Latest Write-ups

Balanced research on publicly listed companies.
[EAF] GrafTech International

GrafTech: A Case of Simple Math with Minority Risk

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.

[SINA] Sina

SINA Corp: A Market Mis-Calculation

On SINA’s conglomerate history, its dependence on Weibo, the moat, the microcosm of Chinese society, and how I would value the company.

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