Monday morning links
Higher oil & wheat prices, Baiyunshan Pharma, Coupang and Korean prefs
Oil and wheat prices are going through the roof. A higher oil price will cause further upward pressure on consumer price inflation. A higher wheat price is likely to cause public unrest in poorer countries.
I spent the past week researching beverage producer and traditional Chinese medicine company Baiyunshan Pharma. I also wrote a special report on the universe of Korean preference shares.
($ = behind a paywall)
I wrote a report on Wanglaoji beverage producer and pharma company Baiyunshan Pharma (874 HK — US$7.3 billion) ($)
DJY Research on Korean e-commerce operator Coupang: part 1 & part 2 (CPNG US — US$37 billion)
(Largest new programs as % of the market cap; min market cap: US$50m)
SG Co (11.1%) (255220 KS — US$74 million)
Morinaga Milk Industry (9.0%) (2264 JP — US$2.4 billion)
Morinaga & Co (5.2%) (2201 JP — US$1.8 billion)
Fujitec (4.0%) (6406 JP — US$2.1 billion)
Boutiques (3.9%) (9272 JP — US$90 million)
(Largest over past 7 days; min market cap: US$50m)
Xinyi Glass: US$34 million (868 HK — US$9.8 billion)
Fatima Fertilizer: US$2.1 million (FATIMA PA — US$470 million)
Greatec: US$0.7 million (GREATEC MK — US$1.1 billion)
Hextar Global: US$0.6 million (HAL MK — US$465 million)
Eastern Power: US$0.5 million (EP TB — US$164 million)
(estimated reading time) ($ = behind a paywall)
I wrote about the universe of Korean preference shares (13 mins) ($)
Francis Fukuyama on threats to the liberal world order (11 mins)
Fiona Hill on Putin and nuclear weapons (25 mins)
Open Insights: Higher wheat prices will have significant implications (5 mins)
The Curiosity Chronicle: A primer on SWIFT and economic sanctions (9 mins)
Goldman Sachs Global Macro Research: Russia risk (1:20 hours)
Goehring & Rozencwajg 4Q21: The distortions of cheap energy (1:17 hours)
An article in Institutional Investor questions supposed alpha from ESG (17 mins)
Berkshire Hathaway’s 2021 shareholder letter (28 mins)
Niall Ferguson on why the war in Ukraine is a game-changer (40 mins)
Geopolitical strategist Peter Zeihan on Ukraine (33 mins)
Marko Papic on geopolitical shocks (37 mins)
Jamie Catherwood discussing the history of bubbles (1:03 mins)
Jim Grant interviews Octavio Costa on his macro views (32 mins)
Sanctions expert Edoardo Saravalle on Bloomberg Odd Lots (1:04 mins)
Eric Mandelblatt discussing energy & material stocks (1:18 mins)
Skift podcast: Travel’s fallout from Russia-Ukraine war (13 mins)
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