The Uber Dilemma - by Ben Thompson (LINK)
The Butterfly Effect: Everything You Need to Know About this Powerful Mental Model (LINK)
When Cheaper P/E Ratios Mean Nothing - by Jason Zweig (LINK)
What’s Happenin’ - by Eric Cinnamond (LINK)
An interview with Kenneth Jeffrey Marshall, author of Good Stocks Cheap (LINK)
Now Advising China’s State Firms: The Communist Party ($) [H/T Matt] (LINK)
A push to establish the Communist Party in Chinese state enterprises is rolling through Hong Kong, raising corporate-governance concerns in one of the year’s best-performing stock markets.
Since 2016, at least 32 Chinese state-owned companies or units listed in Hong Kong have proposed changes to their corporate structures to install Communist Party committees that advise their boards of directors. The moves, most coming in recent months, are prompting questions from market participants about who holds power at these companies, and whether they will be run for the benefit of investors.
The changes follow directives from Beijing, which has been pushing to establish the Communist Party’s role in corporate charters on the mainland. They make explicit what many had already assumed: that China’s ruling party—the country’s sole governing authority despite the existence of several other political parties—keeps a tight grip on the country’s state-owned firms. Those firms now make up the bulk of Hong Kong’s market.
The Next Chapter in a Viral Arms Race - by Ed Yong (LINK)