In today’s briefing:
- The Week That Was in ASEAN@Smartkarma – Grab Chat, Telkom Oversold, and SET50 Rebalance.
- Gold, Franc-incensed and Emir
- The Commodity Report #83
- Head Fakes
The Week That Was in ASEAN@Smartkarma – Grab Chat, Telkom Oversold, and SET50 Rebalance.
- The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
- The past week saw insights on Grab (GRAB US), Telekomunikasi Indonesia (TLKM IJ), GoTo (GOTO IJ), and Siam Makro Public (MAKRO TB).
- We also saw a number of insights looking at the SET50 index rebalance in Thailand, which will likely see CENTEL, COM7, DELTA, RATCH Added; BLA, IRPC, KCE, SAWAD Out,
Gold, Franc-incensed and Emir
- Karl Marx famously said that Religion was the opiate of the masses, while legendary Liverpool Football managers Bill Shankly said Football “wasn’t just a matter of life and death, it was more important than that”.
- Certainly, in these troubled times it has been amazing how ‘real life’ has been suspended these last few weeks, thus we might ask, is Football, especially as represented by the World Cup, now a global Religion?
- Football is, of course, a consumer good with no physical aspect, its adherents pay large amounts of money but receive no ‘goods’ in return.
The Commodity Report #83
- The Conference Board Leading Economic Index (LEI) for the US decreased by 1% in November 2022 to 113.5, following a decline of 0,9% in October.
- Only stock prices contributed positively to the US LEI in November.
- The labor market, manufacturing, and housing indicators all weakened—reflecting serious headwinds to economic growth.
Head Fakes
- It all went a bit potty in 2021-2022, and the market went from overextended lack of common sense to some mean reversion.
- The need for QE and negative yields for sustaining innovation and maintaining valuation VC investments, Marked to Myth investments, are finally being called out.
- In short, Head Fakes are red herrings that divert attention from what is already happening.
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