Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Tesla / Analysis: Mounting competition in China comes at a bad time for Tesla </li><li>Corruption /Exclusive: China probes another central bank official linked to fallen businessman</li><li>Regulator /NFRA seeks to accelerate new energy vehicle sales by cutting loan down payments</li></ul>

Tesla / Analysis: Mounting competition in China comes at a bad time for Tesla Corruption /Exclusive: China probes another central bank official linked to fallen businessmanRegulator /NFRA seeks to accelerate new energy vehicle sales by cutting loan down payments

CX Daily: Mounting Competition In China Comes At A Bad Time For Tesla 

Independent Research, US Dominant Players, Investment Talk

Investment Talk

Independent Research, US Dominant Players

Investment Talk is for readers who wish to learn about companies that are potentially outside of their own circle of research, as well as those who are longing to become part of a community of like-minded investors and learn more about investment research. I would describe myself as a long-term investor who typically takes a 3Y to 5Y outlook, before reassessing once that period matures. I follow the adage that one should research, reach a conclusion, and then verify and continue to hold so long as the thesis remains intact. My own investing style is one that seeks to find dominant players within their respective market who have shown signs of monopoly or oligopolistic behaviour, unlikely to be disrupted, in tandem with discovering market disruptors who have a high likelihood of disrupting their respective market. Equally (and weighted accordingly) I seek to discover more nuanced, misunderstood, situations with a shorter time frame.

Thematic (Sector/Industry)

<ul><li>I was today-years-old when I learned that Europe has its own version of the Magnificent 7; the basket of giga-cap US tech companies comprised of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.</li><li>The GRANOLAS Dubbed the “Granolas” by Goldman Sachs in 2020, this basket was chosen because it echoed themes present amongst the Mag 7 (back then it was just “FAAMG”) .</li><li>Namely, they were market leaders in the STOXX 600 Europe Index, they had grown to become an increasingly larger share of the market, and their earnings had far outpaced the broader index.<div></div></li></ul>

I was today-years-old when I learned that Europe has its own version of the Magnificent 7; the basket of giga-cap US tech companies comprised of Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla.The GRANOLAS Dubbed the “Granolas” by Goldman Sachs in 2020, this basket was chosen because it echoed themes present amongst the Mag 7 (back then it was just “FAAMG”) .Namely, they were market leaders in the STOXX 600 Europe Index, they had grown to become an increasingly larger share of the market, and their earnings had far outpaced the broader index.

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

<ul><li>Despite working in various headquarters in European banks, my work likely did not reach directly more than 500 people at any time (confidential/secretive/sensitive etc), hence a 10x bigger reach now is quite crazy and interesting for sure!</li><li>Let’s begin with 2 charts on US monetary policy and inflation that I was humbled to have them liked and retweeted on Twitter by the great Danielle DiMartino Booth (CEO &amp; Chief Strategist, QI Research LLC, Fmr Federal Reserve insider, Economist): M2 with a negative growth of -2.04% working to make inflation low / back to target</li><li>note how the -4.63% growth last year was a rate that meant it was the fastest pace of money supply compression since Jan 1933 ... let that sink in!</li></ul>

Despite working in various headquarters in European banks, my work likely did not reach directly more than 500 people at any time (confidential/secretive/sensitive etc), hence a 10x bigger reach now is quite crazy and interesting for sure!Let’s begin with 2 charts on US monetary policy and inflation that I was humbled to have them liked and retweeted on Twitter by the great Danielle DiMartino Booth (CEO &amp; Chief Strategist, QI Research LLC, Fmr Federal Reserve insider, Economist): M2 with a negative growth of -2.04% working to make inflation low / back to targetnote how the -4.63% growth last year was a rate that meant it was the fastest pace of money supply compression since Jan 1933 ... let that sink in!

Maverick Charts & Markets - February 2024 Edition #15

Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

<ul><li>The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)</li><li>Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.</li><li>This article is a repeat of that for all the stocks I had written about in 2023.</li></ul>

The red &amp; blue arrows highlight the apples-to-apples comparisons to be made between the respective bars (more details below)Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022.This article is a repeat of that for all the stocks I had written about in 2023.

