YouSaid · the spoken record

Sir Chris Hohn

lines on the record: 87
first: 2025-05-14
most recent: 2025-05-14
sittings or episodes: 1
sources: podcast

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“He doesn't think that now it's definitely not, and there are many paths to connect to it and you can connect consciously to it. Whether you go the long way, the short way, the easy way, the hard way through suffering, you eventually come to learn that the spiritual world is not just real, but it's the whole thing. And so. That's the only source of real purpose and meaning and joy, which the world needs. And I think that... If you crack that, then everything else is easy”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Go on a spiritual path. Go on a study and I would say the spiritual world is real. Soul as when I first mentioned this to my son. He said, Dad, the soul is a myth. He doesn't think that now.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I never really got involved in the S and the G, just the E. And so here I think it's a very dark thing that's going on where people are saying some people. In effect, burn down the planet as long as we can make money today. And we don't care about future generations. We don't care about poor people in poor countries dying off. We only care about our country. and making money as much money as we can today to hell with the consequences. Really back to what I was talking about this distinction between soul and personality that if it's a consciousness problem and actually we'll never solve any of these problems whether it's climate or poverty or war if there isn't a change in the level of consciousness.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Been trying to create infrastructure for the climate movement and regulation advocacy because nothing's going to be fixed if there isn't regulation. We fund that across the board and also technical assistance to governments who want to change but don't know how. Very active in Asia, where if you don't operate in India and China, that's where Vietnam and all these countries, that's where all the emissions are growing. Hax is another thing because if we're not advantaging through tax new technologies and we're subsidizing fossil fuels, which is what happens, we'll never change. And methane is another one. We're a funder of the methane hub and methane satellites and just many things, litigation, environmental litigation. We fund that. So in a sense, there's activism there.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“When you go to go out for dinner, you might pay $40 for a bottle of wine. You wouldn't think, oh, I could save someone's life with this. But that's the reality. And so the HIV AIDS we're very involved in as well.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a remarkably low return on investment, high return on investment. Yeah, there's almost nothing. Another area is severe acute malnutrition Where I funded the creation of a company and I buy product for... For $40 a case of therapeutic food. Think of it as a fortified power bar. You can save a child's life and there's 100 million children with severe or acute malnutrition. Nearly half of all child deaths under five. Neglected tropical diseases like trachoma. Fund coma surgeries where just it's not for $50 you can fund a surgery which stops someone going blind irreversibly. And there's millions of people with this. So with so little money, yeah, $10, $40, $50, you can save a life or stop something going blind. It's remarkably...”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“It is now one of the largest foundations in the world, right? We have about six and a half billion dollars in the foundation. I also do philanthropy outside of that. So between us we're giving away over $500 million a year. Main areas climate change and children's health in Africa and India. On the health side, we focus on Foundational issues. Contraception is one. We can't get development. Lifting people out of poverty if women are having far more children than they want. In Africa fertility is nearly seven. And in many cases, it's not affordable, they don't have access. An agency. Women don't have access or agency to contraception. And so for $10. Cost for avoided Pregnancy Can help a poor woman have one less pregnancy if she wants.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“It made me an independent thinker. You always grew up as an outsider. And you felt different. Gave me a work ethic. Desire to achieve something. And so I think that that was an important piece of my history.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not saying in one life they may need many lives and that may be a strange thing for you to hear to realize I don't believe this is the only time we're... We're here and eventually we'll learn that what we are can be As a result of some crisis in your life and death, disease In my case, the third Divorce And it's then that they look inward and ask, well, what is their life about? Is there a purpose? Is there a meaning? And for me, I could never find any purpose or meaning in my life except service. And that is clearly something you could say it comes from within. And so that's my origin of my philanthropy.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Because they're They identify with their personality and less with, consider that like a unit, a user interface of the soul. And the personality is basic. Urges desire. Positions glamour like power and money and other things like that. Sooner or later, people realize that that doesn't really give. Some would say happiness, but actually, there's more important things in the world in life than happiness, purpose and meaning.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“And will yep gave you in the same way you, Nikolai had a desire, a will, a will to do something more with your life than just make money. In the fundamental nature of that... The soul is service, desire to help ultimately humanity.