21 Sep 2021 | Value Investing Substack NEWS

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Highlights:

Value Investing Substack
My thoughts on US inflation
Should we worry about US inflation? Arguably not. Can we do better with US inflation? Arguably not. If inflation transitory? Maybe. Is inflation persistent? …Maybe. (this is why economics is called the dismal science!) What is going on in Jay Powell’s head today…
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Semi-Literate
Mapping U.S. Chip Company Exposure to China
BLUF: This post analyzes financial filings from 15 of the largest publicly traded U.S. chip companies from 2016-20 to determine their exposure to the Chinese market. It finds that U.S. semiconductor firms on average derive 31% of their net revenue from sales to China, though this number can reach as high as 60% for certain individual firms. This post al…
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The Pomp Letter
The Economic Data Can't Possibly Be Accurate. Here Is Proof.
Listen now (8 min) | To investors, I hope each of you had a great weekend. At the end of last week, I saw a chart that really confused me. It showed the difference between the CPI Rent Index and the Zillow Rent Index. These numbers show that Zillow is estimating rents are increasing about 5.5% to 6% annually right now. The CPI Rent Index is showing just under 2% rent growth…
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  1. What Does Evergrande Meltdown Mean for China? | Michael Pettis of Peking University on Evergrande
    https://carnegieendowment.org/chinafinancialmarkets/85391

  2. Evergrande; Mixed signals on regulatory crackdown; AUKUS
    https://sinocism.com/p/evergrande-mixed-signals-on-regulatory-2cb

  3. GMT Research scoop on Evergrande in 2017:
    https://www.gmtresearch.com/en/research/newletter-12/

  4. S&P Global | Evergrande Default Contagion Risk: What It Means For China Sovereign And Banks (open to public):
    https://www.spglobal.com/ratings/en/events/webcasts/evergrande-default-contagion-risk-sept-21-2021-



News:

  1. The United States of Sanctions
    https://www.foreignaffairs.com/articles/united-states/2021-08-24/united-states-sanctions

  2. Statement by President Joseph R. Biden, Jr. on the Executive Order Regarding the Crisis in Ethiopia
    https://www.whitehouse.gov/briefing-room/statements-releases/2021/09/17/statement-by-president-joseph-r-biden-jr-on-the-executive-order-regarding-the-crisis-in-ethiopia/

  3. Carousell, which Shopee copied from in early days, has finally become unicorn
    https://thelowdown.momentum.asia/carousell-which-shopee-copied-from-in-early-days-has-finally-become-unicorn/

  4. Missing Chinese entrepreneur briefly surfaces on eve of book’s publication
    Duan Weihong called her ex-husband and warned him to cancel the release of his book ‘Red Roulette’: https://www.ft.com/content/9d33b101-f3b0-4de4-a046-4019a3b4a00f?shareType=nongift

  5. Philippines' Manny Pacquiao to run for president in 2022
    https://www.businesstimes.com.sg/government-economy/philippines-manny-pacquiao-to-run-for-president-in-2022

  6. China Evergrande: Investors assess risks of likely default
    https://asia.nikkei.com/Spotlight/Market-Spotlight/China-Evergrande-Investors-assess-risks-of-likely-default

  7. Cover Story: How Evergrande Could Turn Into ‘China’s Lehman Brothers’
    https://www.caixinglobal.com/2021-09-20/cover-story-how-evergrande-could-turn-into-chinas-lehman-brothers-101775596.html

  8. Didi co-founder Jean Liu told associates she plans to leave
    https://www.straitstimes.com/asia/east-asia/didi-co-founder-jean-liu-told-associates-she-plans-to-leave-sources

  9. Xi’s celebrity crackdown no match for Universal Studios in China
    https://ph.news.yahoo.com/xi-celebrity-crackdown-no-match-for-universal-studios-in-china-062403714.html

  10. Peter Thiel Claimed Zuckerberg Agreed to Push ‘State-Sanctioned Conservatism’ Under Trump Deal, Book Says
    https://www.thedailybeast.com/peter-thiel-claimed-mark-zuckerberg-agreed-to-push-state-sanctioned-conservatism-under-trump-deal-book-says

  11. Yellen, IRS Push Democrats to Require Banks to Report Taxpayers’ Annual Account Flows
    https://www.wsj.com/amp/articles/yellen-irs-push-democrats-to-require-banks-to-report-annual-account-flows-11631727020

  12. India could surpass the UK as the world’s 5th largest stock market by 2024, Goldman says
    https://www.cnbc.com/2021/09/21/goldman-sachs-india-start-ups-ipo-report.html

  13. U.K. Soft Drink Makers Have Just Days of Carbon Dioxide Left
    https://finance.yahoo.com/news/u-k-soft-drink-makers-164211632.html

  14. Petrol stations, eateries, convenience stores can open until midnight, says Hisham
    https://www.thestar.com.my/news/nation/2021/09/21/petrol-stations-eateries-convenience-stores-can-open-until-midnight-says-hisham





Media:

Podcast: The Complete History & Strategy of TSMC
https://www.acquired.fm/episodes/tsmc


Visit my original Substack blog for detailed research reports about equities, macro and value investing


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