This video features Michael Li discussing career pathways in finance, focusing on investment analysis and business valuation. He shares his personal experiences, including insights into conducting qualitative research for stock investments, navigating career transitions from auditing to funds management, and his approach to valuing companies using discounted cash flow (DCF) models. Li also touches upon market trends, the impact of technology, and advice for both institutional and retail investors.
Here is the full transcript of the video:
[{"start_ms":"160","end_ms":"4080","text":"you know valuation sits is kind of just","start_time_text":"0:00"},{"start_ms":"2240","end_ms":"6720","text":"like one component of a bigger part of","start_time_text":"0:02"},{"start_ms":"4080","end_ms":"8720","text":"my research process like 40 of it is","start_time_text":"0:04"},{"start_ms":"6720","end_ms":"10960","text":"just valuation i think yeah","start_time_text":"0:06"},{"start_ms":"8720","end_ms":"13120","text":"if that answers your questions then yeah","start_time_text":"0:08"},{"start_ms":"10960","end_ms":"15040","text":"yeah okay um maybe just one follow-up","start_time_text":"0:10"},{"start_ms":"13120","end_ms":"17039","text":"question before i pass it on to austin","start_time_text":"0:13"},{"start_ms":"15040","end_ms":"19920","text":"um i think the last part about how you","start_time_text":"0:15"},{"start_ms":"17039","end_ms":"21760","text":"actually went in person to maybe talk to","start_time_text":"0:17"},{"start_ms":"19920","end_ms":"23119","text":"management investigate the company and","start_time_text":"0:19"},{"start_ms":"21760","end_ms":"24720","text":"stuff like that i think that's really","start_time_text":"0:21"},{"start_ms":"23119","end_ms":"26400","text":"interesting you have any um like","start_time_text":"0:23"},{"start_ms":"24720","end_ms":"27680","text":"interesting stories about like how you","start_time_text":"0:24"},{"start_ms":"26400","end_ms":"30320","text":"actually went out","start_time_text":"0:26"},{"start_ms":"27680","end_ms":"31679","text":"um i guess like talk to a business like","start_time_text":"0:27"},{"start_ms":"30320","end_ms":"32719","text":"really understood the business behind","start_time_text":"0:30"},{"start_ms":"31679","end_ms":"35120","text":"the stock","start_time_text":"0:31"},{"start_ms":"32719","end_ms":"38000","text":"and kind of uh i guess gain a greater","start_time_text":"0:32"},{"start_ms":"35120","end_ms":"39840","text":"insight into the company well i think um","start_time_text":"0:35"},{"start_ms":"38000","end_ms":"41120","text":"you know i'm sure i'm sure some people","start_time_text":"0:38"},{"start_ms":"39840","end_ms":"42399","text":"can appreciate these stories i think","start_time_text":"0:39"},{"start_ms":"41120","end_ms":"44640","text":"like","start_time_text":"0:41"},{"start_ms":"42399","end_ms":"46640","text":"when i think about like the the big","start_time_text":"0:42"},{"start_ms":"44640","end_ms":"48800","text":"stories that you know","start_time_text":"0:44"},{"start_ms":"46640","end_ms":"50399","text":"like in my time i think i i mean the","start_time_text":"0:46"},{"start_ms":"48800","end_ms":"51760","text":"names that most people remember will","start_time_text":"0:48"},{"start_ms":"50399","end_ms":"53280","text":"remember me for but thankfully i don't","start_time_text":"0:50"},{"start_ms":"51760","end_ms":"56640","text":"think many people on this call know me","start_time_text":"0:51"},{"start_ms":"53280","end_ms":"57680","text":"so i can read some of the stories um you","start_time_text":"0:53"},{"start_ms":"56640","end_ms":"59920","text":"know i think","start_time_text":"0:56"},{"start_ms":"57680","end_ms":"62160","text":"city chic is definitely one good example","start_time_text":"0:57"},{"start_ms":"59920","end_ms":"63520","text":"um of one that i think was the name this","start_time_text":"0:59"},{"start_ms":"62160","end_ms":"65439","text":"is the stock name that brought me to","start_time_text":"1:02"},{"start_ms":"63520","end_ms":"67280","text":"probably fame to a lot of my friends","start_time_text":"1:03"},{"start_ms":"65439","end_ms":"69200","text":"which