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USD is tracking like this military parade (click) Goldman Sachs is looking at the current Nuclear Power Revival: China alone plans to build 150 nuclear reactors over the next 15 years, with the target of reaching 200 GW of nuclear power by 2035 Coatue East meets West 2025 presentation (100 slides - see below). Cannot find Google / Alphabet or Apple on the chart....Here´s the video (click)
 Marquette Associates is looking at the relationship of PE / VC industry and Small Caps. One key aspect: due to PE/VC funding, companies go public much later than they used to. A lot of the value-creation in a company´s growth phase is captured in private markets. This makes the Small Cap subset of the market smaller and less attractive return-wise (see article below). Pair this with the Bill Gurley interview (see podcast section below) on the state of the VC industry, where this pre-public value capture is discussed extensively.
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Hosking Partner´s Omar Malik is looking at the "Capital Cycle Way" of investing. See chart of their current view. "Capital Cyle Investing" basic rules:a) focus on supply studiesb) ignore the earnings gamec) find the .400 hittersd) remember replacement valuee) allocate dynamicallyf) pursue the behavioural edge China´s “involution-style competition” is driving down profitability. That buzzword describes a destructive state of intense competition sparked by excess capacity that forces companies and workers to overwork despite diminishing returns. China is trapped in its "overcapacities" plus "barriers to exit". Bancrupcy or winding down a business is "not an option". A judge that is accepting an insolvency case becomes personally accountable for maintaining social order... We were looking at the upcoming IPO of Autodoc this week. Interesting company, almost entirely "boot-strapped" (scaled to almost EUR 2bn sales and 10% EBITDA-profitable, without outside money). While not fully comparable, in the US, the sector (automotive aftermarket parts) has produced some of the best compouinders in the last decades i(Autozone, O´Reilly). 
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Excess Returns speaks with T Rowe´s David Giroux (see video below). He finds an edge for himself as his competitors try to outperform on a daily, monthly, yearly time horizon, while his is much longer.  Scalable Capital CEO Eric Podzuweit explains how the Germans invest their money |
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Approaching inflection point...(click).... ....not us - Men of Fintwit. Turn up the volume ! (click) Enjoy the Weekend!
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