32 | Wan Zahidi, Cricket, Physics, and Investing (not in that order)

My guest today is Wan Zahidi. Wan is the Director and CEO of Tapir Partners, based in Malaysia. Wan has previous equity research experience within Malaysia and Indonesia. But interestingly has an honours in physics before joining the investing world!

In this conversation, we cover his investing style, investing in Malaysia, and a little about cricket and physics!

I had a tonne of fun with this one, so I hope you enjoy my conversation with Wan Zahidi.

Show Notes:

[00:00:30] – [First question] – Wan’s background
[00:07:01] – Going from Physics to Investing
[00:08:06] – Wan’s investing style
[00:12:38] – ESG investing
[00:14:57] – Idea generation
[00:18:13] – Investing in Malaysia
[00:21:25] – Building a network
[00:25:33] – Interesting sectors of late?
[00:27:11] – Advice for investing in Malaysia
[00:28:49] – Most undervalued life experience
[00:30:37] – Influential books
[00:33:57] – Wrapping up and future plans

Connect with Wan:

Listen to this episode on Apple PodcastsSpotifyStitcherCastboxGoogle Podcasts, or on your favourite podcast platform.


Kalani Scarrott (00:30): All right. How are we doing? My guest today is Wan Zahidi. Wan is the director and CEO of Tapir Partners, which is based in Malaysia. Wan has previous equity research experience within both Malaysia and Indonesia. But interestingly, he did his Honors in Physics before joining the investment world.

So for today’s conversation, we cover his investing style and how that’s developed, investing in Malaysia and also a little bit about cricket and physics and how that relates to investing. So I had a ton of fun with this episode, so I hope you enjoy my conversation with Wan Zahidi.

Awesome. Wan, thank you so much for being on today, but from the limited info I could gather from your background, it’s not always typical. You’ve grown up in Malaysia. You’ve graduated with a degree in physics from Melbourne, and then you’re the first person in your family to work in the investment industry. And then now, you’re the CEO of Tapir Partners. How’d you do it? And yeah, tell me everything.

Wan Zahidi (01:25): Oh, boy. Hi, everyone. Hi, Kalani. Yeah, I grew up in Terengganu in east coast state of peninsula Malaysia. I spent, I don’t know, five years in boarding school over there. So after I got out of school, I really don’t know what I wanted to do, as for you all, I assume. But I really like physics. I just like knowing how things work and also being a bit of a smart-ass, trying to tell people how things work as well.

So, it fascinates me and I was lucky I had a very good teacher in high school. So, I just decided to take up physics. A lot of other parents would ask their kid to take up law or medicine or engineering. My parents were a bit more laissez-faire. So they just said, “Do whatever you want.” So, I decided to get physics and I was fortunate enough to be able to get into Melbourne.

I did my undergrad there. Melbourne had this funny thing when I was there, they were doing this Melbourne model thing. So after three years, they would ask you to take a master’s degree instead of doing an honors year. I decided I didn’t want to do master’s. So I went to do an honors year at Monash University, which is just across the river.

And then from there, I got good results for my honors. I was offered to do postgrad, but after two years of doing postgrad in Monash, I decided it didn’t really work for me. So I decided to come back. And when coming back to Malaysia with only a physics degree, there’s not a lot of opportunities, or at least it seems to me that there wasn’t a lot. I guess that’s why people ask you to take law, engineering, medicine, accounting, even finance, right? It’s a lot easier.

But when I got back, I was bumming around for a few months and then my CV was floating around in the ether. For some reason, a few quant firms, they got hold of my email. They contacted me, “Would you be interested to work in a quant firm?” I said, “Oh, okay. I don’t know what this part of the world is at all.”

So I decided to go for it and then read up a bit more about the investment world. And then I realized, “Oh, investment banks, they kind of hire physics grad as well. Okay. Let’s give it a shot.” So I went into this management associate programs with one of the local banks, RHB Bank, and I went straight into the investment banking.

Funny thing was when I first joined … During our first day there, they list down a whole list of investment banking departments. It all sounds very foreign to me, equity, capital markets, institutional sales, client coverage. I don’t know what these words means at all, but there’s one word that caught my eye, research. I was like, “Research. I’ve done research before. I think I can do that.”

It’s apparently a sell-side research. So I got into the sell-side research department. I was there for about five years. I was covering oil and gas, mainly oil and gas in Southeast Asia, some energy companies, some of the small cap stocks as well as manufacturing, property. But my main focus was oil and gas.

