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Miguel Armaza sits down with Michael Calvey, one of the most successful and legendary emerging markets investors of our time. Mike moved to Moscow at age 27 in the early 90s and built Baring Vostok into a powerhouse with $10+ billion invested in Russia. They backed now-decacorns like Yandex, Revolut, Tinkoff, and Kaspi at their earliest stages. Yandex alone was a 450x return for the fund.

Along the way, he survived a 98% market crash, was detained by Russia's secret service, and made billions of dollars for his investors.

He's also incredibly thoughtful about the ingredients of great founders, what separates the ones who win from those just chasing money, how the best companies constantly stack new S curves, and why being a hands-on owner but never a hands-on manager is the key to a great investor-founder partnership.

Timestamped Overview
00:00 From Oklahoma to Russia - Intro & Michael’s Background
10:32 Building an Elite Emerging Markets Team
14:36 Geopolitics, Economics, and Market Resilience
20:25 Fewer Investments, Better Focus
24:08 Successful Entrepreneurs Value Purpose
28:47 Management KPIs and Key Insights
33:45 3 Cs of Ownership Focus
42:53 Marketplace vs. Fintech Growth Dynamics
44:02 Marketplace Dominance and Financial Complexity
52:25 Emerging Markets: Talent vs. Geopolitics
54:51 Emerging Markets and Fintech Ventures
01:00:20 Medici Family: Banking and Intrigue
01:05:59 Starting Over as Entrepreneur

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Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.

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