• The MSCI Growth / Value ratio is back to a record high: Christopher Wood at Jefferies showed that the MSCI World Growth / Value is back at a record high due to recent Delta variant outbreaks. With the new case count peaking, it is probably a good time to shift towards value stocks (~cyclicals) yet again.

• Chinese private company P/E compression: The Bank Credit Analyst’s EM strategist Arthur Budaghyan makes the case that Chinese platform companies might become quasi-SOEs and should therefore trade closer to SOE multiples.

• Chinese tech resignations: The CFO of Chinese live-streaming company Huya resigned “due to personal reasons.” (h/t: The Bear Cave). Also, JD.com’s founder Richard Liu stepped down from daily business as well to focus on rural revitalization - whatever that means.

• Chinese NPLs: Amid a weakening Chinese property market, developers such as Evergrande are suffering. Bank analyst Daniel Tabbush is observing a build-up of NPLs in certain Chinese banks.

Company-specific reports

($ = behind a paywall)

• Smartkarma makes a case for Indonesian property developer Ciputra (IDX: CTRA — US$1.3 billion)

• A quick write-up on Cambodian casino operator NagaCorp (SEHK: 3918 — US$4.0 billion)

• Superfluous Value Blog on Ping An Insurance (SEHK: 2318 — US$86 billion)

• nippoNuggets on Japanese digitalisation stock BrainPad (TSE: 3655 — US$423 million)

Long-form writing

(estimated reading time) ($ = behind a paywall)

• I wrote about Japanese service industry stocks that might benefit from Japan’s vaccination drive (14 mins) ($)

• George Soros criticising Blackrock’s call to invest in Chinese stocks (3 mins) ($)

• Historian Ed Chancellor warns about a growth/tech bubble (5 mins)

• Wickhams Hill’s Under the Radar report dated 10 September 2021 (10 mins)

• Economist Van de Walle: Chinese stocks have a low correlation to GDP (8 mins)

• Dexter Roberts on how Xi’s Common Prosperity campaign’s might impact the private sector (14 mins)

• Bytedance founder’s Zhang Yiming’s philosophical last speech (14 mins)

• Drawbridge Research analysing Sony’s music and picture segments (15 mins)

• Harvard professor Willy Shih explains the global chip shortage (38 mins)

• A review of Paradise Lost about Mahathir’s legacy in Malaysian politics (6 mins)

• Peterson Institute analysis: South Korea’s economic rise (1:23 hours)

Podcasts and videos

• Jeffrey Gundlach makes a case for emerging market stocks (25 mins)

• Acquired podcast deep-dive into TSMC (2:35 hours)

• David Cornell on opportunities in Indian small caps (20 mins)

• Journalist Lisa Du on Japan’s vaccine roll-out (29 mins)

• Brian Laks making the bull case for uranium (1:02 hours)

• Goehring & Rozencwajg: The truth about renewables (19 mins)

• I was on the Bretton Goods podcast discussing Asian stocks (52 mins)

Chart of the week – Record inflows into global stocks in 2021

Thanks for reading, and I wish you a great week ahead!

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