After four or five years of doing that, I started to look out for opportunities. That’s when one logistics service provider in Malaysia, this company as well, it’s called GD Express. They have a sister company in Jakarta. One of the management that knows about me and asked me to come and join them to help with the listing process in Jakarta. So I was like, “Okay, let’s do that.”

So I spent two years in Jakarta preparing the company for an IPO. Eventually we managed to list it. The company’s called PT SAP Express. It’s doing very well. And after that, I started to look out for a new challenge. So I came back to KL, started talking to a few of my cricket friends. “Yeah, I just got back. I’m wondering what to do next.” And then they said … Most of my friends are in the cricket club. Some of them, they have their own fund management. They have their own VC firms.

They tend to have a lot of private investment opportunities presented to them, but they never had the time to evaluate all these things. So they said, “Why don’t you start something? We’ll evaluate all this together. If there’s something interesting that comes along, we’ll invest in it,” sort of like a family office/mini PE club. So that’s how I started Tapir Partners with two other of my good cricket friends as well.

Kalani Scarrott (06:59): That’s awesome. Cricket brings everyone together.

Wan Zahidi (07:01): Yeah, exactly.

Kalani Scarrott (07:01): How did you find going from physics to investing? Was there any similarities or-

Wan Zahidi (07:06): I haven’t had to use any of my technical terms in physics at all, but it sort of helps in terms of the soft skills part, if that we make sense. So when you look at a physics problem, you have to look at it from a few angles. You can’t just look from one angle. You might not see the whole picture. The problem might not be easy for you to solve it if you just look at it from one angle.

So in that sense, physics sort of like trained me for that, train you to look at a few angles. And then as a sell-side analyst, you have to present your investment case and then say this is your thesis. But to say that the company is doing such and such and it’s going to do well, you have to back it up with a lot of data, a lot of other external points.

So having done some postgrad work, some honors year research as well, it really helps a lot with that in trying to come up with a good investment thesis.

Kalani Scarrott (08:06): So how would you define your investing style now, then? And maybe how is that developed over time as well?

Wan Zahidi (08:11): Well, when I first started, I made a lot of bad decisions, investment decisions. So I got my hands burned a few times. And then after that, I decided … Because you hear people talking about these companies, all the speculated companies, so you tend to go chasing after these companies, which is a very bad idea. After that I decided, “No, I’m not going to do this anymore.”

So my investment style currently is very boring. I always go for fundamental analysis from the ground up, look at the numbers, what the company is doing and where it’s going. I took this cue from one of my investment crews as well. He’s also one of the partners for Tapir Partners. Every year, he will read the annual report of the company that he likes from cover to cover. So that’s one thing that I do as well, just to get to know the company and join the AGMs if I’m a shareholder.

It’s all very basic boring investment stuff, nothing fancy about it at all. Just putting the time, read as much as you can.

Kalani Scarrott (09:29): No, boring is beautiful.

Wan Zahidi (09:30): Yeah, it is.

Kalani Scarrott (09:31): You mentioned getting burned a few times. Has there ever been a lowest low of your investment journey? Has there been an experience that really questioned what you were doing?

Wan Zahidi (09:40): Yeah. So at the start, my capital wasn’t that big. It was small, but losing all your capital trying to chase very speculative investment, that was the low. That was it. That was the turning point. At that point I told myself, no more of this speculative investment. Just no more for me, that’s it.

Kalani Scarrott (10:12): And maybe having come to investing a little late compared to maybe some of your peers who started the teenage years or have families involved with it, are there any aspects of investing that maybe you feel easy or natural to you?

Wan Zahidi (10:22): I guess one thing, I think with investment, it’s a nonstop learning process. I think nothing comes easy. You really have to put in the time. You really have to put in the work. Go through the annual reports, go follow them closely their quarterly reports. So I wouldn’t call myself an expert at this stage at all. I think there’s still a lot to be learned.

One thing why I think talking to people who’s been in the industry for so long also helps is because one company may have been listed for about 10, 15 years, and now it’s on a good growth trajectory. But you’re wondering why isn’t people buying the stock? Why is the share price not moving up? So you talk to a few people and then you find out, “Oh, actually in the past, they had a history of false disclosure or something like that. So people tend to not touch this name.”

Having experience is one thing and also doing the hard work. That’s the investment, if that makes sense.

