23 | Punch Card Investor, Sea Ltd Deep Dive

<p><span style="font-weight: 400;">My guest today is Punch Card Investor (@punchcardinvest). Punch Card is a private investor working in investment management in Singapore, with prior experience in M&A and investment banking. He is the author of the Punch Card Investor Substack blog where he does deep dives on companies in the technology, gaming, media and consumer sectors, and recently completed a series of articles on Sea Limited. In this conversation, we cover everything Sea Limited. From Shopee, Garena, SeaMoney, and everything in between, this episode has Sea Ltd covered.</span></p> <p><span style="font-weight: 400;">I hope you enjoy my conversation with Punch Card Investor on Sea Ltd.</span></p> <p> </p> <p><span style="font-weight: 400;">For the full show notes, transcript, and links to mentioned content, check out the episode page on </span> <a href= "https://compoundingpodcast.com/ep23"><span style= "font-weight: 400;">https://compoundingpodcast.com/ep23</span></a><span style="font-weight: 400;"> </span></p> <p> </p> <p><span style="font-weight: 400;">------</span></p> <p> </p> <p><strong>Show Notes:</strong></p> <p><span style="font-weight: 400;">[00:00:31] - [First question] - Why do a deep dive on Sea Ltd?</span></p> <p><span style="font-weight: 400;">[00:04:03] - Sea’s background and goals</span></p> <p><span style="font-weight: 400;">[00:06:15] - FreeFire’s life cycle risk</span></p> <p><span style="font-weight: 400;">[00:13:02] - FreeFire’s expansion plans</span></p> <p><span style="font-weight: 400;">[00:14:31] - Tencent’s deal with Garena and the future of it</span></p> <p><span style="font-weight: 400;">[00:18:15] - Shopee’s business model and how they fit into Sea</span></p> <p><span style="font-weight: 400;">[00:22:39] - Lazada and Shopee’s competitions</span></p> <p><span style="font-weight: 400;">[00:25:47] - SeaMoney’s business model</span></p> <p><span style="font-weight: 400;">[00:28:36] - FinTech regulation?</span></p> <p><span style="font-weight: 400;">[00:33:34] - Sea’s management</spa