Interviewed and photographed by Batzul Gerelsaikhan.

• Full name:  Samadi Batbold

• Hobby Alumni:  2007 (years attended 2000-2001)

• Higher Education: Global Management & Finance, Regent’s University of London, UK

• Sector(s): Retail, Telecommunication, Hospitality, Cashmere, TV & Media

• Current Workplace: Altai Holding LLC

• Past Workplaces: Formation 8, USA and Yorktown Partners, UK

• Languages: Mongolian, English and Russian

• Countries Lived In: Mongolia & United Kingdom

• Frequented Website: Bloomberg, Netflix, Youtube

• Current phone: iPhoneXs

• 3 Apps To Recommend: Quartz, SocialPay, SkyGo

• 3 Books To Recommend: The Economic Naturalist, Conn Iggulden Conqueror Series, Thinking Fast & Slow

• 3 Movies To Recommend: Knock Down The House, The Game, Ghajini

• 3 Songs You Are Listening To Most Right Now: Just Us by DJ Khaled, Cold Little Heart by Michael Kiwanuka, Ocean Drive by Duke Dumont

AT HOBBY SCHOOL

1) How many years have you studied at Hobby School and where have you studied before and after Hobby?

I was at Russian Embassy School #14 (pre-school till 1st year) in Mongolia; but I moved to London, because my aunt and her two daughters used to live there. I joined them and went to primary school in the United Kingdom (UK) for two years. After that, I came back to Mongolia and got into the Hobby School for my 3rd year. However, I went back to the UK yet again, and finished my primary and secondary schools there. 

I came back to Mongolia and did my 8th grade at International School of Ulaanbaatar (ISU) as well, but again went back to London and did two years at a boarding school in Ascot, just outside London. I came back to central London and did my IB and my university also, so basically I was in the UK from 1998 till 2015, back and forth.   

2) What was London like back then? Was it your first foreign country after Mongolia?

I went to London when I couldn’t understand or speak any English. I flew to London with my grandma, so we have a hilarious memory of using body language, trying to figure out the Tube (London Underground Metro System) for the first time. The British immigration officer was kind enough to help us buy tickets for the Tube, and we all thought he was looking for drugs or something (laughs) when he was searching our grandma's bag for money to help us buy our tickets. 

Back then, I thought London was so nice, because it had so many green parks where you can play and spend your weekends there. It is amazing to see cities like London and New York keep their parks for 100 or even 200 years, and I hope our National Amusement Park will be developed, not just for the kids, but as an actual green park. 

3) Did you have a hard time explaining your name Samadi there? Is it your nickname or an actual name? What does it mean?

Yep. My name was given to me by a Buddhist monk from the States. Samadi means highest and deep level of meditation, and if you reach the samadi state of meditation you can achieve enlightenment.

4) So your family is very religious? They trusted a monk to name their son. Are you also a Buddhist?

Yes, actually apart from my elder brother Battushig, all my siblings’ names were given by monks. Sedibazar is not a common name in Mongolia. Badamkhand and Tserendulam are common names though. Samadi is not a common name and I found out from the registration office that there were three Samadis in Mongolia. 

5) What kind of student were you?

I’d like to think that I was a smart student, but not a straight-A student. I didn’t like doing any homework, but my teachers always believed in me and told me that I had great potential. I played football with my classmates but really got into rugby during secondary public school. Rugby gives you an incredible adrenaline rush and you don’t even notice the little cuts and bruises till you finish playing. 

6) Did you ever get any concussion? Also, your parents had no problem with you playing such a dangerous sport?

Concussion - never. Parents having problems with me playing rugby - yes. My coach actually recommended me to play for the London Irish Rugby Football Club and its coach came to see me play and wanted to recruit me. But my parents shut it down because they thought rugby was too dangerous. So you could say it is my path “untravelled”.

7) What were the main differences between Mongolian and UK schools?

Most of the schools I went to in the UK had uniforms. The curriculum for math and sciences in Mongolian schools are much more rigorous and from my short time in Hobby I had a much advanced level of math compared to my peers when I went back to London. 

8) How come you don’t have any British accent?