Kalani Scarrott (11:41): Is there anything you totally avoid? Like you mentioned false disclosures, is there anything else like, I don’t know, dodgy management? Is there anything you just will not touch?

Wan Zahidi (11:49): Yeah. I know ESG is a very popular term right now. Even when I was covering oil and gas and my job was to promote oil and gas companies, there’s always this thought at the back of your mind, how long is this going to last? How long is these oil companies going to last? So in the same vein of thought, I try to look for sustainable companies, companies that the management cares about the shareholders, not a lot of related party transactions, the balance sheet is healthy. Sector wise, I don’t think there’s anything I wouldn’t touch, but it really depends on the management disclosure, all those things.

Kalani Scarrott (12:38): And you touched on ESG and Tapir Partners has mentioned that ESG plays a big part in its consideration. And I’m reading from your website here. We believe culture and transparency will support the long-term viability of an organization and in turn increase shareholder value. So what does that mean? And what do you look for in terms of ESG?

Wan Zahidi (12:55): So we have a few criteria that we go through before we start to look at a company. So I will have investment proposals put up to me and the criteria is, is this a sustainable business? Is this going to hurt the environment? Is this environmentally friendly? How are they giving back to the community? Those kind of big picture type of questions. And if that gets the green light or a semi-green light, then we will go onto the management.

For us, the sustainability part and the governance part also comes into this. We think it’s very, very important to know whether we can have a coffee or a drink or just dinner, lunch with the management of a company, with the founder and see how we get along in that session. Because it doesn’t matter how good your business model is, but if we think there’s something slightly off about the management, we might not be able to trust you. Then we might put the handbrake on that or we will go even deeper to the company that keep working for themselves. So that’s the sustainability and the governance part for us.

Kalani Scarrott (14:21): And that’s the best thing about investing. You can always just walk away. You don’t have to-

Wan Zahidi (14:25): Exactly. So there were a few times we’ve had companies that were presented to us with very good prospects, very good numbers as well, but sitting down with the management or doing a quick background check online. “Oh, yeah, this company, the director has been suspended because of this or some other activities or records.” So should we walk away? Even though it’s very tempting, it’s a very good company. I mean, it’s a very good business model.

Kalani Scarrott (14:57): Fair enough. And so what does your idea generation look like? Is it whatever comes across your desk or yeah, just walk me through it.

Wan Zahidi (15:04): For the private investment side, our idea generation can be varied. It can my friends coming up to me telling me, “Oh, there’s this great guy who’s doing something. You should go and talk to him.” Or people might have heard of what we are doing because of my two other partners as well, James Hay, and Asgari Stephens. They’re quite well known in the investment community in Malaysia. So people will approach us because of these two as well. Or they themselves, they might have heard something or people might be passing them investment proposal. So they’ll just pass it over to me first without even taking a look at it. “Just, Wan, you go through this, do the work for me.” That’s usually how it goes like to me.

Kalani Scarrott (15:52): Do you find it hard ever switching from private to public? How do you balance that?

Wan Zahidi (15:59): I hope this is not too controversial. I think investing in public is slightly easier compared to trying to invest in the private space. Public, you will have a lot more information. The disclosures are there. You just go to their website, you can see all the annual reports, all the quarterly reports and you can google them, do a tonne of searches about the companies so you can make a more objective decision trying to invest in these things.

Whereas for private investment, especially for the smaller companies that we are working with, there’s not a lot that you can depend on. Some companies, their business process is just not quite there. So the finance number, the audit numbers might not tell the whole picture. Still you sit down with the owner or go visit the company, look at how their business process looks like, do a proper audit from a legal audit as well as financial audit, which takes up a lot more time compared to investing on the public side.

So those are the main difference I think, the time and effort we have to put in.

Kalani Scarrott (17:15): So then is there even a type of typical day for you? Are you on the road half the time talking to management or-

Wan Zahidi (17:21): I have to say there’s no typical day. It really depends on what needs to be done for the day or for the week. Sometimes I’ll be over at an investor company. I’ll spend the whole day there and then try to help them with their business process, especially their finance, their HR process, sometimes with their operations as well. I don’t mind getting my hands dirty. I love doing these kind of things.

And on some days, it can be a bit slow as well, which is good for me. I get to sit at my desk and crunch numbers or do some admin work, clear the mind a bit and probably spend a bit more time looking at the public markets, trying to see any interesting ideas that come up.