was it's a basically a plus-sized","start_time_text":"1:05"},{"start_ms":"67280","end_ms":"71360","text":"women's clothing business um in","start_time_text":"1:07"},{"start_ms":"69200","end_ms":"73280","text":"australia um","start_time_text":"1:09"},{"start_ms":"71360","end_ms":"76320","text":"and you know it's like a 300 mil market","start_time_text":"1:11"},{"start_ms":"73280","end_ms":"78640","text":"free 400 ml market cap business um and","start_time_text":"1:13"},{"start_ms":"76320","end_ms":"81280","text":"yeah plus size clothing for women and","start_time_text":"1:16"},{"start_ms":"78640","end_ms":"83200","text":"you know like i i basically you know","start_time_text":"1:18"},{"start_ms":"81280","end_ms":"85200","text":"when i was researching this company like","start_time_text":"1:21"},{"start_ms":"83200","end_ms":"86560","text":"i was like going to like i live in i","start_time_text":"1:23"},{"start_ms":"85200","end_ms":"87840","text":"live near macquarie centre so i live in","start_time_text":"1:25"},{"start_ms":"86560","end_ms":"89520","text":"epping so macquarie center is really","start_time_text":"1:26"},{"start_ms":"87840","end_ms":"92000","text":"close to me and that's the closest city","start_time_text":"1:27"},{"start_ms":"89520","end_ms":"93680","text":"store there is and so you know like for","start_time_text":"1:29"},{"start_ms":"92000","end_ms":"95840","text":"me on sundays after church like what i","start_time_text":"1:32"},{"start_ms":"93680","end_ms":"98960","text":"tended to do was um you know if i wasn't","start_time_text":"1:33"},{"start_ms":"95840","end_ms":"100799","text":"shooting maps what i would do is i'd go","start_time_text":"1:35"},{"start_ms":"98960","end_ms":"102799","text":"um to macquarie centre and i'd go to the","start_time_text":"1:38"},{"start_ms":"100799","end_ms":"105600","text":"city check in that uh store and actually","start_time_text":"1:40"},{"start_ms":"102799","end_ms":"107920","text":"speak to uh the ladies there so there's","start_time_text":"1:42"},{"start_ms":"105600","end_ms":"109360","text":"no guys there right like this is like","start_time_text":"1:45"},{"start_ms":"107920","end_ms":"111360","text":"it's like you wouldn't see any guy there","start_time_text":"1:47"},{"start_ms":"109360","end_ms":"112640","text":"ever um the only guy you would see there","start_time_text":"1:49"},{"start_ms":"111360","end_ms":"115759","text":"is me","start_time_text":"1:51"},{"start_ms":"112640","end_ms":"117280","text":"if you ever go to a city chick um so you","start_time_text":"1:52"},{"start_ms":"115759","end_ms":"118640","text":"know and i'm sure some of the you know","start_time_text":"1:55"},{"start_ms":"117280","end_ms":"120240","text":"some of the ladies here on this call can","start_time_text":"1:57"},{"start_ms":"118640","end_ms":"121759","text":"probably appreciate","start_time_text":"1:58"},{"start_ms":"120240","end_ms":"124320","text":"um yeah you probably would never see a","start_time_text":"2:00"},{"start_ms":"121759","end_ms":"125920","text":"guy there but um yeah i i speak to the","start_time_text":"2:01"},{"start_ms":"124320","end_ms":"127840","text":"staff ladies there and um and the","start_time_text":"2:04"},{"start_ms":"125920","end_ms":"130000","text":"customers there actually the girls who","start_time_text":"2:05"},{"start_ms":"127840","end_ms":"131680","text":"shop there and look i'll tell you one","start_time_text":"2:07"},{"start_ms":"130000","end_ms":"134319","text":"thing like the the most important thing","start_time_text":"2:10"},{"start_ms":"131680","end_ms":"136239","text":"about that investment into me buying","start_time_text":"2:11"},{"start_ms":"134319","end_ms":"138640","text":"city [ __ ] back when it was 70 cents and","start_time_text":"2:14"},{"start_ms":"136239","end_ms":"140480","text":"now it's like 2.80 or something but two","start_time_text":"2:16"},{"start_ms":"138640","end_ms":"142480","text":"years ago when i bought it","start_time_text":"2:18"},{"start_ms":"140480","end_ms":"144160","text":"the problem i always had was like was","start_time_text":"2:20"},{"start_ms":"142480","end_ms":"145760","text":"about competition because like if