Overview: In this episode, we talk about Naspers - The South African conglomerate, investment group & most valuable company in Africa. We’ll discuss its early history, transition from newspaper publisher to tech investment firm, Tencent investment, broader investment portfolio & Naspers' future outlook.

Companies discussed: Naspers, Prosus, Tencent, PayU, Media24, Takealot, M-Net, Swiggy, OLX, PayU, Delivery Hero

Business concepts discussed: VC investments, developing market investing, portfolio diversification & conglomerate discounts

Conversation highlights:

(00:40) - Naspers founding and early history
(02:18) - Koos Bekker background and influence
(05:25) - Tencent investment
(06:10) - Tencent overview
(09:50) - Naspers broader (non-Tencent) investment portfolio
(13:36) - Naspers classifieds businesses
(18:05) - Naspers in FinTech and payments
(20:50) - Naspers investment strategy and portfolio vs Softbank
(28:10) - Prosus spin-off
(30:30) - Naspers conglomerate discount
(35:00) - Prosus discount
(38:30) - Naspers ownership structure
(42:48) - Olumide’s overall thoughts and outlook
(46:25) - Bankole’s overall thoughts and outlook

Olumide’s recommendations & small wins:

Recommendation: Passive Income, Aggressive Retirement (by Rachel Richards)
Recommendation: How to build wealth (Naval Ravikant podcast)
Small win: LazyFA.com

Bankole’s recommendations & small wins:

Recommendation: Ultraworking
Small win: Focusmate
Other content mentioned: Naspers strategy document 2018

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