A bunch of things

Be immersed quickly

I love being on the road, even if it’s a business trip, even if it involves three hours on a bus, single way. The fun part is talking with people. The amount of time he/she has spent on a specific field or with a company usually has a linear correlation with the depth of the understanding. People tend to have some cool insights about the things they know well. And that’s a very quick way to learn stuff, especially to gain an overview of a certain topic.

Progress

A few days ago, I was chatting with an auto analyst about the consumption characteristics of the 70s and 80s. To him, one thing truly tells the 80s apart is that we have such a strong desire to see ourselves constantly making progress. The progress can be promotion, salary increase, or progress in one’s life such as getting a new car or house, picking up a hobby, traveling to places that have never been to. The strong desire to move forward is an inner driver in his view. And this leads to different spending habits. I’ve never looked at myself in that way. But as he point out, I find this a valid point, at least applicable to myself and many of my friends.

SOE vs Private management team

Management team is one of the most crucial factor in any equity investment, whether startup or big public company. SOE mgt team are usually viewed as slow, low efficient, and most likely less knowledgable about their own business. Private management team, on the other hand, are typically responsive, moving quickly , grassroots alike and less restrained by standards. Yet when it comes to reliability, owners of China’s listed private companies tend to have less creditability. Suspicious moves like owners selling off their own shares easily get market tension. They have a higher risk of screwing up minority shareholders, taking all their money and running away. The reason that probably caused lower efficiency in SOE mgt team may have also given them less freedom (at least theoretically) to act wildly.

Nominal growth vs Listed company growth

US: country nominal growth less than S&P500’s revenue and profit growth (which makes more sense as listed companies are supposed to be better than other non-listed)
China: country nominal growth more than CSI300’s revenue and profit growth (There is a hole in the bucket of listed companies, profit flows outwards)

No related posts.

以上关联文章由 Yet Another Related Posts Plugin 提供支持。