nearly 4x including dividends significantly outperforming US and Asian indices.
His research contributions have been publicly cited in international financial media including CNBC, The Wall Street Journal, Bloomberg, Business Insider, Goldman Sachs Alumni Network, Forbes, Sydney Morning Herald, Australian Financial Review and The Manual of Ideas.
His work has been recognized and judged by over 70 independent fund managers and allocators as a repeat winner or finalist in multiple global research awards. In 2015, Sid was the recipient of the Best Analyst Excellence Award by SumZero from a pool of over 13,000 analysts and fund managers globally. In 2014, he won the Best Global Short Award from Factset. In 2014, he was a Semi-Finalist in the Ira Sohn Conference Idea Contest. In 2013, he was a Finalist in the Value Investing Congress competition which appeared in the WSJ.
Sid has been invited to speak on value investing in Asian at leading universities, companies and conferences including Intel, Princeton, Harvard, Columbia, Stanford, Wharton, Brown, USC, NYU Stern, Government of Investment Corp (GIC) Singapore, Value Spain and Alpha Ideas India.
In his past roles, he served in senior investment roles in Asia, including Portfolio Manager and Head of Asia Research for a global value firm with $4bn AUM, where he helped with the launch of the Singapore office in 2017. He also served as Portfolio Manager and Vice President at an Asian long/short hedge fund with $3bn AUM. Previously, Sid worked at Goldman Sachs and Merrill Lynch investment banking in Asia.
He received his MBA from New York University Stern School in 2011 and was a Harvey Beker Scholarship recipient holder. During his MBA, Sid worked at Bandera Partners under Jeff Gramm, Founder of Bandera Partners, Author of “Dear Chairman” and Value Investing Professor at Columbia Business School.
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