Kalani Scarrott (18:13): Cool. So you are sector agnostic, but you’re purely focused on Malaysia, right? So what do Malaysian companies offer that you can’t find elsewhere maybe in the region, do you think?

Wan Zahidi (18:23): We are sector agnostic, that part is certainly accurate, but done some private investments outside of Malaysia actually. Actually, the latest one that we did is maritime academy based in Phuket. So that was the first overseas investment that we did. There are some other regional opportunities as well. But what was the second part of your question again? I’m sorry.

Kalani Scarrott (18:56): Oh, sorry. No, you’re right. What can Malaysian companies offer that maybe you can’t find elsewhere?

Wan Zahidi (19:01): Oh, I see. I guess it’s the proximity, the reason why we tend to focus more on Malaysia. And also because I’m more familiar with the Malaysian market as well, and also there’s a network that we get at. Let’s say there’s a manufacturing company doing some electronics. I can just call up to a friend who’s either covered the industry before or is running an electronics company. I could just say, “So how’s this company, have you heard of them,” et cetera.

So trying to do the same for a company based in Jakarta during pandemic times, it’s a bit more difficult. You really have to rely on your limited network in the regional countries. For example, the maritime academy in Phuket, which we did … We came across it by chance actually. One of my partners, he sent his employee to go do a super yacht course. And then she came back and said, “Oh, it’s a great academy,” all those things. And then the owner of the academy asked her, “What does your employer do for a living?” She said, “Oh, he manages a fund.” “Oh, that’s good. We are fundraising right now.”

And then from there, having to do due diligence in COVID times, it’s a bit weird. But luckily, we’ve had one eye witness. She went there to do her thing and also we have a few friends based in Phuket, based in Bangkok which we can ask about how things are going. So the only issue with this investment is I’ve never stepped foot in Phuket for the due diligence at all, which is a bit weird for conducting a due diligence.

But it’s worked out well so far. But probably, in a more open world, once this COVID time [passes], we don’t have to rely on our network so much. We can actually go there, keep the ties, which is what we prefer and need to do.

Kalani Scarrott (21:25): That’s cool. And selfishly, for myself, I’d love to know with your network, how have you gone about building it? Any advice for other young professionals building their network?

Wan Zahidi (21:36): Personally, join a cricket club or join any open organization that you can find. That’s one thing, or join your alumni organization. That’s also helpful. And don’t be shy to ask questions. You’d be surprised that people are actually very helpful to answer, especially a young person coming up to ask some questions, “Hey, how do you do this? How do you … Can I get to know what you guys are doing,” all those kind of things. “Can I do an internship?” Just ask those kind of questions. Don’t be afraid. And join a cricket club, of course.

Kalani Scarrott (22:21): Oh, mate, next time I’m in Malaysia, I’ll be there at the nets, bowling you pies.

Wan Zahidi (22:25): Come over, come over. Definitely, come over.

Kalani Scarrott (22:30): I’ll get out, warmed up. It’s been a while, but yeah.

Wan Zahidi (22:32): Yeah. It’s been too long.

Kalani Scarrott (22:35): Just hoping the shoulder stays in place.

Wan Zahidi (22:38): Straight arm.

Kalani Scarrott (22:39): Yeah. So having met the legend that is Brian Lara and your interest in cricket, is there any similarities between cricket and investing?

Wan Zahidi (22:44): I have to say I’m bad at this because I’m not a batsman. I’m more of a bowler.

Kalani Scarrott (22:54): What do you bowl?

Wan Zahidi (22:56): Pies, sorry. Well, medium pace. It’s not great medium pace, but …

Kalani Scarrott (23:06): We try our best.

Wan Zahidi (23:10): And I’m bad at this because in batting, you really need to focus. Don’t do stupid shots, know where all the players are, that kind of thing. It’s something I’m still struggling with. And trying to get that type of mindset that focus into my own professional work. I can do it, but I think there’s a greater level of focus that I can achieve if I just put my mind to it.

So playing cricket, you have to be at the crease for quite some time. You have to stay focused, all those things. If I can just translate that to my professional life, that would be great.

Kalani Scarrott (23:52): It’s interesting that you bring up focus as well because a little tidbit that honestly kind of changed my life, so you know Greg Chappell, previously captain of Australia?

Wan Zahidi (24:01): Yeah.