Value Investing Substack Portfolio Review | Annual Letter 2023

<ul><li>Kissinger /: China mourns loss of ‘old friend’ Kissinger</li><li>Shanghai /: Xi’s Shanghai visit focuses on tech innovation, affordable housing</li><li>Migrant workers /: China aims to ensure migrant workers get paid before Lunar New Year</li></ul>

Kissinger /: China mourns loss of ‘old friend’ KissingerShanghai /: Xi’s Shanghai visit focuses on tech innovation, affordable housingMigrant workers /: China aims to ensure migrant workers get paid before Lunar New Year

CX Daily: China Mourns Loss of ‘Old Friend’ Kissinger 

United States

Stellantis NV manufactures and markets automobiles and commercial vehicles. The Company also produces metallurgical products and production systems for the automobile industry, as well as owns publishing and insurance companies. Stellantis serves customers worldwide.

General Motors Co. manufactures and markets new cars and trucks. The Company offers features for special needs drivers, OnStar vehicle protection, service, parts, accessories, maintenance, XM satellite radio, features for commercial owners, and more. General Motors offers its vehicles and services worldwide.

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

Harley-Davidson, Inc. designs, manufactures, and sells motorcycles.  The Company's products include heavyweight touring, custom, and performance motorcycles, as well as a line of motorcycle parts, accessories, and general merchandise.  Harley-Davidson also provides motorcycle floor planning and parts and accessories financing to its North American and European dealers.

Thor Industries, Inc. produces and sells a wide range of recreation vehicles.  The Company markets its products through independent dealers located throughout the United States and Canada.  Thor's products are sold under the Airstream Classic, Dutchmen, Skamper, Infinity, Four Winds, Citation, Signature, and other names.

Winnebago Industries, Inc. manufactures motor homes that are self-contained recreation vehicles used primarily in leisure travel and outdoor recreation activities.  The Company's motor homes are sold through dealer organizations under the Winnebago, Itasca, Rialta, and Ultimate brand names. Winnebago also manufactures extruded aluminum, commercial vehicles, and components.

Johnson Controls, Inc. markets automotive systems and building controls.  The Company supplies seating systems, interior systems, and batteries.  Johnson Controls also provides building control systems and services, energy management, and integrated facility management, as well as provides batteries for automobiles and hybrid electric vehicles.

Aptiv PLC manufactures vehicle components. The Company produces electronic safety for automobile and commercial vehicle manufacturers. Aptiv supplies original equipment manufacturers throughout the world.

Modine Manufacturing Company manufactures heat-transfer and heat-storage technology products.  The Company develops, manufactures, and markets heat exchangers and systems for use in various original equipment manufacturer applications and for sale to the automotive aftermarket and to a wide array of building markets.

Gentex Corporation designs, manufactures, and markets products that use electro-optic technology.  The Company's product lines include automatic-dimming rearview mirrors and fire protection products.  Gentex's Night Vision Safety Mirror automatically darkens to the degree required to eliminate rearview headlight glare.  The Company sells its products around the world.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

CX Daily: Mounting Competition In China Comes At A Bad Time For Tesla

Tesla / Analysis: Mounting competition in China comes at a bad time for Tesla More of Tesla’s Chinese rivals are catching up in the sales race...

Caixin Global

Europe's Magnificent Eleven

The GRANOLAS Dubbed the “Granolas” by Goldman Sachs in 2020, this basket was chosen because it echoed themes present amongst the Mag 7 (back then...

Investment Talk

Maverick Charts & Markets - February 2024 Edition #15

note how the -4.63% growth last year was a rate that meant it was the fastest pace of money supply compression since Jan 1933 ... let that sink in!

Maverick Equity Research

Value Investing Substack Portfolio Review | Annual Letter 2023

Around this time last year , I did a portfolio performance review based on all the stocks I had written about in 2022. This article is a repeat of...

Value Investing

CX Daily: China Mourns Loss of ‘Old Friend’ Kissinger

Kissinger / China mourns loss of ‘old friend’ Kissinger Henry Kissinger, the former U. S. Secretary of State who was a key figure in the...

Caixin Global

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