Some links

Another interesting background article on Tiger Global 

Elad Gil on the current state and future of Venture Capital (Twitter Thread)

A good reminder that Wealth doesn’t flow anywhere when stock prices go down

Ray Dalio thinks that Stagflation is coming

Excellent write-up on Fuchs Petrolub from Augustusville

And a great Sony Deep Dive from Asia Century stocks

Why the “long tail” promise  in streaming never happened


One comment

  • There is a YouTube video by Fuchs Petrolub employee( At 9 minute mark you can see global lubricant demand in volume regressed from 2007~2016. @ 9:52 the share of Asia Pacific increased from 45% to 53%, that probably means ASP went down.

    1. Efficiency improvement in fluid transmission design in machinery 2. Advancement in lubricant technology 3. Electrification of automobile likely mean lubricant use will continue go down. You can also see it in BP Castrol KK’s (5015 JP) numbers. Revenue and bottom line declines over the years. Big part of lubricant manufacturing process is mixing and blending, I don’t see how Fuchs have advantage over major oil companies, especially oil companies have other advantages such as scales of economics, pricing power, channels…etc.

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