Kalani Scarrott (24:02): He spoke about, he was struggling for a while with focus, but he was focusing all the time. It was only when he learned to switch off between balls, and then when the bowler ran in and just before he bowled, then he hyperfocused. And then he’d be like, because otherwise he’d just drain out, be too tired. So you got to pick and choose your times when to focus. That for me was like, wow.

Wan Zahidi (24:20): I have a game this weekend actually. I’ll try that.

Kalani Scarrott (24:24): I’ll follow up. I’ll follow up the next weekend.

Wan Zahidi (24:27): Okay.

Kalani Scarrott (24:28): But yeah, it makes sense because what’s the point of focusing when the ball’s already gone to the keeper, you know what I mean? Just switch it off and then when it comes back, then you really … Because otherwise, you’re just on alert all the time and you’ll burn out.

Wan Zahidi (24:42): Yeah. And one issue I have as well is I get into this sledging, which comes to the focus part as well. Because when the others are chattering behind me talking, making fun of my batting and everything, I tend to join in. Of course, I can’t bat. What else do you expect? But that takes the edge off a bit. You tend to, because you get a bit more relaxed and then I realize that I lose focus a bit in terms of batting.

Kalani Scarrott (25:15): I love it. Gotta love it though.

Wan Zahidi (25:17): Yeah, me too. I hope this doesn’t bore your listeners. The two of us just talking about cricket.

Kalani Scarrott (25:24): It’s still investment related, like you still focus in investing. I got a few Australian listeners. They’ll enjoy it, I’m sure.

Wan Zahidi (25:30): Okay, all right.

Kalani Scarrott (25:33): Maybe to bring it back, any particular sectors or companies that you’ve really taken interest lately? You mentioned the one in Phuket, anything else?

Wan Zahidi (25:40): On the private side, not really. Currently, we have one company, electronics manufacturing company, which we are looking at based in Singapore. But they have global M&C’s that they are buy in. So, that’s one thing that I have on my plate right now, that’s on the private side.

On the public market side, there’s this company which has been doing quite well. It’s a commodities based company. This is not a paid advertisement by them at all. It’s a company called Press Metal. They’re aluminum manufacturer based in East Malaysia. They have a cheap source of energy. So there’s a big hydro power dam very close to their location. So yeah, one of the lowest energy aluminum producers in the world.

So, I’m trying to read up more on the company. I think it’s interesting because as we move to a world of where people want everything to be lightweight, as material science progresses and EV cars are more prevailing, I think aluminum will be a lot more in demand. And having the lowest cost based could potentially be very good for this company. Still trying to read up more on this company.

Kalani Scarrott (27:11): Interesting, I love it. And maybe for people like myself or outsiders looking into Malaysia, is there any advice you’d give for those investing for the first time and maybe what to avoid as well?

Wan Zahidi (27:21): I think Malaysia is not a very popular investment destination for the past few years because of the political upheaval, the 1MDB scandal. So, we don’t have a good reputation around the globe right now. But what I can say is I think it’s still a stock picking type of investment that you can do in Malaysia. There are still some gems that are still waiting to be discovered. And also, I read the statistics the other day, foreign participation in Malaysian stocks are at its all-time low, something similar to that.

So once foreign investors starts looking again in Malaysia, because valuations are getting cheap, so I think the tide will turn toward Malaysian, assuming we managed to take care of our political side of things, which is still quite messy.

Kalani Scarrott (28:17): I think I saw your partner, James, share something similar about foreigner participation in Malaysia. But the valuation seemed nice, so it’s kind of what’s happening.

Wan Zahidi (28:26): Yeah. I think the discount that people give to Malaysia is still quite big right now. But over time, we think the discount should come down because there are some companies out there that are doing very well. The growth prospects are looking very good. It’s just a matter of taking notice of them.

Kalani Scarrott (28:49): Yeah, fair enough. Maybe to move in my closing round of questions that I ask everyone, what do you think is the most undervalued life experience that university age students don’t give weight to? What do you think is an underage skill or an experience? Like yourself, you studied abroad, I’m very jealous. What’s been fundamental to you?

Wan Zahidi (29:06): Studying abroad is actually great. I still have a lot of friends in Melbourne and all over Australia and some, even across the world. I would have to say make friends. Don’t just stay in your own room, be content with playing video games which is what kids these days do, or just wanting to read books. Reading books is awesome. It’s learning. But talking to other people, getting more friends, networking, nothing can beat that.

