Lessons from Singapore Airlines
When the world surprises the hell out of you and leaves you at the mercy of cash flows, anything and everything goes.
The things I say and do
Eating hotpot is great even if you are doing it alone.
It all comes down to flows
Freshwater seeks salt water, and you can fight that if you want, but paddling upstream eventually is likely to become highly problematic. (Ron Maciver)
The changing narrative on China
Embracing policy is a choice for investors offshore but a necessity for firms operating in China.
The end of free market principles
The market economy is now to a good extent, influenced by statecraft, driven by the common interests of various governments.
Fair value vs high value
Curating and designing the short-term narrative towards a high value sometimes comes at a cost.
Redundancies
By solving for profitability in the near term, are we putting the longer term strategy of the firm at risk?
The era of bullshitting is over
Companies and people need to wake up to reality and stop the proverbial fake it till you make it, "over-packaging" their products and services, and start getting real about talking about fundamentals and their numbers.
Reflections for the year end
It is often said that we can't let our jobs define us. But how we do our jobs, and behave with our colleagues and clients ultimately determines the kind of person we are.
No such thing as fair value
There are no formulas for the correct cost of capital. There are only astute decision makers and those who are afraid to get caught on the wrong side of the outcome.
A new new normal
Maybe what the world needs now is to be be less pessimistic and gradually learn to embrace a new normal of a controlled market economy rather than a free economy that is jacked up on steroids.
Stupid money is as stupid does
For what initial public offerings are worth, they essentially represent the final destination for all stupid money, the final equity takeout representing the finishing line for all early investors in the business.