You are right (laughs). It is really weird, because I had a strong British accent when I was in a boarding school, but my accent changed a lot like a chameleon, especially after my IB school where I had students and teachers from all over the world. We call my accent the “international” accent. 

9) Anything you would do differently if you went back to high school again?

Study more! 

10)  What’s your fondest memory in high school and who was your favorite teacher at Hobby?

Oh, “Баавгайн Чих” game! (laughs). As for my favorite teacher, it would be my class teacher Otgonsuren who had jet black hair. I remember her giving us tips and cheat sheet for the exam problems. 

11) What influenced you to choose your University and major for your bachelors?

I knew I wanted to be in London for higher education. Since I had only lived in the UK apart from Mongolia, I was not fond of the idea of going somewhere completely new for further studies. When applying to universities I was not sure of the kind of career I wanted, and not particularly interested in a certain field, so I chose Management and Finance since that was a popular choice with students back then. Now I regret not having chosen something like engineering, computer science or law. 

CAREER

12) What did you do after your graduation?

I came back to Mongolia and had to join the family business. I immediately got appointed to all the subsidiaries' boards, and going to all these board meetings gave me a steep learning curve where I got to understand and learn about different sectors and industries in Mongolia.

13) You never did any student jobs or internships?

Oh, I didn’t work during my studies. I guess you could say I was lazy, but on the other hand, I recognize that was I privileged that I didn’t have to, and obviously I really didn’t want to work during my studies.  

I did few summer internships though. My brother knew one of the partners at Yorktown Partners, a real estate investment firm, and I interned there for the summer where I got exposed to business plans and investments. Another summer internship was at this venture capital firm called Formation 8 in San Francisco, USA. They focused on AI and data analytics. Joe Lonsdale, one of the founders of Palantir, founded the Formation 8 fund. One of my brother’s connections got me this cool internship in 2013 or 2014 and it was a really good experience.

Funny thing happened when I went out with my brother’s business school friend and she took me to this members-only bar. One of her friends whom she used to date was there. This was in 2012 or was it 2013? The tech industry and Silicon Valley companies started to boom. At that time, I wasn’t well-versed in all the tech people. In the bar, she introduced me to her ex and I started to chat and asked him where he worked. He answered: “Dropbox”. So I asked “How long have you been there?” and he said “From the start”. I realized then that he was Drew Houston! I was so oblivious. He was so humble and answered all my questions patiently till I realized he was the founder. 

Actually, I wish we had something like that in Mongolia where we share our ideas openly, but obviously up to a certain degree. Here in Mongolia, everyone is so secretive. Of course, there are people stealing and copying, but this openness to collaborate creates much more opportunities and vitality. There would be investors open to listen and invest if they like the idea. 

14) How is it different from BCM, AmCham Mongolia and AustCham Mongolia?

I am a member of those organizations in Mongolia, but I would say they focus more on policies, mining and/or agriculture. I guess it makes sense, because they are limited to these only, but I am talking about openness to collaborate. In Mongolia, most companies/groups are separated. In Silicon Valley, obviously these VCs and tech companies are competing against one another, but they have this sort of understanding that some development is better for everyone rather than not doing it, because it is beneficial for someone else. 

15) Do you think there is a bubble in Silicon Valley where companies are overvalued? Companies faking till they make it?

I guess the biggest fraud was Theranos with Elisabeth Holmes. After seeing the documentary or reading all the news, you would think how did all these smart people get fooled by this young CEO? But at the end of the day, investors will keep on investing on new ideas, new CEOs and new adventures even after they make losses and/or some of their ideas go bankrupt. The machine will keep on working.

16) Why didn’t you stay and work in London or San Francisco after your graduation? Wouldn’t you agree that you and your family business would have benefited more if you worked abroad for a few years and then come back to Mongolia and contribute?

I guess I never really had any desire to stay there. To me, it was much more interesting to come back and run our own business. Obviously, the Mongolian economy was in a downturn in 2015, but it was just after that big boom period. There was so much to do here and a lot of things were happening in Mongolia. It made more sense to come back and work straight away. 

17) You lived most of your life abroad, so how was it to move back to Mongolia for good? Did you have a cultural shock?

