In this Australian Investors Podcast episode, your host Mitchell Sneddon is joined by Gary Hui, portfolio manager at Geometrica Fund, a Sydney-based global long-short hedge fund. Gary doesn’t follow market narratives — he follows hard data.
In this episode, Mitchell and Gary discuss:
- Why narratives like founder-led businesses are often misleading
- How Geometrica surveyed thousands of WeChat users & port data to short A2 Milk
- Why ResMed’s fall was wrongly blamed on GLP-1s like Ozempic
- The process of building a deep research edge using alternative data
Topics Covered
- Gary’s career journey: from JP Morgan to founding Geometrica
- Why “good management” and “founder-led” are useless investing shortcuts
- How Geometrica defines edge through logic, maths & raw data
- Dissecting the A2 Milk short: port data, WeChat bots & channel stuffing
- ResMed’s misunderstood GLP-1 narrative vs actual gross margin drivers
- Building deep logic models and rejecting conventional wisdom
- How the team finds asymmetric bets with massive skew
- The role of volatility, balance sheet turnarounds & crowd psychology
- Why some of the best shorts started as long ideas
- How Gary views valuation as a proxy for popularity, not truth
