FT 200522: https://drive.google.com/file/d/102c5OQbmmn...iew?usp=sharing

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Inside Business. Technology: Microsoft woos Brussels as battle over the cloud intensifies
https://i.imgur.com/Fa6mYR7.jpg

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Market Insight: U-turn on audit reform is bad for British capitalism
https://i.imgur.com/SCliLeB.jpg

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FT Big Read. Latin America: Will Columbia turn left?

Gustavo Petro, the frontrunner to win the presidency, wants to rethink the 'war on drugs' and restore ties with Venezuela, moves that could threaten relations between the US and its closest Latin American ally.

https://i.imgur.com/F7hfsT3.jpg
https://i.imgur.com/qFKrC7x.jpg

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FT Lex.
https://i.imgur.com/NYOE1mj.jpg

This post has been edited by TOS: May 20 2022, 01:55 PM

Done.

FT 21-220522: https://drive.google.com/file/d/1GvO2PGSry6...iew?usp=sharing

The Top Line: Buffett walks out on Wells to back Citi's 'money-shufflers'
https://i.imgur.com/mr92zQk.jpg

-------------------------

I have long argued that high finance is "dark". Here's one example:

Sexual misconduct case rocks GoldenTree: Dispute with sacked executive details improprieties and gives insight on how partners' investments are structured
https://i.imgur.com/GMVPevo.jpg

--------------------------

Equities. Earnings shock: retailers lose their defensive lustre and turn into trading casualties
https://i.imgur.com/F96BCF9.jpg

--------------------------

FT Life & Arts Part 1 (Life): https://drive.google.com/file/d/1pssQ9yUMg3...iew?usp=sharing

FT Life & Arts Part 2 (Arts): https://drive.google.com/file/d/10fqZrnfUpd...iew?usp=sharing

This week's stuff for dwRK.



FT House & Home: https://drive.google.com/file/d/1j0JGk6ysPV...iew?usp=sharing

In the midst of multi-million dollar villas and mansions this column comes as surprising and somewhat "eye-soaring" , a good read nevertheless.
https://i.imgur.com/2AX7i90.jpg

FT Collecting: https://drive.google.com/file/d/1GTgAP1_RYk...iew?usp=sharing

This post has been edited by TOS: May 22 2022, 12:56 PM

Some WSJ Reads

BUSINESS: Why the Baby-Formula Market Is a Mess: Low Competition, High Regulation

The WIC program and regulations tamp down competition, resulting in Similac and Enfamil controlling the bulk of an inflexible, $4 billion U.S. formula market. It cracked when a major factory halted production.

https://www.wsj.com/articles/why-the-baby-f...share_permalink

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BUSINESS: Does Your Mayo Need a Mission Statement?

Unilever is pushing for each of its 400 brands to have a social or environmental purpose. So far, investors aren’t encouraged.

https://www.wsj.com/articles/unilever-purpo...share_permalink

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MARKETS: FINANCIAL REGULATION

SEC Probe Looms Over Auditors’ Fastest-Growing Businesses

Potential conflicts of interest increase as profits from nonaudit work soar

https://www.wsj.com/articles/sec-probe-loom...share_permalink

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MARKETS: HEARD ON THE STREET

Tech Rout May Take the Shine Off Cartier’s Owner

Investors would like Swiss luxury group Richemont to sell its loss-making online-fashion retailer. That is unlikely with technology stocks in the doldrums.

https://www.wsj.com/articles/tech-rout-may-...share_permalink

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MARKETS: HEARD ON THE STREET

Mercedes-Benz’s Luxury Pitch Needs Tougher Road Testing

Consumers see the German car brand as more luxurious than investors do. Only smooth driving in stormy conditions can bridge the gap.

https://www.wsj.com/articles/mercedes-benzs...share_permalink

This post has been edited by TOS: May 21 2022, 08:42 PM

My pleasure.

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FT 230522: https://drive.google.com/file/d/1S1a2N_qUAl...iew?usp=sharing



-----------------------

Today is JP Morgan's investor day.

Banking. Strategy review. Dimon faces showdown on investor day.
https://i.imgur.com/3CsEcAl.jpg

----------------------

HKEX faces testing time after US-China rift.

