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Leo Wang

Leo started his career in investment banking before becoming an equities investor at Antipodes Partners. He has an avid passion for studying the trajectory of technological development and how it shapes our world.

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Get to know

Leo Wang

We're one global team but we've got our own stories. Here's what makes us tick.

What are your favourite non-investing books?

Thinking Fast and Slow by Kahneman and Tversky is a masterpiece in behavioural psychology that dispels a lot of the common notion of the ‘rational actor’ in mainstream economics. The studies that the authors conduct help us to understand the myriad of way in which human decision making can be impaired and that as humans, we tend to make illogical decisions on a regular basis. Understanding what situation our decision-making can be impaired allow us to make incremental steps in improving our ability to become more rational thinkers. Behave by Robert Sapolsky is almost a university textbook in neuroscience, it traces the neurobiological underpinnings behind human behaviour and how the tiniest of influences biological and behavioural influences can shape our decision-making. I find Sapolsky’s work to be a majestic synthesis that harvests research across a range of disciplines to provide a subtle and nuanced perspective on why we ultimately do the things we do...for good and for ill. Energy and civilisation by Vaclav Smil traces the foundation for how civilisational development is intrinsically linked to our ability to harness and transform greater amounts of energy from our environment. Smil establishes the foundational layer for thinking about economic systems by tracing its linkage to the fundamental input – energy.

What do you think about in your spare time?

I find I often gravitate towards science fiction to think about how the various pathways humanity can evolve. The domain of science fiction provides much of the inspiration for the innovators of today and provides humanity with a template for its future development. Some of my favourite sci-fi worlds include Altered Carbon, The Expanse, and Dune.

What is the most memorable moment in your life?

Scaling the half dome in Yosemite National Park

What's your favourite quote of all time?

“Show me the incentives and I’ll show you the outcome” – Charlie Munger

Whats the most insightful revelation that impacted the way you look at the world?

I find it an extremely useful heuristic to think of companies and economies as complex adaptive systems. Studying biological systems leads us to form useful inferences about how incentives and feedback loops at a micro layer impacts the output of macro systems. I find it fascinating to think about how a complex biological system such as a beehive maps to a company or an economy, where individual bees each serve its function in a wider ecosystem in the same way that employees make up a company. Or alternatively, at a more emergent layer, how individual companies are like bees that fit into the beehive of the world economy.

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