Tag: Vietnam stocks
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2025 Summary
The overall investment portfolio achieved 19% VND return in 2025, significantly lagging the 41% return of the VNIndex for the year. It is, though, important to note that (almost) all returns of the Index was from the 5-6x market cap growth of the country’s largest conglomerate Vingroup and its related entities. As such, market index…
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10. Short-term Volatility, Long-term Opportunity
These past few weeks have been a whirlwind to most investors. The tariff war initiated by the US has caused extreme volatility in the financial markets across all fronts – equities, bonds, rates, currencies, etc. The recent downturn, however, is nothing we have not witnessed before. In a not-so-distant past of just about 5 years…
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7. Vietnam’s middle-class rising, is it really? / Investing as a new survival skill
Among the investment and business community, the most common thesis on Vietnam, a tale as old as time, is its rapidly expanding middle-class. This narrative appears in everyday pitch materials, investment proposals, brokers’ recommendations and media. It is repeated over and over, and for long enough that most people now just take it as-is and…
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5. Analyzing company’s managers / Capital allocation for CEOs
For most, the process of assessing how capable a company’s CEO / management team is mostly qualitative – look at the their profile and background (education, previous workplace, past projects), ask a couple of smart questions and see if you like their responses. I used to follow the same approach of “due diligence” until I…
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4. Portfolio Review / Risk / Why Vietnam
Vietnam’s market has had some challenging years recently. When global spending began to normalize from late 2022 / early 2023 after a period of strong recovery post-COVID, retailers in Vietnam’s key export markets such as US and EU, seeing their inventories piling up, put a hard pause on buying. Vietnam’s exports slumped as a result.…
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2. My Revelation / Current Investment Framework
A sad revelation I had arrived at is that all the things we learned about investing in school such as Modern Portfolio Theory or Market Efficiency are not at all applicable in practice. One of the key assertions to these theories, that all investors are rational or logical, is simply never true. On top of…
The Espresso Investor 