Nope, no cultural shock. My family always made sure we come back to Mongolia in summer and winter. Father always used to say: “I don’t care what your schedules are, we will not miss Naadam nor New Years”. 

I also stayed in touch with my classmates from School #14 and ISU. As for Hobby classmates, I regretted not staying close with you guys after I attended our 10 year graduation anniversary last year.

18) Before I ask what you do exactly, why don’t you start by explaining what your family business does?

Our group is called the Altai Holding LLC, which was founded by my father Batbold Sukhbaatar. We have about 1,700 full-time employees now. Our first business was in cashmere - the Altai Cashmere. Then, Chinggis Khan Hotel. 

In 1999, my father was one of the investors of SKYtel telecommunication company. At that time, there was only MobiCom in Mongolia. Now we hold 50% of SKYtel.

We also own 50% of Ulaanbaatar Cinema which is the company behind Tengis Cinema.

We also have a TV channel called Star TV, which started in the mid-2000s. We also have a software company called Datacare LLC, which was in charge of IT and software of our retail arm. The engineers own 10% and we own 90%. When Emart approached us through our former President and introduced their retail software, it was an expensive system, so we had Datacare do the software with Korean consultants. Emart saw us as a good partner in Mongolia as we did not have a big retail operation at the time and was more suitable to grow from the ground up. Investment in Emart became successful, so Emart and SKYtel are the biggest holdings in our company and they take the most time and attention from us.

19) How many Emart stores are there in Ulaanbaatar and how many more are you planning to open in the future?

At the moment three - one in Sansar, another in 3rd and 4th micro district (2017) and the other opening soon in Khan-Uul district (August, 2019) near the National Park. 

In the future, we are planning to open more stores in other parts of Ulaanbaatar. I wasn’t involved in the Emart deal from the start, but I joined in late 2014 and officially in 2015. Basically the last few years, we were busy with Emart openings, construction and expansions. 

20) As the Executive Vice President of the entire group, what is the main role of Samadi Batbold?

I focus on the strategy and financing. Basically, finding investments and strategic decisions like where to open the next Emart stores, what are the new campaigns of SKYtel, etc. Let’s take Emart stores as an example. It is crucial for us to build the store in accordance to their concept and standards. We rent our 3,4th microdistrict building and if you walk in, you would see the same concept, but the building is not quite up to our standards, because we didn’t build it like we did in Sansar or Khan-Uul Emart stores. 

21) What makes Emart stand out from other stores in Mongolia, like Nomin for instance?

Emart’s concept is a hypermarket. Our customers shop at our stores and others for different reasons. Also, price-wise, I’d like to think our price is the most competitive and attractive. We are trying to provide a one-stop shop experience where you can get everything you need from one place. Previously, we used to buy our packaged foods from one place and buy our fresh fruits and meats from somewhere, but now you can buy all from one shop. 

22) It is very difficult for people who live in central Ulaanbaatar to shop at Emart, because it is far away. Why are you not opening in Central?

It is hard to find a land and it is often too expensive! We were considering Shangri-La’s basement, but the space available was not a good fit for our concept, so we still haven’t opened in central yet.

23) In your opinion, how would you describe the retail market in Mongolia?

The grocery shopping, eating and buying habits of Mongolians are extremely simple - meat, flour, rice, dairy and sugar.

In the near future, especially at our Khan-Uul Emart, it would be interesting to change their eating and buying habits, like introducing more variety of food choices, like smoked salmon, for instance. You need to have these goods consistently to change their buying behaviour.  

24) What was the hardest thing about opening the Emart store? Also, how challenging is it to run such a big company as a young man of only 29?

Hardest thing about the opening was the financing and the construction delays, which even constraints the financing further. We also had floods and recently a fire. When we opened the Sansar Emart, the lower floors were taken care by the Emart management, but the 5th and 6th floors were the responsibility of our subsidiary, Sky Trading LLC. It was new and difficult for us to plan, create the concept and fill it with tenants. We decided to have 5th floor as family and kids’ center and 6th floor - sales and service. However, due to time and financial constraint, we opened the lower floors first and left out the 5th and 6th floor (delayed its opening for a year), so basically nobody knew 5th and 6th floor existed and it was difficult for us to fill it up.