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“When I was in New York working for a hedge fund one point after about three or four years Maid, I don't know two or three million dollars in the I'd done well and they said you're going to get a $10 million bonus. And I just, this is in intuition, said I don't want it. I want to just give it to charity and I created a US foundation and gave it to it. And I didn't really understand it What was driving me? 50 years. Meet with Bill Gates, doing a lot of charitable work with him over the years, and he would ask me, I couldn't answer the question. And eventually I did understand it better late than never as a sole urge that there's essence who we really are, what we really are isn't the personality or the physical body, but soul or consciousness and that some would call it life. That's something that gives us life. That”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“They also earn good money. And I think it's probably a positive thing, but I can't, you'd have to ask them. I can't say definitively. But I give away everything I earn. I don't really care about money, because other than its value in helping people.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, I give it to charities. A lot of philanthropy I have directly. Often I give it to the foundation or co invest with them. So yeah, one way or another, it goes to charity.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“And it becomes immediately obvious whether you know what you're doing, whether you share the philosophy. But also, it's not enough just to be a good investor. You have to want to work in a team. Not everybody wants that, and you have to be able to get on with people. In a way where you have to be open-minded to being wrong, you can't be too dogmatic because So, the personality does matter a lot.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Meet everybody Do you share the philosophy? What kind of questions do you ask me? Yeah, what makes a good business, all the things you talked about, we ask for a case study.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Good question. Firstly, my best people, you know, they would never stay. They don't want to, it would be too impersonal. There's a human aspect to work. Don't come to work. You know, the best people for money. They come to because they enjoy the environment. And so it's really important how we treat people, how everyone treats each other. Never hire someone without the blessing of my senior team. And because we could destroy the culture.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“We want so small, very small, and it's collegiate. We've known each other a long time and there's something. Which is an intangible trust.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Become an activist in this position. I filed a formal criminal complaint for fraud at the Munich Prosecutor's Office because they said if I wasn't public about it, it would be viewed as market manipulation. So we were transparent about it. And that created chaos, but it forced... Some action. Eventually, an investigation. And so because I didn't want to be... Like Bronte Capital, where it just ran and ran. And so at some point, it really became obvious and it became a confidence game. I think that People trust authority too much. Okay, that sounds a strange thing, but they trusted the German establishment You had a board with the great and the good and they weren't willing to believe the journalists. But it's...”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think to be a good investor, you need a certain independence of thought. Probably to be a good journalist as well. And that's why the funny thing is the fraud was there in plain sight. And I think... Learn to be an independent investor. And so we went to see the CO. Actually, I sent Two of my team to meet him and they came back incredulous at this like Pathetic demonstrations of technology and that they were shown. And interestingly, there was a potential catalyst, which was the report about their accounting. And in the end, they just said it's garbage. And then the stock went up a lot. So actually, I tried to take...”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's right. That's right. In fact, the chairman was a former CFO of Deutsche Boe But there was a bit of pattern recognition where I remember at Harvard Business School, an accounting course I took and there were red flags when you do this small auditor.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“The Financial Times came out with all these articles. Called the journalist good guy, and I said, You're writing all this stuff. It's all true. I said, no one will listen to you. He said, everything's true. We stand by every word and you could literally read it in the paper.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Unlimited downside. Yeah, and you have to fund the losses. This is what people don't realize you're going to be eventually right. So the first guy to short wire card 20 years ago was a guy from Bronte Capital. And the stock went up 20, 30 times and went to zero, but when that happened, he was interviewed by the media and they said, congratulations. You were right. But he said, no, I had to cover 19 years ago. I couldn't afford to fund those losses. And so you have to understand investor psychology. Very tough, and I had a dinner once with Warren Buffett, and he said he and Charlie looked at Shorty. Yeah, they studied it and they just said it was too hard because of that point of understanding investor psychology and the asymmetric risk and award. It's an exceptional thing, but we looked at Wirecard and all the accounting games and then...”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“He's a very long and complicated story. Yeah, no, but high level. Learned that shorting isn't a great business because you're going to be right. but not be able to hold it or fund the losses. But Wirecard Because if you”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“So I put it like this we act as onus. We always act as onus. What does that mean? We're interested, we're engaged, we think we have a right to appoint directors, a legal right to it, and so we take one thing we have learned is governance does matter.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Should you choose to, yeah. Yeah, I'd ask you that question, you would say, No, I don't enjoy fighting, it's just I had no choice. I was fighting for my life.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't really enjoy fighting people anymore. I never really did. It was something, we began with Deutsche Borser, and now really, I'd say... People call activism is really an exception to us. So it's like, why did we get involved in that zodiac? We were already a shareholder and something bad. Came out of the blue. It's like you walk home and someone attacks you to try to take your wallet and you fight back.