In Context

Levi’s IPO

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Levi’s, the makers of the ‘blue jean’, founded in 1853, recently filed for IPO. (the company was taken private around three decades ago). One doesn’t come across many old, history-rich, established companies  in the brands and consumer space filing a prospectus these days. Worth a look through. As I browse through the doc, my quick […]

In Context

Berkshire Annual Letter | Notes

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Berkshire Hathaway is in an interesting business. Of owning, investing, operating companies. One can look at it as a really large PE fund working with its own capital, an open-ended platform. And yet, compared to a PE fund, the range of investments can be so much better. There is no limit on check size (which […]

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Research & Development spends

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I came across a chart today about R&D spends by different companies (the chart is from howmuch.net and is shared at the end of this post). That eventually led me to a data-set by PWC Consulting arm strategy&. They have been doing this analysis on R&D spend for a few years now. They have shared […]

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Dual-class shares

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On a personal note – Dissonance and Incongruence My education and formative work years have been in India. There, the capital markets are big, active, IPOs are popular although a difficult and complicated process, and the regulator is strong, with regulations ensuring protection of retail investors. India, however does not allow dual-class shares for listed […]

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Defence

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Image source: chess.com

Personal Context: For this one, it is mainly my curiosity. Keen to get an objective understanding of the sector. My personal experience with this sector has been quite brief.  I happened to come across this sector while working in PE. I was evaluating an engineering company which was doing part of the work for a big […]

In Context

Global Market Cap

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Context: The idea of this post is to add more scale perspective on some of the numbers discussed in the post Online Advertising Companies. The companies analysed there have a total market cap of $1.65 trillion on July 31, 2018. (Facebook: ~$494 billion, Alphabet ~$848 billion, and Twitter is very small comparatively at ~$23 billion). […]

In Context

Online Advertising Companies

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Personal Context: The recent drop in Facebook market cap (July 2018) was the trigger to this further analysis. Add to that, a recent twitter discussion on S&P 500 stocks pie chart made me wonder about the contributions of the top few stocks. My personal investing experience has primarily been in the early -mid stage growth […]

In Context

Desalination

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Personal Context: About ten years ago, I was part of a private equity team that managed and exited a water & wastewater treatment company. I spent a lot of time with the management, and lot more time on the company’s strategy and financials, creating the pitch for sale, and prospectus for an IPO. All the […]