Analyse Asia With Bernard Leong

"So that's why if you have 1 billion to invest, we're not expecting the same return as if you invest 10 million. At that time, when all this money flowed to Southeast Asia, people there thought, "Oh, we made it. Now the world is looking at us. We're finally a good ecosystem.' Everyone was ready to invest in us, but that was just the tide, right? And when the tide recedes, the first place the money will leave is Southeast Asia because it's not offering the best returns. So, the money is going out, and I don't think it's coming back anytime soon. People shouldn't expect investors to be as aggressive as they were. Lastly, great companies will always raise capital. The top ones will always find their way, so there's no issue for them. The challenge is for the ones just below them. It will be very difficult for those companies. Some will have to become much more capital-efficient, for sure." Fresh out of the studio, Arnaud Bonzom, founder of Black Mangroves and angel investor, engages in a lively discussion with o