investing

“The good news is that the Italians make the pasta and the Swiss make the watches. But if we stop world trade and the Swiss have to make their own pasta and the Italians have to make their own watches, the world will probably... maybe arguably, people in both countries will be a little worse off.” - Howard Marks [1]

Competitive rivalry in the VC world, recession and tech jobs, a banker's pipe dream and how to legitimately lose money.

Deriving an accurate discount rate is a fool's errand. Value sits with the beholder of cash in his pockets, who are you to say otherwise?

SIA ends an interesting chapter of its history with redemption of its last remaining MCBs.

We are in the early innings of the housing bubble in China, and the balance sheet of the current generation of young Chinese people has basically been destroyed.

Not all PE firms are created the same, China, broken return models, decision making, stupid questions, and the art of investor relations.

No one calls fraud when things are smooth sailing and the pie is large enough to be shared. It just takes one bad egg, one wilful misstep.

It only takes one bad month, one wrongly sized bad trade.

Eating hotpot is great even if you are doing it alone.

Freshwater seeks salt water, and you can fight that if you want, but paddling upstream eventually is likely to become highly problematic. (Ron Maciver)

Embracing policy is a choice for investors offshore but a necessity for firms operating in China.

Curating and designing the short-term narrative towards a high value sometimes comes at a cost.