Some links and thoughts

1. "Porsche SE" discount 
• estimated Porsche SE NAV = 89.47/80.52
• share price = 67.76 (2022/8/21)
• discount = 24.3%/15.9%
• Catalysts
• Porsche AG IPO (link)
• Value of VW would increase 
• Porsche SE would directly hold Porsche AG
• Risks
• War
• Value of "Porsche AG" offset by other parts of VW
• transition to EV car
2. Gaming Innovation Group (link) (link) (link) (link)
3. ETH merge event (link)
4. Air conditioner industry (link)
5. ServiceNow (link)
6. Cenovus Energy (link)
7. Swedish Match (link)
• 2 year FCF/EV = 2.76% (2022/8/24)
• 2021/2020 FCF growth rate = 15%
8. Monetary and fiscal policy coordination (link) (link)
• Hawkish monetary policy is counterproductive
• Ability of the Fed to control inflation requires fiscal backing
• Coordinated strategy to inflate away only debt accumulated during the recession
• Milder recession and rather stable inflation
• If the fiscal adjustment is not expected
• CB give up => persistently high inflation
• CB is expected to give up eventually => spiral of low output, high inflation and high debt
• if the government is expected give up eventually => recession with low inflation and high debt
• Policy makers commit to inflate away just the amount of debt resulting from the large recession itself in response to private sector’s loss of confidence that the necessary fiscal adjustments will ever be taken