Got to Shanghai

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I am in Shanghai now. The flight connection was not as smooth as I expected, finanlly I got here about 5 and a half hours late than original schedule. I got oppertunity to see the new Beijing airport on the way: very impressive infrustructure. I guess it’s ready for the big party in 2008. I will talk more about my thoughts and airline customer experience later.

I also read Buffett latest anual shareholder letter as I talked in my previous post. Very good stuff and fairly easy to read.

My second reading assignment is Xinhua Finance Media F1 prospectus. I agree with some of the analysts the valuation is a bit high at $12  to $14. It implies a market cap of $800 m and note its 2006 revenue is about $59 m. I don’t think media and advertising industry enjoy a high margin. The growth oppertunity is there, so is the competition and challenge…I flipped through the TV channel and was impressed by the “No.1 Caijing”, the competitor program of Xinhua’s Fortune China. I tried to search for Fortune China but was not successful.  

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