Some links
Must read (as always): Rob Vinall’s 2020 letter to investors
FTAlphaville is very skeptical about the Hypgnosis (SONG) business model
A very deep and very skeptical look into Bill.com
Jeremy Grantham is calling the bubble (good summary of all bubble arguments even if I would suggest to ignore it)
What John Hempton (Bronte) learned in 2020 (Podcast)
Very interesting talk with Weijian Shan, an Asian PE investor and book author
Aggressive Buy: The next German Mega-Unicorn Pöny
value and opportunity 
Gaining profit in the stock market requires immense patience. Once you invest in stocks, the longer you wait, the higher the profit you will earn. I learnt this from my mom and has been very helpful in my investment planning.
I think Jeremy Grantham is right I also read his article the bubble that is going to burst and we should be prepared for it
Jeremy Grantham has the habit of spotting bubbles much more often than they happen, for instance in 2014:
https://www.thinkadvisor.com/2014/05/04/grantham-big-stock-bubble-will-end-badly-in-2016/
I like his arguments, but as with all other “Gurus”: Timing the bursting of a bubble is impossible and in my opinion, should be avoided.
Would be surprised if Pöny would actually hit their 50m $-target 🙂
Wouldn’t – not would 🙂
Pöny didn’t flesh out the recurring revenue aspect of their business!
HARD pASS
In this context:
https://oakmark.com/news-insights/commentary/
Bill Nygren and especially David Herro have among the best track records in the fund management industry. Their funds have been live 25+ years and are not one trick ponies. Always worth following
I think Jeremy Grantham’s post is very well written and his final recommendation of looking at deeply discounted/undervalued companies (EM, value) seems more than sensible (as opposed to shorting high-flying stocks in what looks like a bubble).
Why do you think that it’s best that we ignored it?
Because I don’t believe in market timing, neither for the market as such, nor certain segments (EM, “Value”)
I don’t think he’s proposing a market timing approach (at least not in the traditional sense of trying to capture a minimum or maximum price), but rather an increased focus on certain areas of the market that look cheap relative to intrinsic value and historical averages.
In my opinion, the suggestions make sense if you look at the consistent economic growth, economic health and company ROE data for the past 10+ years in areas such as ASEAN (or even Eastern Europe).
Is your comment regarding Jeremy Grantham a market call 😉
Nope
The pony corn slideshow is a 2nd must read!