Key takeaways: Almost at 100M subscribers (grew 58% yoy in 1Q)iQiyi's advert business slowing (cyclical or secular?)Some content releases are delayed (impacts advert business)There were some disclosure changes in IQ's 20-F (Grrr!) Content Delays English: Over the Sea I Come to See You A show, called 带着爸爸去留学, had its broadcast date delayed. There was some speculation … Continue reading iQiyi 1Q19 Earnings Notes
In this post I focus on the assets of a business, stuff that is owned by the business and is fundamental to the business model. Human capital is fundamental as well, but I will leave that for another day. Note: the impetus of this post was a conversation with Elliott and Michael on China Tech … Continue reading Assets: Atoms versus Electrons
I recently wrote a piece for Technode on $PDD Pinduoduo's free cash flow. I believe their restricted cash is mucking up the analysis. Have a read here: https://technode.com/2019/03/22/pinduoduos-free-cash-flow-conundrum/
This is easily one of the best modern pieces of advice, probably on par with Kiplinger's "If" and Ehrmann's "Desiderata"
Trend: Rising (Investment) Protectionism With eye on China, EU Parliament pushes tougher line on investments (R) It's about to become harder for Chinese entities to invest in American companies (A) Canada blocks Chinese takeover of Aecon on security grounds (R) Trend: China Trying to Improve Financial Stability Secretive Financial Group Unloads $3.5B Trust (CX, May-24) … Continue reading Some links – 28 May, 2018
Two interesting views on inflation:  Russell Napier's view that Fed's QT policy is decreasing money supply and therefore deflationary (along with other things), and  from 13D's WILTW that Fed QT will be deflationary in theory but inflationary in practice. Other things I'm reading or listening to: Brad Setser on Odd Lots podcast, What a … Continue reading Some links – April 10, 2018
In A Man for All Markets, Ed Thorp describes his life's journey, from a prankster/tinkerer youth to beating the dealer in blackjack (and baccarat and roulette!) to successfully investing in derivatives, convertible arbitrage and other market-neutral systematic methodologies. Dr. Thorp is a pioneer in every field he's touched, a real inspiration. After telling his life … Continue reading A Man for All Markets (2017) Notes & Excerpts