Vingroup Joint Stock Company

It is.

It's called Vingroup by Vinhomes Global Gate Ha Long.

And what this single sprawling development is doing isn't just, you know, pushing the envelope.

It's actively tearing up the established playbooks.

They have to charge a fortune because there's only 10 of you in the room.

Right.

But what Vingroup is engineering in Ha Long is a deliberate pivot toward massive immersive spectacles.

They're somehow trying to retain the psychological allure of high-end luxury while processing thousands of people a day.

In September, the gap was zero point eight points, mostly energy plus two stock picks wiped banks out.

Over six months, it was eleven point two Points and one stock, Vingroup, up seventy-one percent while we were underweight, cost five points on its own.

The rest came from few retail and residential names and cash in the rising markets.

These are specific, identifiable issues, and we are acting on them.

Let's break that gap down, starting with the sectors over the full nine months.

Here is the nine-month gap by sector.

Residential, Vingroup, and retailing explain about ten points of underperformance between them.

Transportation and consumer staples, as well as industrial added value, the losses sit in a handful of names, not across the portfolio, and that makes them fixable.

They have all these companies are spawning out of the ground and some are actually extremely, yeah, very impressive.

I wrote about Vingroup, which is this conglomerate where initially the owner, I can't pronounce his name, but he sets up, you know, fast dry noodle operation in Ukraine, brought it to Vietnam, became a billionaire.

Now he's into electric cars, electric scooters, which are everywhere in Vietnam.

It's a crazy country about the mopeds.