Monday, September 25, 2017

Articles of interest

Anti-trust law
Lina Khan from Yale Law School describes how Amazon is vulnerable to changes in anti-trust philosophy.

Wired reports that as leading internet companies become more powerful, some anti-trust officials are arguing that "privacy is a competition issue."

Bloomberg interviews Aliko Dangote, Africa's richest entrepreneur.

Intrinsic Investing describes the things that have traditionally made large consumer brands successful and looks at the forces that are now eroding those brands' market power.

Dim Sums descibes the fraud and lack of trust that pervade China's food distribution system.

On a more positive note, The New York Times looks at China's advanced and rapidly growing system of mobile payments.

Trivium China gives an overview of the Chinese Communist Party's upcoming congress.

Andrew King and Baljir Baatartogtokh offer a balanced critique of Clayton Christensen's theory of disruptive innovation.

Master limited partnerships
SL Advisors explains why MLPs have underperformed other kinds of dividend-paying investments in 2017.

Medical devices
UndervaluedJapan has a nice writeup of Fukuda Denshi, a Japanese medical-device maker. He writes that the company trades at an abnormally low valuation despite a history of earning consistent profits and returning capital to shareholders.

Oil and gas
Reuters describes how shale energy players are using financially-creative joint ventures to raise money for drilling.

The Wall Street Journal reports that Enervest, a $2 billion private-equity fund that makes energy investments, has lost nearly all its money.

Petrichor Capital provides an overview of a lecture that Richard Hamming gave to the Naval Postgraduate School. Although the lecture is about Hamming's academic career, many of the concepts seem relevant to investing.

Ockham's Notebook shares some excerpts from Ray Kroc's autobiography Grinding It Out.

The New York Times describes how Best Buy has improved its operations to better compete with Amazon.

Saudi Arabia
Reuters reports on the palace coup that removed Mohammed bin Nayef from the royal line of succession and made Mohammed bin Salman Saudi Arabia's heir apparent.

Jeremy Reimer from ArsTechnica provides a fascinating history of OS2, the IBM operating system that lost out to Windows 95.

Venture capital
TechCrunch describes Softbank's new $100 billion venture-capital fund.


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