Chief executive Aguzin is heading to Davos to tell investors the Hong Kong exchange is still a viable trading destination.
https://i.imgur.com/UDVBkKL.jpg

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Corporate misconduct. Reform proposals: Legacy of 'allegiance' leaves German whistleblowers in legal nowhere land.
https://i.imgur.com/o1TzXtE.jpg

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Education: Are universities suffering from management bloat?
https://i.imgur.com/cL4PPgv.jpg

FT 240522: https://drive.google.com/file/d/1xmoWvPTvwv...iew?usp=sharing



Inside Business: Antitrust enforcers prepare to fight the power of private equity.
https://i.imgur.com/dUeei95.jpg

FT Lex.
https://i.imgur.com/6AFt3ZP.jpg

You can read other interesting stories in the newspaper, e.g., Amazon's shareholders' AGM voting proposals, Capital group's pullback on European bank stocks etc.

This post has been edited by TOS: May 24 2022, 12:30 PM

FT 250522: https://drive.google.com/file/d/1JkgVfI8Cpz...iew?usp=sharing



Inside business: Virtual clubbing points to future profits from the metaverse
https://i.imgur.com/noLn1lK.jpg

Changes afoot at Exxon a year after proxy fight: Supermajor has recommended that trio of directors nominated by activist hedge fund Engine No. 1 remain on the board
https://i.imgur.com/1RfyfG7.jpg

FT Big Read. US Employment: America's red-hot labour market.
https://i.imgur.com/ZsXi9mc.jpg
https://i.imgur.com/w0FTnuK.jpg

FT Lex.
https://i.imgur.com/7lAXiT8.jpg

This post has been edited by TOS: May 25 2022, 12:43 PM

Yes, IB can trade MES.

https://www.interactivebrokers.com/en/index.php?f=43700

Not aware of any futures trader, maybe dwRK knows.

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FT 260522: https://drive.google.com/file/d/13e1eD9mcTR...iew?usp=sharing



Insides Business. Europe: Germany's corporate champions must learn to make some noise.
https://i.imgur.com/tlrxqC1.jpg

Financials. Vanguard rejects calls to end new fossil fuel investments in hunt for returns.
https://i.imgur.com/u2SXT1w.jpg

Anglo-Swiss Glencore faces long climb back after probes lay bare pervasive corruption
https://i.imgur.com/uImRjFi.jpg

Asset management. Trend-following: Quant funds reap windfall during 2022 ructions.
https://i.imgur.com/WmCSObY.jpg

FT Lex.
https://i.imgur.com/TIajXP0.jpg

This one from BT (excerpt from The Economist): Recipe for outperformance of Swiss business

https://imgur.com/tXRQcoQ.jpg
https://imgur.com/jeF1jwd.jpg

This post has been edited by TOS: May 26 2022, 01:44 PM

Which currency? SGD? USD? CHF? HKD?

FT 270522: https://drive.google.com/file/d/1zUyRVs1gVG...iew?usp=sharing



Inside Business. Technology: Disney caught in a culture war between Pride and prejudice.
https://i.imgur.com/DoyyfAN.jpg

FT Big Read. Shipping: On the waterfront. Port of New York struggles to fight organized crime.
https://i.imgur.com/Ssa3Nu6.jpg
https://i.imgur.com/c5NyQd4.jpg


FT Lex.
https://i.imgur.com/ytelCRz.jpg

Also in the paper:

Klarna chief shifts focus to short-term profitability over growth.

Road ahead turns treacherous for tech start-up accelerator Prologue.

Tradeweb scores lowest possible governance rank from proxy advisor.

You are not worried about the Disney+? Trades like streaming stocks these days, high correlation with Netflix's price movement.

USD always have problems and delays. Wait till June 1st and see if the funds can proceed. If cannot proceed by querying customer service in both IB and Wise.

Next time, save the hassle with deposit in SGD first then convert internally to USD.

lol no worries. Corporate America is good at lobbying senators.

-----------------------------------------------

Heard on the Street

Japan’s Stodgy Small Banks Might Finally Show Investors the Money

Midsize lenders are sitting on large holdings of other Japanese companies. That could start to change soon.

https://www.wsj.com/articles/japans-stodgy-...share_permalink


This post has been edited by TOS: May 27 2022, 09:47 PM

dwRK

MARKETS: HEARD ON THE STREET

Big Oil Has a New Unknown: Taxes

New U.K. ‘energy profits levy’ shows how easily policy can be usurped by politics, bringing more unpredictability to the energy transition

https://www.wsj.com/articles/big-oil-has-a-...share_permalink

FT 28-290522: https://drive.google.com/file/d/1X2CETXWwxm...iew?usp=sharing

FT Big Read. International Business: The war on 'woke capitalism'
https://i.imgur.com/xXnryAQ.jpg
https://i.imgur.com/R0l17cN.jpg

Opinion. Finance: A good tale can tempt us to forget the truth about markets.
https://i.imgur.com/UZ5Y4A4.jpg

Companies & Markets. The Top Line: Move over ESG, the time is right for a BS Index.