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“But we were sued by the seller for a hundred million euros. Both me and my general counsel separately. She said, Chris, I'm not really sleeping much at night. You can afford it. I can't. And so yeah, I went into a Paris court. And it's not for the faint-hearted to do this.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Give you an example. A few years ago. We own shares in Saffran, where we still own them. We've held them for 13 years, and it's a great company, aircraft engines and a joint venture with G Aerospace. And they announced they were buying a company called Zodiac. We thought French Aerospace thought the price was ridiculous, 10 billion euros, and they wanted to pay in shares, and we thought we believe the shares were half price. So they were paying four or five times the intrinsic value. And we undertook a very aggressive campaign and threatened the litigation and demanded a vote. And in the end, the target was having multiple profit warnings, and it became clear that we were right. Saffran went to Zod And said we have to cut the price in half and pay in cash because TCI are forcing us. Okay. And that's what happened. The stocks doubled.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Or because you can't take the pressure? The business always wins. Okay, so Pointless being an activist in a B business. That said, we still engage in it in hardcore activism. We have an investment where we went on the board. Pushed out chairman and some directors and the company's doing much better now. But that's an exception. I'd say that was a result of a disastrous case in the company where we weren't on the board and they couldn't appoint a CEO. The board was divided and it was a real mess.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“But I realized I was playing bad businesses long ago like AB and Amro, putting up for sale. Through putting on the AGM an oat to sell the company. And we made a lot of money. We made a billion dollars forcing the sale of it. But in truth, the company was worthless, but was bought for a hundred billion from three companies who all went bankrupt, Royal Bank of Scotland, Fortis and Don Veneta. So they didn't know what they were doing. We didn't know what we were doing. And it was You know, a madness, it was a, but it made money. But for those who sold. But in truth, the fundamentals would trump everything. So a lot of activists end up being activists in bad businesses.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, although... No one thought like that when we started the fund, when we named it the Children's Investment Fund, we thought, how are we going to compete with Tiger and Viking and more aggressive named funds? But yeah, it is true. I've learned that actually activism, hardcore activism. Is not a great thing. Why not? It's very difficult to succeed because the vast preponderance of today's investor base are passive. Don't actually To get them to vote for something is very difficult. And all the power. And so active management is dying. And so When I saw you, there was very little indexation, and so there was a more engaged active sheller base, and now indexation Limited the power of shareholders.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a spectrum. And from full-blown hardcore removing boards and CEOs and demanding the sale of a company to... Call it soft activism, softer activism of trying to have relationship and dialogue with a company at a professional level and where you understand their mindset and their thinking of the business. and engage and that could mean many things. It doesn't I'd say today our relationships are very generally very constructive with companies.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“I was just starting out. He really is a great investor and he took me under his wing a little bit because I didn't know anything. And we had the same couple of same stocks. The energy group was one. And I didn't have the experience. To know and say you would probably say that knowing an intuition comes with experience. But yeah, and so yeah, I'm a fan of John's.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“People have to, we don't work like here's the difference I've been a stockpicker. So a lot of portfolio managers aren't portfolio managers, they're managers of managers. And they say people like that say to me there's only two truths, which is not the story that I hear, but the P&L and the stop-loss. Because they can't analyze the company themselves. So, no, we never take anything from anybody at face value and we work in a team. That's something we didn't mention earlier. But the... The point is just a story you have to focus on what matters. A spiritual teacher actually said something that applies to investing. He said, very few things matter, and most things matter don't matter at all Okay, so you could, and investing is actually similar. You need to get out of the noise and just focus on the handful of things that matter.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it was not in intuition. Much before the last five to ten years. That's been a change. But I think I always operated at an intuitive level. And it's not just stockpicking, but I decided to start my own fund. 21 years ago, I just had this intuition that I was in the wrong place and not doing what I was meant to do. And it wasn't about money or anything, but it's... Met my wife Kylie. You know, there's a point where you just know. It isn't an intellectual thing.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“All of it. Okay, all of it is someone trustworthy or not trustworthy and the patterns. Patterns are another thing. And so, you know, we don't do, we rarely short, but we were short wirecart.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's there's a word for it, knowing. Okay, it's all of the opposite of intellect. So of course we'll do analysis. But then... Um... It's a higher level of intelligence than just intellect”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Been defined as thinking without thinking. Which is the Buddhists would call a Koan, something that just doesn't make sense.