you","start_time_text":"2:22"},{"start_ms":"144160","end_ms":"147680","text":"think about it like","start_time_text":"2:24"},{"start_ms":"145760","end_ms":"149120","text":"why can't anybody else you know just","start_time_text":"2:25"},{"start_ms":"147680","end_ms":"151360","text":"sell the same plus size clothing like","start_time_text":"2:27"},{"start_ms":"149120","end_ms":"153200","text":"doesn't my like in fact maya actually","start_time_text":"2:29"},{"start_ms":"151360","end_ms":"154959","text":"has uh plus size clothing as well we're","start_time_text":"2:31"},{"start_ms":"153200","end_ms":"156480","text":"talking psi 16 plus","start_time_text":"2:33"},{"start_ms":"154959","end_ms":"158400","text":"and you know like why can't they just","start_time_text":"2:34"},{"start_ms":"156480","end_ms":"160800","text":"easily steal steal market share from","start_time_text":"2:36"},{"start_ms":"158400","end_ms":"162640","text":"city ship and you know the the answer","start_time_text":"2:38"},{"start_ms":"160800","end_ms":"164959","text":"was when i spoke to those customers","start_time_text":"2:40"},{"start_ms":"162640","end_ms":"166640","text":"right like they told me blatantly at","start_time_text":"2:42"},{"start_ms":"164959","end_ms":"169360","text":"city chic you know they told me well you","start_time_text":"2:44"},{"start_ms":"166640","end_ms":"172160","text":"know like like like what you'll find is","start_time_text":"2:46"},{"start_ms":"169360","end_ms":"173760","text":"you know like we do actually care in a","start_time_text":"2:49"},{"start_ms":"172160","end_ms":"176000","text":"sense about our body image and you know","start_time_text":"2:52"},{"start_ms":"173760","end_ms":"177760","text":"when you get served at a ma let's say","start_time_text":"2:53"},{"start_ms":"176000","end_ms":"179920","text":"you went to a maya and you and you","start_time_text":"2:56"},{"start_ms":"177760","end_ms":"182319","text":"bought plus-sized clothing the problem","start_time_text":"2:57"},{"start_ms":"179920","end_ms":"183519","text":"is that the the ladies who serve you","start_time_text":"2:59"},{"start_ms":"182319","end_ms":"186400","text":"like maya","start_time_text":"3:02"},{"start_ms":"183519","end_ms":"188000","text":"probably are skinny ladies you know i'm","start_time_text":"3:03"},{"start_ms":"186400","end_ms":"189440","text":"not i'm trying to you know stereotype","start_time_text":"3:06"},{"start_ms":"188000","end_ms":"191680","text":"but i'm just saying like like that's","start_time_text":"3:08"},{"start_ms":"189440","end_ms":"192879","text":"that's the observation and you know when","start_time_text":"3:09"},{"start_ms":"191680","end_ms":"194480","text":"you're getting served from someone who's","start_time_text":"3:11"},{"start_ms":"192879","end_ms":"196800","text":"skinnier than you it doesn't feel very","start_time_text":"3:12"},{"start_ms":"194480","end_ms":"198000","text":"good from a body image perspective so","start_time_text":"3:14"},{"start_ms":"196800","end_ms":"200239","text":"the difference though is when you're at","start_time_text":"3:16"},{"start_ms":"198000","end_ms":"202959","text":"city chic the lady there is plus size","start_time_text":"3:18"},{"start_ms":"200239","end_ms":"204319","text":"herself that's the reason why","start_time_text":"3:20"},{"start_ms":"202959","end_ms":"206640","text":"like like","start_time_text":"3:22"},{"start_ms":"204319","end_ms":"208640","text":"like you know if you're a customer at","start_time_text":"3:24"},{"start_ms":"206640","end_ms":"210319","text":"you know if you're a plus-sized customer","start_time_text":"3:26"},{"start_ms":"208640","end_ms":"212400","text":"you're not going to go to maya","start_time_text":"3:28"},{"start_ms":"210319","end_ms":"214080","text":"because the people who serve you are not","start_time_text":"3:30"},{"start_ms":"212400","end_ms":"215599","text":"plus size themselves","start_time_text":"3:32"},{"start_ms":"214080","end_ms":"216640","text":"so i think that that was really","start_time_text":"3:34"},{"start_ms":"215599","end_ms":"219280","text":"interesting because like i didn't think","start_time_text":"3:35"},{"start_ms":"216640","end_ms":"221200","text":"of