stlplaceLast Updated on March 7, 2007 by stlplace
This is from what I feel after spending 36 hours Shanghai. I read quite a few newspaper, magazine, and watch the “finance” section on the TV (first Caijing etc.), as part of research for Xinhua Finance Media IPO, stock market is a very hot topic in all those places. The scary part is, in one program this analyst promoted how easy it is to make money using options (as Quan Zheng in Chinese).
Last Updated on March 5, 2007 by stlplace
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.
Last Updated on March 1, 2007 by stlplace
Here is this year’s letter (in PDF). I read his letters a few years back. Recently I bought his book (at right side bar, in blue), it’s essentially a collection of his annual shareholder letters. His letters are highly regarded in the investing community.
I hope one day I could go to his annual shareholder meeting in Omaha. It was said he will meet some international shareholders during the meeting, don’t know if I could qualify for the event. May be buying a B Share (BRK-B, about $3500 a piece) will do it?
Last Updated on March 1, 2007 by stlplace
I will be in Shanghai this Saturday, and stay there for an extended period of time. I am going to do some bargain hunting, after the big drop in Shanghai stock market 🙂
Just kidding. Seriously, every time I visit China, I learn something new. This is not flattering. I hope this time I can learn more. If anyone who is interested in meeting a software guy with deep interest in stocks and business, we can talk in Chinese 中文 or English.
Be aware I may not update blog for 2 days due to travel.