✨ Value Investing Substack NEWS - The Story of China's Legendary Chilli Sauce
STOCK & INDUSTRY PRIMERS: INTEL, APPLE, O&G, US RETAIL - TheGlobe.com CEO Reminisces Dot Com Bubble, Philippines Opposition Media Figures Jailed 6 Years, Aswath Damodaran & Value Investing
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The big problem, he says, is that the online advertising market just wasn’t that big back then, and there were too many companies trying to grab a slice of of a relatively small pie, with all of them spending massive amounts of dollars to get their piece. That set up a scenario in which everyone was essentially lighting money on fire, just to avoid losing market share.
And we were like, wait weren't we priced at $9? How's it going up to $20 to $30? What's going on? Because this was very unusual. Stocks weren't popping that way back in the day. And another half hour later, they're saying ‘oh, never mind it’s not gonna go at $20 to $30 a share. And they're like, okay, so what is it? 9, 10, 11. And they're like, no, it's actually gonna go at $50 to $60 a share.’ Like, okay, wait, wait, what's going on? And within another half hour, right as we're coming up to 11 o'clock the main trader that day suddenly yells out $87! $87, and then $97.
TWEETS
BREAKING: The appeal of Maria Ressa, CEO of online news outfit Rappler, & its former writer Reynaldo Santos Jr. for their cyberlibel conviction handed by the Manila RTC in June 2020 has been denied.
The decision sentences Ressa and Santos to up to 6 yrs in prison. @gonzo_manila
How the consensus has shifted in 2022
-Fed won't hike much
-Fed won't hike 50bp
-Fed won't hike 75bp
-Fed will pause in Sept
-Small chance recession
-50% chance recession
-Recession but shallow
“The selloff has made Polish stocks the cheapest ever relative to developing peers. The WIG20 now trades at a 43% discount to the MSCI Emerging Markets Index, compared with a valuation premium of more than 100% in 2005 and near parity as late as last October.”
JUST IN - Vonovia, Germany's largest housing group, begins to throttle its tenants' heating at night to save gas, a spokeswoman said.
Hundreds of thousands are affected, Berliner Zeitung reports.
LINKS
Stocks, Stocks & More Stocks!
Intel Bets 17 Billion Euros on a Tech Revival in Eastern Germany | Bloomberg
Glut of Goods at Target, Walmart Is a Boon for Liquidators | WSJ
Ambani's Reliance Retail lures Gap to India with franchise deal
Buyers are seeking to renegotiate palm oil contracts as CPO price slumps
Intel CTO in an exclusive interview: "I wasn't brought to Intel to babysit"
Lavender: "Apple did excellent work integrating digital lifestyle. Even though their devices account for less than 10% of the PC market, they created smooth integration between phones, iPad, laptops, the cloud, and the like. This leaves us with 90% of the market running on Windows and Chrome OS or Android. Our goal with Screenovate was to open this platform to achieve integration between diverse devices and makers. 90% of the market does not have this capability. We want to open up the PC market so the user experience with mobile devices will be far more uniform."
In other words, Windows and Android can often just watch in envy the smooth interface and inter-device transition Apple users enjoy, with MACs to iPhones and even headsets. For example, MAC users can use the Sidecar feature to transform their iPad into a mobile second display. To do the same when using a Windows PC and Android tablet, users need to embark on a journey of downloading software, drivers, and configurations. The assimilation of the Israeli technology will allow Intel to enable a similar experience already on the chip and OS level, making it easier for Windows or Linux systems to provide a similar, albeit not an identical experience to that offered by Apple.
VALUE INVESTING
Risk Capital and Markets: A Temporary Retreat or Long Term Pull Back? | Aswath Damodaran [click this link for the article version]
These statements sound innocent and plausible. Yet they concealed two theoretical weaknesses that could and did result in untold mischief. The first of these defects was that they abolished the fundamental distinctions between investment and speculation. The second was that they ignored the price of a stock in determining whether or not it was a desirable purchase.
The notion that the desirability of a common stock was entirely independent of its price seems incredibly absurd. Yet the new-era theory led directly to this thesis… An alluring corollary of this principle was that making money in the stock market was now the easiest thing in the world. It was only necessary to buy ‘good’ stocks, regardless of price, and then to let nature take her upward course. The results of such a doctrine could not fail to be tragic.