As a young man, it is difficult when you are not experienced or knowledgeable in a particular issue, so you rely on your experienced colleagues and senior management. So my goal is to learn on the job and learn from the best. We have a very trusted and capable CEO Javzmaa Lkhagvasuren who has been with us for about 20 years and her years of experience and expertise in all aspects of our businesses are a good role model to learn from.

25) To my knowledge, Emart is a publicly listed company in Korea, so how does it work in Mongolia. Are there special compliance reportings you have to follow?

Emart Mongolia is a private company in Mongolia. We own 90% and Emart Korea owns 10% via JV agreement and franchising agreement. Initially they just wanted to have a franchising agreement with Mongolia, but we insisted that they have a stake in the company, so that they get invested and more involved in the company’s future and have a seat at the board in Mongolia to help us grow this business. 

26) There are 5 of you, so do you divide and conquer or do you all work together?

My brother is 4 years older than me, and I am 4 years older than my younger sister, so me and my older brother Battushig have been much more heavily involved in the business than our younger sisters and brother. But yeah, we would divide and conquer probably. For instance, my younger sister Badmaa just graduated her masters in Media Management, so she would be more suited to run our Star TV and media side.

27) What are the pros and cons of working in a family business?

Pros - you own the business and you are the boss (laughs). Cons - “big shoes to fill” and high expectations, which you cannot meet a lot of times. So when you meet me, it is not as impressive as you thought I'd be. There would be disappointment.  

28) What was the biggest obstacles you have faced in your life?

I think the transitional periods between academic milestones and life decisions in general. They leave you wondering who you were, who you are and who you want to be. Often times the answers are not always clear but with each of these experiences you gain a better sense of yourself.

29) Let’s talk about SKYtel & Telecommunication!

Skytel is very cool. We have a very capable management team in place that has turned around the company and steering it in a good direction. We did a major rebranding and changed our image. Previously, Skytel was mostly used by traders, because we had a better connection along the main trade route in the countryside. Now, we are trying to be more hip and young. I follow Skytel on social media and I see their ads, but you never really know how well your ads and campaigns are reaching the audience, so hopefully our rebranding is working.

Mongolia has the highest penetration per capita in the world, because we have over 3 million users when our population is 3 million. Everyone has multiple sim cards or phones. So, telecommunication is a very competitive industry in Mongolia, especially in terms of pricing and offers - cheaper data, cheaper rates, cheaper packages, etc. Previously, it was pretty easy as we just connected phone lines with the towers, but now we need to upgrade and invest in 4G and/or 5G and our cost is increasing, so basically, the profit margin is getting smaller. 

30) A common misconception about your work?

The way people complain about data packages being too expensive. Currently today you can buy 5-10$ for 1GB, 5GB or 10GB data in Mongolia - it is very cheap. Other countries are charging 70-130$ for the big packages. An industry insider pointed out that if you offer someone a free pizza and beer for free, but with only one condition, which was to avoid using data/internet for 1 month. Most people would say no as we cannot even survive without internet or data for 1 day, so when you think about it, your data costs you the same price as a big pizza and beer, but you need the data more. It is a necessity. So I think there’s a misconception about the value of internet data.

Mongolian data price is not the cheapest, but it would be considered one of the lower ones in the world, for sure.

31) What are your thoughts on social media, our generation and generation z?

I think social media is getting too much. We do not need this much information. You mostly do not learn much from this much exposure and information. Mostly garbage. When I went to Beijing, I was forced to get disconnected from my Instagram or Facebook, since they are blocked in China. At first, it was difficult, but after 3-4 days I felt really relaxed and my phone became an actual phone to call and text people to connect. I also believe social media and phone’s blue lights are one of the triggers and causes of sleep problems. 

32) Ok, let's talk about your cashmere. How come there are no physical shops of Altai Cashmere around Ulaanbaatar?

We had a few, but we scaled back a few years ago. We have one in Emart now. We used to have one at the State Department Store, but we got kicked out. 

33) In your opinion, what is the most difficult part of doing business in Mongolia?

Finding financing. Foreign investment is pretty hard as investors are worried about the Government’s next decision and Mongolia’s stability. There are great market opportunities, but the government credibility and stability are the big issues to investors. Also, most investment go to the mining or agriculture sectors (and we are in neither), so it is harder for us to attract foreign direct investment.  

