On Momo’s two-bet social connectivity, its transformation to a dominant online dating player, how live streaming might hit a wall, the value-added potential of integrating core Momo and Tantan, the moat, and how I would value the company.
On how Autohome captures the automobile ownership lifecycle, its big cash position, the capital required for operations, the prospects for future returns on that capital and growth reinvestment, the prospects for returns to shareholders, and how I would value the company.
On how FactSet surfed the wave of data accessibility, the winner-take-most industry, the three main risks of the business, the moat, and how I would value the company through unit economics.
On Prem Watsa, the main drivers of the insurance business, Fairfax’ investment performance, the historic market discount, and the ethos.
On the graphite electrodes industry, the barriers to entry, GrafTech’s vertical integration, its long-term agreements, the easy way to calculate the short-term cash flows, and minority risks.
On SINA’s conglomerate history, its dependence on Weibo, the moat, the microcosm of Chinese society, and how I would value the company.
On Kraft Heinz’ fatal 2019 annual report, the debt overhang, competitiveness, how restructuring affects innovation, and how I would value the company.
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