My friend MacroValue recently noted that the spot price for DDR5 memory chips has started declining, after an incredible rise from September 2025 onwards: This decline begs the question: Is the DRAM capital cycle nearing its peak? The "capital cycle" concept comes from Edward Chancellor who put together
Last week, I read Amitabh Kant's book Made in India, which examines the growth of private-sector entrepreneurship in India. Let me share the key insights from the book: One is that many of today's conglomerates – Tata, Birla, Godrej, Bajaj, Cipla, etc. – were formed during the British
Indonesia's largest chocolate producer, trading at sub-10x P/E if and when cocoa prices ever fall
Hong Kong residential property developer at 0.33x book and 7% dividend yield