it that way and the customer from a","start_time_text":"3:36"},{"start_ms":"219280","end_ms":"223040","text":"city [ __ ] store macquarie taught me that","start_time_text":"3:39"},{"start_ms":"221200","end_ms":"224560","text":"and that's how she you know helped me","start_time_text":"3:41"},{"start_ms":"223040","end_ms":"225840","text":"pull the trigger and you know how i","start_time_text":"3:43"},{"start_ms":"224560","end_ms":"228000","text":"ended up buying city [ __ ] back when it","start_time_text":"3:44"},{"start_ms":"225840","end_ms":"229200","text":"was 70 cents yeah","start_time_text":"3:45"},{"start_ms":"228000","end_ms":"230480","text":"so i think that's one good example but","start_time_text":"3:48"},{"start_ms":"229200","end_ms":"231840","text":"you know feel free to ask me for more if","start_time_text":"3:49"},{"start_ms":"230480","end_ms":"233760","text":"you want more","start_time_text":"3:50"},{"start_ms":"231840","end_ms":"235439","text":"because i've got a few more","start_time_text":"3:51"},{"start_ms":"233760","end_ms":"236799","text":"yeah i think","start_time_text":"3:53"},{"start_ms":"235439","end_ms":"238480","text":"yeah i think it's really interesting","start_time_text":"3:55"},{"start_ms":"236799","end_ms":"240319","text":"that you talked about how you go about","start_time_text":"3:56"},{"start_ms":"238480","end_ms":"242239","text":"doing your the qualitative side of your","start_time_text":"3:58"},{"start_ms":"240319","end_ms":"244239","text":"research as well outside the me like","start_time_text":"4:00"},{"start_ms":"242239","end_ms":"246560","text":"quantitative and finance side","start_time_text":"4:02"},{"start_ms":"244239","end_ms":"248159","text":"yeah yeah so just like going asking you","start_time_text":"4:04"},{"start_ms":"246560","end_ms":"251519","text":"another question in terms of career","start_time_text":"4:06"},{"start_ms":"248159","end_ms":"253519","text":"pathways um i think it was when you were","start_time_text":"4:08"},{"start_ms":"251519","end_ms":"255280","text":"doing your cadetship at deloitte it was","start_time_text":"4:11"},{"start_ms":"253519","end_ms":"258079","text":"a bit of auditing that you did and a bit","start_time_text":"4:13"},{"start_ms":"255280","end_ms":"260720","text":"of corporate finance as well yeah and so","start_time_text":"4:15"},{"start_ms":"258079","end_ms":"263040","text":"the question um we had for you was that","start_time_text":"4:18"},{"start_ms":"260720","end_ms":"264560","text":"um for people who","start_time_text":"4:20"},{"start_ms":"263040","end_ms":"266160","text":"aren't going to","start_time_text":"4:23"},{"start_ms":"264560","end_ms":"267840","text":"work in","start_time_text":"4:24"},{"start_ms":"266160","end_ms":"270479","text":"like funds management directly out of","start_time_text":"4:26"},{"start_ms":"267840","end_ms":"273120","text":"uni how would you recommend people let's","start_time_text":"4:27"},{"start_ms":"270479","end_ms":"274960","text":"say pursuing um you know a start within","start_time_text":"4:30"},{"start_ms":"273120","end_ms":"276639","text":"audit for example in terms of it","start_time_text":"4:33"},{"start_ms":"274960","end_ms":"277919","text":"providing you the inside industry","start_time_text":"4:34"},{"start_ms":"276639","end_ms":"279840","text":"knowledge before breaking into the","start_time_text":"4:36"},{"start_ms":"277919","end_ms":"282160","text":"industry would you say that starting in","start_time_text":"4:37"},{"start_ms":"279840","end_ms":"284240","text":"public practice before going into funds","start_time_text":"4:39"},{"start_ms":"282160","end_ms":"286479","text":"management itself might be better that's","start_time_text":"4:42"},{"start_ms":"284240","end_ms":"288800","text":"a good question i think um","start_time_text":"4:44"},{"start_ms":"286479","end_ms":"290320","text":"yeah i think for everybody's path it's","start_time_text":"4:46"},{"start_ms":"288800","end_ms":"293040","text":"different um","start_time_text":"4:48"},{"start_ms":"290320","end_ms":"295440","text":"so you know i can only speak for my own","start_time_text":"4:50"},{"start_ms":"293040","end_ms":"297680","text":"uh