1) Qatar 2) UAE 3) Saudi Arabia 4) Australia 5) Canada 6) USA 7) S. Korea 8) Russia 9) Netherlands 10) Japan 11) Germany 12) Finland 13) S. Africa 14) China ...
Carbon emissions in tons per-capita by country -
15) Malaysia 16) New Zealand 17) Norway 18) Greece 19) Spain 20) United Kingdom 21) Italy 22) France 23) Switzerland 24) Mexico 25) Venezuela 26) Brazil 27) Indonesia 28) India
• • •
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"Human beings have overrun the world. We are replacing the wild with the tame. Our planet is headed for disaster!" - Sir David Attenborough
"Even the biggest, most awful things humanity has ever done, civilisations have done pale to significance when you think what could be around the corner - deserts have been spreading, there could be whole areas of the world where people could no longer safely live" - Attenborough
The naysayers now saying that "I got lucky this year"!
If 22 years of investing/living through prior cycles, learning from past mistakes, continuous learning and months of backtesting to fine-tune my hedging strategy can be described as 'luck' - then yes guilty as charged.
Haters before the crash -
"He is crazy for owning these bubble stocks which will crash hard during the next bear-market."
Haters after the crash -
"He just got lucky, just happened to hedge in time and somehow owned those stocks which benefited from COVID. He is clueless."
A no. of people have asked me why my portfolio didn't fare better between early '18 and early '20?
Short answer - my 45% allocation to China
Due to the 'Trade War', my China ADRs declined by ~50% in '18 and treaded water in '19. For 2 years, half my portfolio was dead money.
IMHO, these are modern-day utilities; consumers and companies *need* them to get by. Due to network effects and/or stickiness, these businesses are quite 'moaty' and their customers use their services regularly; through good and....
2/7)...bad times.
By and large, these businesses offer 'mission critical' services; so their cash flows are pretty predictable and consistent.
Whether the economy is good or bad, who doesn't order online, make payments online or use software? ...
3/7) The ecommerce, online payments and software markets are enormous - very big TAMs (AWS/AMZN, GCP, Azure, Alibaba, Mercabolibre, Sea, Shopify are still growing rapidly).
Many of the businesses in these industries have very high gross margins and their revenues are likely to..
$DAO has been under severe pressure due to widening losses and recent profit warning (higher expenses due to rising sales & marketing costs).
The entire industry is spending like crazy to grab as many customers (paying students) as it can...
2)...because companies realise that once students have enrolled, they tend to stay for a long time and their LTV is way more than the CAC.
We've seen this movie play out before in many industries (ecommerce and software).
In fact, in his remarkable book written decades ago..
3)...Phil Fisher opined that the best time to buy shares in a young high-growth business is precisely when such an enterprise is out of favour due to early-stage investments which temporarily hurt profitability.
Well, $DAO certainly fits that narrative and although, I...