ตำราเรียนชีวิตของดร.นิเวศน์ : The kase study EP.01
Short Summary:
This podcast episode features Dr. Niwes, a prominent figure in the Thai value investing (VI) community, discussing his life's journey and the lessons learned that shaped his investment philosophy. The key concept explored is the transition from being a "fighter" (actively pursuing opportunities) to a "picker" (selectively choosing high-quality investments). This transition is illustrated through Dr. Niwes's experiences, including early writings on "winners' games" vs. "losers' games," his translation of "Think Big," and his eventual success as a value investor. The episode highlights the importance of strategic planning, thorough research, and understanding market dynamics, particularly through the lens of competitive strategy and behavioral finance. The application of these principles extends beyond investing, impacting decision-making in various aspects of life, including career choices and personal relationships. The podcast details Dr. Niwes's meticulous research process and his shift in investment strategy over time, from focusing on export-oriented businesses to value investing in established companies.
Detailed Summary:
The podcast is structured around Dr. Niwes's life journey and the books that influenced his philosophy, categorized into "fighter" and "picker" phases.
Section 1: Introduction and the "Losers' Game" Concept: The host introduces Dr. Niwes and expresses his admiration. They discuss the changing landscape of the VI world and the value of learning from experienced role models for long-term success. Dr. Niwes introduces his early article, inspired by a foreign publication, differentiating between "winners' games" (requiring high skill and activity) and "losers' games" (where long-term success comes from avoiding mistakes and preserving capital). The tennis analogy is used to illustrate this concept. Dr. Niwes emphasizes analyzing whether a situation is a winners' or losers' game before acting.
Section 2: Early Experiences and "Think Big": The conversation shifts to Dr. Niwes's early writing experiences, starting from his time in high school where he wrote about preparing for a potential communist invasion of Thailand. This highlights his early analytical skills and focus on big-picture thinking. The discussion then moves to his translation of "Think Big," explaining his motivation and the impact it had on his mindset, particularly in the context of sales and MLM businesses. Dr. Niwes emphasizes the importance of thinking big for achieving significant success.
Section 3: The Transition to Value Investing and "Investing is a Business": Dr. Niwes describes his transition from a "fighter" to a "picker" at age 44, marked by job loss and a forced shift to investing. His book, "ตีแตก," is introduced as a product of this period, emphasizing value investing as a business where one buys a share of a successful company at a fair price. This section details his shift in investment focus from short-term trading to long-term value investing.
Section 4: Competitive Strategy and Behavioral Finance: The discussion expands on the books that influenced Dr. Niwes's investment strategy, including works on competitive strategy (e.g., "Marketing Warfare," "Positioning") and behavioral finance. He explains how understanding competitive dynamics and human psychology is crucial for successful investing. The concept of "Battle of Stalingrad" is used as a metaphor for competitive situations, highlighting the importance of strategic positioning and resource management. The discussion also touches upon the concept of "selfish genes" and its application to understanding human behavior, including in business and politics.
Section 5: Lessons Learned and Future Outlook: Dr. Niwes reflects on his past failures and successes, emphasizing the importance of strategic planning and adaptability. He shares his approach to raising his children, focusing on guiding them towards their own passions rather than imposing his own career path. The discussion concludes with Dr. Niwes's current investment strategy, which involves a diversified portfolio including Thai and global stocks, and his ongoing commitment to learning and adapting to market changes. He emphasizes the importance of focusing on the big picture and understanding market dynamics rather than short-term fluctuations. The podcast ends with a discussion of the advantages of living and investing in Thailand.
The entire podcast uses numerous anecdotes and examples from Dr. Niwes's life and career to illustrate his key points, making it a rich and insightful exploration of his investment philosophy and life lessons.