In short: The asset inside Georgia Capital that made the multibagger work — "they got lucky because they took a big equity position in Bank of Georgia which is now called Lion… I believe it trades on the LSE also, which has done very well." The host supplies the number that made it obvious: "I remember looking at the return on tangible equity of Bank of Georgia and it's up into the 30s… there's no banks kind of delivering those kinds of returns, it's completely outsized." Polomny's live point is what the parent is doing with it — "a lot of it's been driven by their holdings in Lion, the bank, but that shows you how smart they are… they've been selling that stake down taking that cash and returning it to shareholders."
This is the bank inside the Georgia Capital story, now renamed Lion Finance Group after buying Armenia's largest bank. It is listed in London in its own right.
The single number that made it obvious, in the host's telling, is return on tangible equity in the thirties — meaning the bank earns roughly thirty pence a year on every pound of real shareholder money it holds. Ordinary Western banks earn about a third of that. When a bank sustains a number like that, it doubles its own capital base every few years without asking anyone for money.
Polomny's live interest is what Georgia Capital does with its stake rather than the bank itself: it has been selling shares down and pushing the proceeds back to its own shareholders. That is a deliberate wind-down of a concentrated position into cash returns — a sign, in his reading, of allocators who know what they own.
22:56They got lucky because they took a big equity position in Bank of Georgia which is now called Lion Capital. I believe it trades on the LSE also which has done very well — and so this thing took five years to pan out — and I got two or three bites at the apple. It was doing well and then we had the war in Ukraine and because it was in the sphere of that area the stock dropped by 40%.
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