And also one more thing, if I’m still in undergrad, what I would do is I would take up more courses which are not related to my major at all. I’ll probably take up more history courses because I’m a huge history nerd or maybe some philosophy courses because I cannot understand what philosophy is up until now. I tried to read a few books, but it’s just very hard for me to get through. So maybe having some background in philosophy would make me able to understand a few more interesting concepts and see how people think, or even take a course in psychology, a subject in psychology, those kind of things. Expand your mind.

Kalani Scarrott (30:29): And it’s amazing what else links as well, something totally random in history can apply to today.

Wan Zahidi (30:34): Exactly. History is awesome. I can go on and on, but I shouldn’t.

Kalani Scarrott (30:37): No, you’re right. You’re welcome to. I bet I’m going to get some good recommendations here. So, has there been any books that have been influential in shaping your worldview?

Wan Zahidi (30:51): Oh, boy, I know it’s very cliché, but Intelligent Investor, Benjamin Graham. I think every investor worth their salt should read that book, especially if you are a value investor. I think that will help guide you to what things you should be looking at. That should be the investment bible for everyone.

History, if I could touch a bit on history books, there’s this on the Malaysia and Singapore history side. There’s this great book by Jim Baker called Crossroads. It tells the history of Malaysia from ancient times up until current times. And it’s quite detailed as well, which is great for me because our history education at schools is quite lacking. So, we did not learn enough about the period, the immigration period, the British came over and what they did. They brought in a lot of immigrants and how we are trying to integrate this to our society in which we are still having problems up to this day in a way.

So for a student of history or anyone who’s interested to understand the current social dynamics in Malaysia, I think that’s a very good … Malaysia and Singapore, I think that’s a very good starting point. On a more probably global type of history, there’s this book that I finished a few months ago. It’s about immigration of US citizens to the Soviet Union during revolution times. So this started in 1917-ish all the way to 1930s.

So, it’s strange. We only thought that Soviet citizens were running away from communism going to the US, but actually there’s a huge influx of immigrants going into Soviet zone because they believe in communism and all those things. But for the life of me, I can’t remember the name of the book. I’ll send you a link. I’ll send you the name of the book. I hope that’s okay.

One more recommendation I would tell anyone to read is Thinking, Fast and Slow by Daniel Kahneman. I hope I pronounced his name properly. It took me a while to read that book. It took me about six months to finish that, but it’s great. I think, especially for someone in management or even having a professional career, you can gain a lot of insights to how other people think and how you should think as well at the same time. So, I would recommend everyone to read that book. They might finish it faster than me, but I tell you, I took my time.

Kalani Scarrott (33:49): Thinking, Fast and Slow, reading fast and slow, it’s like-

Wan Zahidi (33:54): I guess so. That makes sense. Yeah, reading fast and slow.

Kalani Scarrott (33:57): It’s all right. Just to wrap up, any plans or visions for the next 5 to 10 years or in the future, maybe for yourself and both for Tapir Partners? What’s in the wheelhouse?

Wan Zahidi (34:09): I think in 5 to 10 years’ time, probably we’ll have a bit more free rein of what we want to do. We can choose a bit more. I guess at this initial stage, we also want to build up our reputation and our word of mouth. So, rejecting companies that don’t suit our investment philosophy a hundred percent is great, but there’s also the business side of things as well. Sometimes, that’s a conflict to choosing. This might be contradictory to what I’m saying earlier, but trying to put companies, founders down, telling them no, there’s an art do that as well. Don’t burn your bridges kind of thing, right?

So maybe in the future, we get to choose more of what we really want to do. Also a vision of where we want to take the company, we would like to give back to the community. So probably in 5 or 10 years’ time, we’ll be at a position where we’ll able to afford to set up a scholarship for underprivileged kids in Malaysia, send them for overseas education. That’s my vision.

Kalani Scarrott (35:35): That’s a perfect way to wrap up, and no, cheers a million. And honestly, I cannot wait to get to Malaysia and see some of these pies. I bet you’re going to bounce [crosstalk 00:35:45] bouncers galore, Bodyline series.

Wan Zahidi (35:48): Yeah, Bodyline, exactly.

Kalani Scarrott (35:52): As long as I have a helmet, I’m happy.

Wan Zahidi (35:53): Yeah, me too. Oh, man, I have to [inaudible 00:35:55].

Kalani Scarrott (35:56): Yeah. But honestly, thank you so much for today. I’ve had a blast.

Wan Zahidi (36:00): It’s been a pleasure as well. Yeah, it’s been fun.