34) It is important to diversify your portfolio - yes, but don’t you think your portfolio is too diverse with Emart, hotel, tv and media, telecommunication, cashmere and software company. Isn’t it better to become experts on a few things, and not too many things? Also, are you planning to sell and exit from some of your subsidiaries? Where do you see Altai Holding in 10-20 years? 

You are right. It is better to focus on a few particular industries. We have a strong and good team of professionals, so I am confident that we will keep on being the leaders in the industry. We are always open to work with others or have discussions if there are interested parties.

PERSONAL

35) What is the biggest accomplishment you have done in your life?

It was yesterday actually. I won the Turkish Airlines World Golf Cup from Mongolia (click here to see) and I will fly to Turkey to compete against the rest of the countries champions soon.

36) Congrats! That is amazing. Where can we find Samadi when you are not working?

Nowadays at Mountain Bogd Khan Golf Course in Sky Resort!

37) Is that your only hobby though? On 0-10, 10 being the best, how good golfer are you? 

Golf - yeah, my only hobby now. 10 being the best? Then I’d be 1. 

38) Oh come on, now you are being too humble. You just won big time yesterday. What is your golf handicap?

Thank you. My handicap is 14 now. 

39) When you were young, what did you want to be when you grew up?

I wanted to be Batman! I used to love watching Batman and he seemed so cool (Samadi hums the movie song and laughs). I liked wearing deel and do the top button only, jump from the sofa and pretend that I was Batman flying into the crime scenes.

40) Who do you admire most in Mongolia? A living person. And why?

Apart from my mom and dad, I’d say Zorigt Dashdorj who is my mentor. Definitely, my mom and dad though, because my father has done so much for Mongolia and he basically set the bar so high that I do not think I can achieve half of what he achieved in my life. 

41) Will we ever see a personal Samadi business in the future that is independent from your family business?

I’d like to. Currently, my friends and I are talking about some great ideas and I’d like to see how they go. However, with my current family business taking so much time of my life, it is difficult to invest in so much time to other businesses.

42) What’s the best life advice that you’ve received? Who gave this advice?

My father always used to say: “Санаа зөв бол заяа зөв”, which means if you have a good intention, then you’d have a good life. Also, my grandfather used to say: “Айж явахад алзахгүй”, which means it is always best to be cautious. My mom also told me to always be humble and be modest in life.

43) A personal advice you would like to extend to fellow Hobby Alumni? And why?

I’d like to say the opposite and say “Be daring! Be bold”, because I wish I was told this advice in my early years and I believe I played it too cautious in my life. Now I want to be more daring.

But you know what, I’d also like to say “Be bored” because when your mind is at ease and bored, your mind wanders off and your creativity level comes up.

44) What are your good and bad habits?

Good - I always say thank you.

Bad - I am not a morning person, but golf is helping me become a morning person though. 

45) Some people are night owls and some are early birds; people’s productivity level varies. What are your thoughts on productivity?

I heard some of the companies tested the “4 days at the office and 1 day work from home” and it may seem dangerous and risky move from the management, but our lifestyle needs to change and adapt. 

Even in eating, people often think that breakfast is the most important meal of the day, but I eat once a day (and max twice) and my productivity and my brain function got better when I started eating less or no longer three times a day. I did intermittent fasting and lost 6kg, and I realized that my brain was in a haze and almost lost in a fog. After eating less, I became much more productive and energetic. 

I also think breakfast was the most important meal of the day back in the day when people used to work in the agriculture or manufacturing era where you lift heavy things and do more physical work. Breakfast was important for them, because they had to wake up early and do harsh physical work and they needed the energy to do that. Maybe it was a big lobbying and brainwashing campaigns from the cereal or egg companies to make you buy more cereals and eat more eggs in the morning.

46) Would you say your lifestyle is healthy now?

Yes, much healthier. Golf is helping me also, because I cannot drink out crazy on Fridays anymore as I play in tournaments on Saturdays early in the morning, so golf is helping me to maintain my healthy lifestyle. You cannot play well when you are hungover, so if I must party on Friday nights for my friend’s birthday, then I’d stay till 11pm and that’s it.