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Was an interesting comment that makes you sometimes when people say a joke or something you wonder is it true. I was always willing to look at the company fundamentals and not try to guess the stock market. And focus on macro or trading. So I was always fundamental. Most investors are not fundamental. They trade actively. They look at data points. They say, what's the catalyst? They don't really know what the company does. So I think the fundamental approach has been key. Long-termism is key. Another thing we've done is concentration. We've owned a few things. We may have 10% type holdings, 10 stocks, 15 stocks we don't own 100 things. And I think another key point is intuition. We work with intuition, which is something that people find strange.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“It's your words. It's important to have humility. Someone I knew who took me aside once and he said, Chris. You and I he'd he did reasonably well. He said we weren't the best investors. We just took the most risk. So I just not true, actually. Yeah,”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“You're right. You're right. We can't tell the forecast the future. So to a high degree of accuracy, you can just say, which is why... You can, and the longer you look out, the harder it is. And so we look at more simpler tests sometimes. Will the business be around? Will we still fly aeroplanes in 30 years? Will we want airline travel? Will there be demand for it? And so once, you know, so I agree with you. So I think that... Valuation is just approximate. We can just say. In truth, with confidence, we have a good or great business. As I'm saying, only a small subset of businesses can be predicted Which are the most powerful ones, but exactly how they grow. You know, unexpected events, you're right, there's no certainty.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“But if I own an airport that is or a toll road, let's take a toll roads that are unregulated, which there are some that we own. I'm less likely to be wrong than if I own a retailer. My chances of being wrong are list because I have physical asset backing, substitution risk. The thesis is much more obvious because And so this concept of conviction. Is very important. One investor said to me, I have to be able to sleep at night. It has to be sufficiently obvious. But you always have, you know, sounds contradictory to saying that you can be wrong, because what kills you as an investor is permanent loss of capital.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I'm saying you need to have conviction when you invest in something at all times. And what does that mean? You could call it confidence. What does that word mean? Because as I'm saying, talk is cheap. You can say... And you can be wrong. And so one of my first investments when I worked in New York for a hedge fund before starting TCI was in an Italian media company and vain capital bought control. It was like a billion euro valuation. And it went to a 50 billion euro valuation and then went to zero. It was a yellow pages company. Say it, yeah. You remember it, and When I first invested, the internet didn't exist. And people thought yellow pages were a monopoly and they were. And so The point is you can be wrong, and certain industries, your risk of being wrong, are higher. Technology is one of those areas”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“What is that including not just value but conviction? So our philosophy Two components to it, if you like, intrinsic value. So the Still has to be At or at or below intrinsic value. But there's a second point which isn't Really focused on by many investors, which is Okay, so it's easy to”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“Let's just say it like this the very best businesses in the public markets. Believe are better than the top hundred companies, are better than the top hundred companies in private equity.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“I happen to think that large companies More likely to beat small companies in an industry. They have more money to compete. And in R&D, yep, and the scale we talked earlier about scale being key and incumbency being key and switching costs. Think it's a small company that invents something new Talked about Zoom, it can be crushed by a large company reasonably easily. They can copy. And large companies. Usually too big for private equity. Private equity can't buy a visa It's too big for them. So that size excludes private equity from large companies. And And if a public company is selling something to private equity, usually they're not selling their best businesses. And I'd say private equity, like all asset management, Is prone to. The principal agency problem where they incentivize to gather assets.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“It's secondary over a long, well, I say, let's just say it like this, the multiple. A point whether you buy it at It's growing, it's all maths. Yep, you've got to look at the growth rate, the terminal multiple, all the multiple things. But if it's increasing intrinsic value at a good rate, Will undervalue it if you look at it over a short horizon. Yep, I can be saying it like that. And if you're willing to hold it for a long term and extract that intrinsic value growth, it'll be worth more to you than other people.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“And the multiple, here's the thing about the multiples they matter less. Then the growth, when you look at it over a longer period, but most investors are unwilling or unable to invest on a long-term time horizon because either they don't know what they're doing, which interestingly... Goes back to what War. They think it's risky, which goes back to what Warren Buffett was when he was asked what the definition of risk was. Know what he said? Not knowing what you're doing.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source
“But then I sold it. I doubled. I doubled my money. I went from 10 times earnings to 20 and I sold it at $100, bought it to $50, sold it at $100. I thought I was clever. But the onions kept compounding. I bought it back at $150, and now it's recently $500 now $400. So But it's, and because actually. The intrinsic value compounding matters more than the stock price. If you have a great company, it will grow intrinsic value.”
2025-05-14 · In Good Company with Nicolai Tangen · Sir Chris Hohn: Strategic Investing, Long-Term Value and Purposeful Philanthropy · IDENTIFIED FROM THE TRANSCRIPT · source