Portfolio update September 2025
A weak month for the portfolio, but with three deep dives published, plenty to think about.
Thematic reports
187 articles
(Page 8)
Hidden champions of Hong Kong
An attempt to find the best businesses listed in Hong Kong. Estimated reading time: 33 minutes.
Book review: Red Roulette
What I learnt from Desmond Shum's book. Estimated reading time: 10 minutes.
The glove cycle is bottoming
Inventories have most likely peaked and glove prices bottomed. Estimated reading time: 15 minutes
Hidden champions of Singapore
An attempt to find the best businesses in Singapore. Estimated reading time: 24 minutes
Winners of China's "daigou" crackdown
Hainan duty-free stores and cross-border e-commerce platforms stand to benefit. Estimated reading time: 13 minutes
Chinese ADRs are safe from delisting, for now
On VIE structures, delisting risks and potential workarounds. Estimated reading time: 15 minutes
The Japanese restaurants that will prosper beyond COVID
Fast-food and sushi are taking market share on a secular basis, but the izakayas have the greatest recovery potential. Estimated reading time: 36 minutes
10 Questions with Dmitry Baulin
On the use of alternative data when forming investment decisions. Estimated reading time: 9 minutes
Lithium is moving into oversupply
Demand growth will probably decelerate as subsidies are phased out. Supply should eventually react to higher prices. Estimated reading time: 14 minutes