(*BS = bullshit )

Lunatic investors turn against cult crypto developer after $40bn crash.
Collapse of 20% yield luna digital coin sees founder Kwon become South Korea's 'most hated man'

https://i.imgur.com/ZdRSi1n.jpg
https://i.imgur.com/OEJcFJ4.jpg

Asset management. Sustainability: ESG ratings face examination in fight against greenwashing
https://i.imgur.com/6aohSJC.jpg

----------------------------------------

FTWeekend House&Home: https://drive.google.com/file/d/1xWateJb4f6...iew?usp=sharing

FT Life&Arts Part 1 (Life, include fashions, book review/recommendations, some interviews etc.): https://drive.google.com/file/d/1uAROCo9zwS...iew?usp=sharing

FT Life&Arts Part 2 (Arts, include food and recipe stuffs): https://drive.google.com/file/d/1vKhtwoPiPl...iew?usp=sharing

And dwRK's favourite section.

Celebrate Queen Elizabeth's jubilee with feta parcels, trifle, and chicken salad.



Also, some "delicious strawberry deserts".



This is the LAST FT Weekend. There will be another (last) FT on Monday, then I will return home on Tuesday morning.

This post has been edited by TOS: May 28 2022, 03:59 PM

FT 300522: https://drive.google.com/file/d/1knfz0ueeyx...iew?usp=sharing



Financials. ESG Investing: Funds wrestle with 'climate-friendly' branding.
https://i.imgur.com/uUQrVeu.jpg

Companies & Markets: EY break-up plan signals new era for Big Four

Talk of splitting of accountancy group raises questions about its feasibility and whether rivals will follow suit.
https://i.imgur.com/d9urMg1.jpg
https://i.imgur.com/mWrkL3d.jpg

This is the LAST FT. Hope you guys have learnt a lot about the financial markets and your favourite companies in the past 3 months of FTs, BTs and WSJ articles.

*WSJ still available online even when I am not in HK.

While looking for "free" FT subscription (feels uneasy not reading FT... too used to these business news), I accidentally came across this browser plugin. https://github.com/iamadamdev/bypass-paywalls-chrome

Tested on FT and it works. (Scanned the zip file with Malwarebytes and uploaded it to VirusTotal for check, no malware found)

Now you can read any FT stuffs you like. Sounds illegal though. Use it at your own risk.

You can buy the same paper which costs RM 11.50 a day (circa. RM 300 a month.)

---------------------------

An example PDF from the page:

Private equity: Amundi warns that parts of private equity market resemble ‘Ponzi schemes’

PE funds are selling assets to each other in ‘circular’ fashion, asset manager’s investment chief says

https://drive.google.com/file/d/1Vm0ZYIcOm0...iew?usp=sharing



This post has been edited by TOS: Jun 2 2022, 11:57 AM

Which Japanese counters are you looking at?

I haven't looked into detailed analysis yet. But Japan Inc. is a different beast. Corporate Japan's culture is different from US or Europe.

I usually take cue from ASNB/PNB. I mentioned a few counters to dwRK last time, here is the full list of ASNB's Japanese counters, arranged from largest to smallest (as % of total NAV)

ASM 1 as of 31st March 2021: Kao, Unicharm, Hoya, Fanuc, Murata Manufacturing, Daiwa House Industry, TDK Corp, M3, Astellas Pharma

ASM 2 as of 31st August 2021: Fast Retailling, Kao, Fanuc, Shin-Etsu Chemical, Murata Manufacturing, M3, Daiwa House Industry

ASM 3 as of 31st September 2021: Fanuc, Fast Retalling, M3, Shin-Etsu Chemical, Nidec, Nintendo, Hoya, Daiwa House Industry, Kao

You should be able to get something from here.

This post has been edited by TOS: Jun 2 2022, 08:57 PM

The full ASM 1 Equity List (as of 1st April 2022) is emailed to me today. I have done some extra furnishing and obtain this Excel file.

Have fun picking stocks.

I saw Meiji Holdings as part of ASM 1's portfolio. Meiji is the world's 4th largest confectionary company and it's Japanese. (Looking at Hershey's too, not part of ASM 1's holdings.)

 Senarai_Pelaburan_ASM_as_of_1st_April_2022.zip ( 19.71k ) Number of downloads: 18


*Lowyat does not allow me to upload .xlsx files directly, so I zipped the file. Unzip it to obtain the excel file. The "Nobartis AG-REG" entry should be "Novartis AG-REG" as I could not find a company named Nobartis AG. Most likely a typo.

This post has been edited by TOS: Jun 3 2022, 11:15 PM