Adam Benowitz. If I see the other investments in China it would be realy good to know why he is invested with this 9 % of the shares.
Benowitz is also very interested, although extremely cautious, in China and the rest of Asia. “In China, practically every company is a growth company,” he says. “Their infrastructure has been neglected for so long, and now the whole country is exploding with growth. Just about any company — even one that makes water purifiers — is a value stock that can be too attractive to ignore.”
Vision invested early in China. One of its most successful investments was American Oriental Bioengineering Inc. (AOB), a leading Chinese manufacturer of products in the fields of nutraceuticals and pharmaceuticals. AOB uses proprietary processes to produce soybean protein peptide more efficiently than with traditional extracting techniques. Soybean peptides are used widely in general foods, health foods and medicines, among other applications.
Vision recently sent a deal team leader, John Finley, and analysts on yet another of several weeks-long due diligence trips to China to examine companies.
“The way we invest, the downside is somewhat mitigated,” Benowitz says. “I mean, if a company earns a certain amount of money, the stock can only go down so much. We’re not hedging. That’s not what we do. We’re old-fashioned investors. That really is what we are. We hedge the market, but we don’t hedge any stocks.”
That doesn’t mean the Vision overpays for growth. Benowitz and Cohen strive to emulate Warren Buffett’s investment philosophy. Although the billionaire investor is famous for value investing, less well known is the fact that some of his best investments have been made through PIPE deals. While Buffett plays in mega-giants like Gillette, Vision Capital is focusing on the micro-cap and small-cap arenas.
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