A journey of a thousand miles begins with a single step

current price 161 GBX NAV at the end of 2020 = 37866475 GBP/137384138 = 28.97 GBX PB ratio = 5.557 Major holdings at the end of 2020 DOT: 61% ATOM: 14% ETH: 7.6% NXM: 5.54% KSM: 5.5% If we consider the crypto price growth in 2021 and the options exercised, the NAV would be 32.1. PB ratio would be 5. One could view their current holdings at https://kr1.io/investments/ Thoughts: Very expensive. Basically, one could think that all digital asset potential has been priced in. Besides, investors could buy those tokens by themselves. Managers bet on DOT heavily. However, crypto world changes so fast. Lots of innovation occurs everyday. It might not be a smart move to bet on a 2017 platform. (ETH might be an exception since it is the first crypto 2.0) IMHO, VC model might be the preferable way instead of concentrated bets for crypto investing.

Sea Group 2021 2Q results ( link )  Must follow 100 Twitter accounts ( link ) Coinbase and 疫苗股風險 ( link ) Dalata Hotel ( link ) private-taking thesis is possible Theoretical price lower bound should be always max(net asset value after selling process, zero) Boss Holdings - deep value or not?? ( link ) Semrush ( link ) 2021 2Q positive operating cash flow revenue growth rate 50%. The PE ratio would be 33~10 after 5 years assume revenue growth rate 20%~50%. relatively cheap compared with other SaaS companies Might be the next crypto superstar - Solana ( link )

Perdoceo ( link )  Market cap: 817M EV = 341M Enterprise multiple = 3 ~ 4.1 Positive and growing operating cash flow from 2018~2020 No dividend Small buyback amount compared with cash/short-term investment held "Regulatory requirements and extensive interpretation" from new government is the major business risk. Insiders keep selling at 11~13 is a big warning. Total amount of shares held by insiders is less than 1% which means interests are not well aligned btw managers and shareholders. Special situation - New Frontier Hospital ( link ) 振樺電 ( link ) 癌症精準醫療 ( link ) ( link ) ( link ) Invest 50% in Twitter ( link )

M報 - Zoom, 中國政治風險 and Oculus ( link )  恆大財技 - 永續債, 明股實債 ( link ) Oliver Hart合約理論 ( link ) D2C的重要metrics ( link ) 東元案的省思 ( link ) BVP's anti-portfolio - review chances that you missed ( link ) ( link ) Illumina ( link ) Nintendo ( link ) 半年以來, 股價跌跌不休, 上檔籌碼混亂, 需要時間整理 Switch於2017上市, 2020因疫情之故, 硬體銷售高峰已現, 之後預期只會穩定甚至小幅衰退 2017~2020的平均eps為1966, 現價(52410)的PE為26 今年預估eps為2800, PE為20 若假設eps為2800, 與對應的PE and 股價如下 15 -> 42000 18 -> 50400 20 -> 56000 23 -> 64400 股東結構(https://www.nintendo.co.jp/ir/en/stock/information/index.html) 只有4萬多的股東 外國股東是大多數5x% 庫藏股有9.5% 看起來沒有股東佔有大量股權 近年平均股息1095, 股息率為2% (Japan有20% withholding tax rate) 關於遊戲產業的想法 時間是匱乏的, 不同的遊戲種類(手遊, pc game, tv...etc)都是在爭取這最缺少的資源. Nintendo的幾個大IP, 在不同世代持續不斷的演化與傳承, 有很穩固的audience.如何於不同的遊戲平台, 最大化這些IP的價值, 而不局限於proprietary device (跟PSx那種很重效能的遊戲不太一樣). 多管道的曝光(電影, 遊樂園), 建立與users間虛實的互動experience. 如何維持自身的創新能力, 最出最大差異化的遊戲體驗/內容. (健力環, 融合social network都是很棒的創新) 亞洲市場的開發 (eg: 與Tencent在中國的合作關係)