you know personal experience but","start_time_text":"4:53"},{"start_ms":"295440","end_ms":"301680","text":"i i will say","start_time_text":"4:55"},{"start_ms":"297680","end_ms":"303039","text":"my my true sense is that if you know","start_time_text":"4:57"},{"start_ms":"301680","end_ms":"305120","text":"that you're 100","start_time_text":"5:01"},{"start_ms":"303039","end_ms":"306479","text":"committed to doing funds management you","start_time_text":"5:03"},{"start_ms":"305120","end_ms":"308160","text":"know you want to manage money for other","start_time_text":"5:05"},{"start_ms":"306479","end_ms":"309840","text":"people and you know and you get you get","start_time_text":"5:06"},{"start_ms":"308160","end_ms":"311600","text":"a real buzz from doing that i think you","start_time_text":"5:08"},{"start_ms":"309840","end_ms":"313039","text":"know anyone who you know in march and","start_time_text":"5:09"},{"start_ms":"311600","end_ms":"314800","text":"april you know when they're watching asx","start_time_text":"5:11"},{"start_ms":"313039","end_ms":"316400","text":"bets or wall street that's you know like","start_time_text":"5:13"},{"start_ms":"314800","end_ms":"317680","text":"everyone was like on fire you know","start_time_text":"5:14"},{"start_ms":"316400","end_ms":"319120","text":"everyone was keen like you know when","start_time_text":"5:16"},{"start_ms":"317680","end_ms":"320560","text":"they're buying stocks at fire sale","start_time_text":"5:17"},{"start_ms":"319120","end_ms":"322479","text":"prices you know like that's the kind of","start_time_text":"5:19"},{"start_ms":"320560","end_ms":"325120","text":"feeling if you get that feeling and you","start_time_text":"5:20"},{"start_ms":"322479","end_ms":"327919","text":"love it um like me uh that's that's what","start_time_text":"5:22"},{"start_ms":"325120","end_ms":"329919","text":"i get every day from doing my work um","start_time_text":"5:25"},{"start_ms":"327919","end_ms":"331600","text":"yeah i wouldn't i wouldn't settle for","start_time_text":"5:27"},{"start_ms":"329919","end_ms":"333039","text":"you know like just like going to audit","start_time_text":"5:29"},{"start_ms":"331600","end_ms":"334320","text":"first and then trying to go to funds","start_time_text":"5:31"},{"start_ms":"333039","end_ms":"336479","text":"management or trying to go into sell","start_time_text":"5:33"},{"start_ms":"334320","end_ms":"338800","text":"side research like like macquarie group","start_time_text":"5:34"},{"start_ms":"336479","end_ms":"340960","text":"or goldman sachs or jp morgan and then","start_time_text":"5:36"},{"start_ms":"338800","end_ms":"342720","text":"going to um and then going to a fund","start_time_text":"5:38"},{"start_ms":"340960","end_ms":"346160","text":"manager i would actually recommend you","start_time_text":"5:40"},{"start_ms":"342720","end_ms":"348400","text":"try to do it um as soon as possible","start_time_text":"5:42"},{"start_ms":"346160","end_ms":"350800","text":"and okay you're you're a university soon","start_time_text":"5:46"},{"start_ms":"348400","end_ms":"352320","text":"and i said to you you know it's not easy","start_time_text":"5:48"},{"start_ms":"350800","end_ms":"355039","text":"you know having anyone trust the uni","start_time_text":"5:50"},{"start_ms":"352320","end_ms":"356479","text":"student to you know manage money but","start_time_text":"5:52"},{"start_ms":"355039","end_ms":"358160","text":"what at least you know i'll speak on","start_time_text":"5:55"},{"start_ms":"356479","end_ms":"360240","text":"behalf of phil who wasn't able to come","start_time_text":"5:56"},{"start_ms":"358160","end_ms":"362720","text":"tonight but you know his experience was","start_time_text":"5:58"},{"start_ms":"360240","end_ms":"363919","text":"um and he he came to me actually and i","start_time_text":"6:00"},{"start_ms":"362720","end_ms":"367440","text":"kind of mentored him a bit to kind of","start_time_text":"6:02"},{"start_ms":"363919","end_ms":"369680","text":"tell him what to do was back then um he","start_time_text":"6:03"},{"start_ms":"367440","end_ms":"371039","text":"he was interested in this and i told him","start_time_text":"6:07"},{"start_ms":"369
