Weekend Bulletin - 6 Jan'23 : Ed. 119
A compilation of few interesting, multi-disciplinary links from the internet
“Whenever you think that some situation or some person is ruining your life, it’s actually you who are ruining your life. It’s such a simple idea. Feeling like a victim is a perfectly disastrous way to go through life. If you just take the attitude that however bad it is in anyway, it’s always your fault and you just fix it as best you can – the so-called ‘iron prescription’ – I think that really works.” — Charlie Munger
Welcome to the first edition of the #AKGweekendreadings for 2023.
May Shri Thakur ji fulfill all our desires and bless us with divine bliss. Wishing everyone happy new year and a brilliant 2023!
2022 has been a pretty exciting year for us at Fintrekk Capital since inception, launching our equity based subscription offerings on our website and across Smallcase strategies. We have published a review of the financial markets in 2022 and an investment outlook and strategy for 2023. You can read it here. I conducted a session on ET markets (see here) explaining this outlook. Do send comments to improve, and spread the word if you like reading it!
Section 1 - Investing & Personal Finance
[1] We are heading into a boom in Emerging markets [LINK]
First, we’ll get a surge in consumption. You have to remember that it’s not three months, but three years of pent-up demand. Going into the pandemic, households in China had about 8 to 9 trillion RMB in cash in their bank accounts. Today that number is 15.5 trillion. It has gone up more than 50%, because for three years all that people did was work and go home. They are more cashed up than ever before. Plus, mortgage rates have just dropped 150 basis points. In the West, when people came out of the lockdown and saw that interest rates had fallen by 50 or 75 basis points, they decided to buy a new apartment or a new BMW. There was a surge of consumption driven by low interest rates. Well, in China, mortgage rates are at record lows today. The same goes for car loans. How big is the release of pent-up demand in China going to be? It’s going to be enormous.
Section 2 - Economic Trends & Themes
[1] What FTX Collapse Means for The Crypto Story [LINK]
This game was played by young people who came from the world of traditional finance, from banks and hedge funds and quantitative proprietary trading firms, people who already liked finance and wanted to play with a toy version of it they could shape however they wanted. And—because it’s the game they knew—they ended up replicating much of the world that they came from, only with crypto as the subject matter.
[2] Just how badly Apple needs China? [LINK]
For years, Apple’s leaders have tried to stay close to China’s rulers without crossing any of Washington’s red lines. Cook went so far as to join the advisory board of the business school at Tsinghua, the Chinese university that educated Xi Jinping and is spearheading many of the Chinese government’s tech-development efforts. And his company has played an important role in advancing China’s tech sector by assembling devices there and by buying more than ever from Chinese suppliers.
Section 3 - Personality study & Development
Productivity, Production, and Productive Leisure [LINK]
Productivity,’ properly understood, must be ordered toward producing something of value. To be sure, someone who genuinely aspires to produce something of value may also be led astray by the seduction of productivity porn, engaging in performative behaviour to feel productive while not actually being productive.
Section 4 - Business History & management
[1] Why ‘Makhana’ is so expensive? [LINK]
[2] Who makes America’s Semi-trucks? [LINK]
Section 5 - Sports, literature & Entertainment
[1] Cricket won't thrive without bilateral cricket and its ecosystem [LINK]
Sport tugs at ours hearts and brings tears as well as joy because it is part of a wider tapestry: it arouses our tribal instincts and it keeps us invested in a larger story. Wins and losses need to matter to bring joy or tears. If fans care less and less, broadcasters will notice, and even in a single-sport market like India, the returns will eventually reflect that lack of interest.
[2] Why ‘Dubai Bling’ is a voyeuristic ode to a post-global city [LINK]
To be rich is not enough. To perform richness as effortlessly as possible is the goal. This is where the distinction between old money and new money comes in, where the latter have progressed in pocket but still think in terms of limits.
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That's it for me. Have a great weekend ahead!
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