Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>China’s mutual funds produced a mixed bag of performance last year. Publicly offered equity funds endured a second straight year of losses, grappling with a prolonged stock market rout. Bond funds, on the other hand, had a comparatively stellar year.</li><li>The uptick in bond fund flows fueled a shift in China’s asset management landscape, with mutual funds emerging as the most preferred asset management avenue, outstripping banking wealth management for the first time.</li><li>This shift reflects investors’ concerted efforts to navigate prevailing financial market volatility and mitigate risk in the country’s stock market, which has seen a protracted rout continue into this year.</li></ul>

China’s mutual funds produced a mixed bag of performance last year. Publicly offered equity funds endured a second straight year of losses, grappling with a prolonged stock market rout. Bond funds, on the other hand, had a comparatively stellar year.The uptick in bond fund flows fueled a shift in China’s asset management landscape, with mutual funds emerging as the most preferred asset management avenue, outstripping banking wealth management for the first time.This shift reflects investors’ concerted efforts to navigate prevailing financial market volatility and mitigate risk in the country’s stock market, which has seen a protracted rout continue into this year.

China’s Bond Funds Outshine Equity Peers Amid Stocks Slump 

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

Equity Bottom-Up

<ul><li>So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.</li><li>I will start with Meta today and will share my thoughts on Amazon tomorrow.</li><li>You can find the updated model on Meta here which I encourage you to download to play around with your own narrative as you see fit.</li></ul>

So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.I will start with Meta today and will share my thoughts on Amazon tomorrow.You can find the updated model on Meta here which I encourage you to download to play around with your own narrative as you see fit.

Next Generation Financial Data Tools, Calcbench

Calcbench

Next Generation Financial Data Tools

Founded in 2011, based in New York and Cambridge, MA, Calcbench is a financial data platform designed for detailed fundamental research. Created by former analysts and supported by a team of financial experts with serious credentials in Finance, Accounting, and Applied Mathematics, Calcbench helps analysts looking to go a level deeper become more productive and accurate in their financial analysis. With Calcbench, analysts can systematically access all the data (numbers and text) in financial statements, including the details hidden within the footnotes.

Thematic (Sector/Industry)

<ul>
<li>Quick Takes on Microsoft, Google Tech giants Microsoft ($MSFT) and Google ($GOOG) both filed their latest quarterly earnings releases on Tuesday — giving us an excellent opportunity to showcase how Calcbench can help you dive into the details of their operating segment performance.</li>
<li>Lots of charts and tables coming up! For example, we looked at the segment-level disclosures in Microsoft’s earnings release , which Calcbench lets you export into Excel.</li>
<li>With just a few keystrokes that led to Figure 1, below, which lets us see which of Microsoft’s many lines of business grew the most year over year.</li>
</ul>


Quick Takes on Microsoft, Google Tech giants Microsoft ($MSFT) and Google ($GOOG) both filed their latest quarterly earnings releases on Tuesday — giving us an excellent opportunity to showcase how Calcbench can help you dive into the details of their operating segment performance.
Lots of charts and tables coming up! For example, we looked at the segment-level disclosures in Microsoft’s earnings release , which Calcbench lets you export into Excel.
With just a few keystrokes that led to Figure 1, below, which lets us see which of Microsoft’s many lines of business grew the most year over year.


<ul>
<li>While I have sold my shares in Alphabet last month, I remain a very curious observer.</li>
<li>Here’s my highlights from today’s earnings.  While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and ~10% from 4Q’21.</li>
<li>The Network business may not be terribly important given it’s a relatively lower margin segment compared to Search, but it may be indicative of the general direction of where the open web is heading.</li>
</ul>


While I have sold my shares in Alphabet last month, I remain a very curious observer.
Here’s my highlights from today’s earnings.  While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and ~10% from 4Q’21.
The Network business may not be terribly important given it’s a relatively lower margin segment compared to Search, but it may be indicative of the general direction of where the open web is heading.


<ul><li>In aggregate, Big Tech was worth $1.1 Tn at the end of 2012.</li><li>Over the last ten years (2013-2022), Big Tech collectively generated $2.3 Tn Operating Cash Flow (OCF), slightly more than double their aggregate market cap ten years ago!</li><li>To say it differently, Big Tech was a form of deep value investing that was deeply underappreciated even though they are all widely followed companies at that time!</li></ul>

In aggregate, Big Tech was worth $1.1 Tn at the end of 2012.Over the last ten years (2013-2022), Big Tech collectively generated $2.3 Tn Operating Cash Flow (OCF), slightly more than double their aggregate market cap ten years ago!To say it differently, Big Tech was a form of deep value investing that was deeply underappreciated even though they are all widely followed companies at that time!

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

China’s Bond Funds Outshine Equity Peers Amid Stocks Slump

China’s mutual funds produced a mixed bag of performance last year. Publicly offered equity funds endured a second straight year of losses,...

Caixin Global

Meta Platforms: Model Update

So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.

MBI Deep Dives

Quick Takes on Microsoft, Google

Quick Takes on Microsoft, Google Tech giants Microsoft ($MSFT) and Google ($GOOG) both filed their latest quarterly earnings releases on Tuesday

Calcbench

Alphabet 4Q'23 Update

Here’s my highlights from today’s earnings. While almost every single revenue segment grew by double digits, Google Network was down ~2% YoY and...

MBI Deep Dives

The Curious Case of Big Tech

Over the last ten years (2013-2022), Big Tech collectively generated $2.3 Tn Operating Cash Flow (OCF), slightly more than double their aggregate...

MBI Deep Dives

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