47) Funniest story at work you can share with us?

It wasn’t really at the workplace but during work hours. My colleagues had prepared an elaborate surprise for my birthday and to really have me surprised they did it a few days before. They had prepared for weeks and performed songs and dances. It was really moving, most of it, but the funny part was they had a segment of exotic dancing in the middle since they had a “single” CEO. What made it even funnier was my mother was sitting right next to me since we have offices in the same building.

48) If you can pass 1 law globally, what would it be?

Omg, there are so many issues I want to mention, but if I had the power to change one thing only, then everyone should contribute 1% of their annual income every year to a charity or a cause of their choosing. It is important to give if you are able.

49) Now if you can fix 1 problem in Mongolia, what would it be?

I agree with Khulan Gantsog and I would say air pollution, for sure. Everyone in Mongolia agrees that we have this problem and everyone wants to get rid of it, but none of us are uniting to solve it. Obviously, money is a big issue, but there is no concentrated efforts. There was this “Parents against Air Pollution” private lobbying group on Facebook and I thought why are they excluding single people like me? Air pollution is a problem not just for parents or kids, but for everyone. Every now and then we do some small actions in winter, like putting filter on the pipes, handing out air purifying machines or heaters, but nobody is willing to unite and remove the actual problem as a whole. 

50) Mongolia has the ger district people and Singapore and Hong Kong had their own junk boat squatters living in unsanitary conditions. They solved this problem by forcing and relocating families from slums to high-rise public housing. This was done by their Ministry of the Environment. Do you think we should have the same Department of Air Pollution or something similar, a special task force from the Government?

Yeah, that’s a great idea. That is a much better idea compared to checking to see if they changed their "type of coal" they burn each night. 

We can also raise awareness of the importance of relocation, air pollution source, etc. via viral videos (like the Police awareness videos on Facebook) and encourage everyone to get behind this movement. We should make every ministry (even the Ministry of Finance) put air pollution as the number one problem that we should all solve. If they do not solve this problem in their term, do not allow them to get re-elected in the next term, etc.

51) If you could have dinner with anyone dead or alive who would it be?

Caesar, because he was a master tactician and a strategic leader. He has been through so much, so I would like to talk about his thought processes and reasoning, etc.

52) If you could compare yourself to another animal, what animal would you be?

A lion. 

53) Your instagram and twitter are public and a lot of people follow you, but what is the one thing that people do not know about you?

That I am a very humble person.

54) Are you still single and what are your thoughts on family planning in Mongolia? Most guys at your age in Mongolia are all fathers now.

I am still single, yeah. Family planning is important. Especially in Mongolia, young couples get into a marriage without any plan and I think age is another big factor. My high school friends in London, for example, are all single and not married. Only one is married, because he is from Kuwait and it is normal for a Muslim to get married at a young age. However, in Mongolia, 8 out of 10 of my high school friends are parents now and married. I try to keep my headspace along with my London friends and still believe I am too young to get married or have kids right now (laughs). I mean, if you go to London and say you are 29 years old, then everyone thinks you are so young and almost a child, but in Ulaanbaatar, I am considered very old and I am going to die soon.

One of the most common questions I get from everybody is: “Have you got a girlfriend yet?”. I think it is worse for the girls, especially during Tsagaan Sar where some even ask girls: “How come you are not getting pregnant? Are you infertile? Have you got tested?, etc.” However, I don’t think we should rush into marriage or parenthood just because everyone around you is married or have babies. This thing should come naturally. In the meantime, I think it is important to get a sense of yourself and who you are. Before you dedicate all your life and emotions to someone else, I think it is important to figure yourself out first. Not try to fix one another after you get married, but accept one another after both having figured things out on their own.

55) Will you do your masters or MBA in the near future?

Yes, I will, but I’d like to do it only when I am settled down and go together. 

56) Who would you recommend to interview next from Hobby Alumni? And Why?

I would like to recommend my classmate Avirjin Ariunbat, CEO of Arigu Media (#HobbyAlumni 2007) who does consultancy, marketing and design, and PR work in Mongolia. His company did the rebranding for SKYtel and he is a cool and interesting guy.