The biggest takeaway over the past week has been the importance of reviewing the holdings of key activist funds. They are a great source of ideas, especially in Japan, where shareholder activism is becoming more common.
($ = behind paywall)
I wrote a discussion about the Bank of Kyoto (TSE: 8369 — US$3.4 billion) ($)
Best ideas from Asia-focused funds: Part 1 and Part 2 (numerous stocks)
Discussion of Singapore-headquartered SaaS-company Karooooo in Desert Lion Capital’s 3Q21 report (NASDAQ: KARO — US$1.1 billion)
(Largest new programs as % of market cap; min market cap: US$50m)
AksharChem India (24%) (BSE: AKSHARCHEM — US$55 million)
MPS Ltd (7%) (NSE: MPSLTD — US$169 million)
Komatsu Matere (5%) (TSE: 3580 — US$337 million)
Tokyotokeiba (4%) (TSE: 9672 — US$1.1 billion)
Fukoku (3%) (TSE: 5185 — US$144 million)
(Largest over past 7 days; min market cap: US$50m)
Xinyi Glass: US$6.3 million (HKSE: 868 — US$12 billion)
Haichang Ocean Park: US$2.5 million (HKSE: 2255 — US$1.0 billion)
Mobile World Investment: US$1.6 million (HOSE: MWG — US$4.1 billion)
Vinda International: US$1.6 million (HKSE: 3331 — US$3.3 billion)
Kingboard Holdings: US$440k (HKSE: 148 — US$4.9 billion)
(estimated reading time) ($ = behind a paywall)
Third Point Capital’s 3Q21 letter discussing Prudential Asia (13 mins)
Bronte Capital Amalthea Fund’s September 2021 report (13 mins)
Horizon Kinetics’ 3Q21 letter discussing energy markets (49 mins)
Wickhams Hill Under-the-Radar report dated 1 November 2021 (20 mins)
Vitaliy Katsenelson: Inflation is not transitory yet (6 mins)
Profit Hunting blog on how his portfolio looks like right now (3 mins)
BIS: What do central bank retail deposits mean for emerging markets (summer: 2 mins; full document: 37 mins)
The Generalist: Companies to watch in emerging markets (21 mins)
Cento: Southeast Asia venture capital investment in 1H21 (27 slides)
Kalani Scarrott on Maphilindo, a planned superstate covering most of Southeast Asia (8 mins)
US Federal Reserve: How reliable is China’s GDP data? (38 mins)
Tech Crunch: Rapidly changing investor calculus on China’s tech giants (9 mins)
WSJ on the impact of COVID-19 on China’s economic recovery (5 mins) ($)
A list of multinational companies moving out of China (1 min)
Pippa Malmgren’s grim security outlook: WWIII has already started (6 mins)
(listening time)
David Tepper on how there’s no great asset class right now (4 mins)
Jeff Gundlach thinks stocks are still cheap compared to bonds (13 mins)
David Einhorn on growth vs value stocks (2 mins)
Ruane, Cunniff & Goldfarb on Prosus from 10 mins onwards (2 mins)
China tech investor: The future of online gaming (1:07 hours)
Mio Kato of Lightstream Research on Japanese equities (1:23 hours)
Daniel Tabbush with a preview on HSBC’s 3Q21 result (7 mins)
Robin Wigglesworth on his new book about passive investing (48 mins)
Rashmi Kwatra of ASEAN fund Sixteenth Street on her career (1:10 hours)
Chinese politics expert Bill Bishop about writing on Substack (44 mins)
China’s monthly official PMI
Thanks for reading, and I wish you a great week ahead!
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