It's the [insert Ticker] of [insert EM]!
The Blind Squirrel's 'Monday' Morning Notes. Year 3; Week 31.
It's the [insert Ticker] of [insert EM]!
It’s so lazy, isn’t it? Unfortunately, the 🐿️ is as guilty as the next person of using ‘shorthand’ introduction for foreign stocks in this manner. I was in Hong Kong for the first ‘Chinternet’ wave of late 1999. It would be part of my job brief US and European colleagues about the deal pipeline coming out of Asia.
Sina was the ‘Yahoo! of China’; China.com was the AOL of the Middle Kingdom; NetEase was Hotmail; and Sohu.com was the Excite. 10 years later, I was still at it - previewing IPO pipelines to US institutions on quarterly visits to New York with one-pagers on the ‘Caterpillar of China’ (SANY Heavy), the Zillow of Shanghai (SouFun) and Qihoo 360, what was then Beijing’s very own Norton (or McAfee).
In recent weeks, we appear to be rerunning a greatest hits medley of 2020/2021 trading degeneracy. Even a couple of Chamath dodgy SPACs, the AI house flipper Opendoor Technologies OPEN 0.00%↑ and ‘next Berkshire Hathaway’ SoFi Technologies SOFI 0.00%↑ are having an encore in the sun. Don’t start me on Bitcoin Treasury companies…
I wanted to turn my attention to attention to another stock with the last name ‘Technologies’ that enjoyed a similar pandemic-era valuation rollercoaster.