Monday morning links
Zero-COVID policies, Chinese supermarkets and portfolio review
A top adviser to China’s government said that the current zero-covid policy is still the right one for now. It remains to be seen whether the end of the 2022 Winter Olympics on 20 February will change the government’s willingness to open up.
I spent a week digging into Chinese supermarket stocks ($). They have suffered from COVID-19 restrictions but are now seeing the light at the end of the tunnel.
I also wrote a January 2022 portfolio update, describing how my personal Asia-focused portfolio is positioned right now ($).
The Cyclical Value Investing blog on Chinese oil exploration & production company CNOOC (883 HK — US$53 billion)
Giles Capital Substack provides some fundamental data on Vietnamese tech stock FPT Corporation (FPT VN — US$3.5 billion)
(Largest new programs as % of the market cap; min market cap: US$50m)
Capital Engineering Network (6.9%) (CEN TB — US$89 million)
Loadstar Capital (6.0%) (3482 JP — US$258 million)
Mom’s Touch (4.3%) (220630 KS — US$523 million)
Nihon Enterprise (4.0%) (4829 JP — US$60 million)
HDC I-Controls (4.0%) (039570 KS — US$203 million)
(Largest over past 7 days; min market cap: US$50m)
Sun Hung Kai Properties: US$12.7 million (16 HK — US$36 billion)
JMT Network: US$0.9 million (JMT TB — US$2.6 billion)
Sabuy Technology: US$0.8 million (SABUY TB — US$1.2 billion)
Jaymart: US$0.7 million (JMART TB — US$2.4 billion)
Engro Corporation: US$0.6 million (ENGRO PA — US$889 million)
(estimated reading time) ($ = behind paywall)
I wrote about Chinese supermarkets, which have suffered from the onslaught of community group buying services (18 mins) ($)
I provided an update about my portfolio for Jan 2022 (7 mins) ($)
Global Stock Picking blog: Everything is a bubble (7 mins)
Value Punks are not worried about Chinese VIEs (12 mins)
Variant Perception: Revisiting the anatomy of a bubble (4 mins)
Verdad Research: Japan’s empire builders (7 mins)
Harvard Business School: Japan’s coming wave of reform (14 mins)
Emerging World: Why petroleum (still) matters (8 mins)
Open Insights about how we’re in the early innings of an energy crisis (5 mins)
Massif Capital also believes we’re at the precipe of an energy crisis (18 mins)
Fabricated Knowledge Substack: How France nationalised a semiconductor company to avoid a power struggle with a Chinese SOE (16 mins)
Claire Barnes’ Apollo Asia Fund’s 4Q21 letter (5 mins)
Jeff Gundlach’s latest market commentary dated January 2022 (1:13 hours)
Jeremy Grantham: The next crash will rival 1929 and 2000 (38 mins)
Mohnish Pabrai discussing value investing theory (59 mins)
Shinya Deguchi of Hong Kong’s multi-family office Star Magnolia Capital and content creator Gen Z Group (43 mins)
John Mihaljevic, Elliott Turner and Phil Ordway discuss the legacy of recently-passed away investor Lou Simpson (48 mins)
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