Caveat Emptor

Concept of Subscription-based model One-time sale of a product can become a recurring sale and can build brand loyalty. For businesses that have high fixed cost, but low incremental costs to provide one additional unit of service. Focus on servicing the client over time and improving stickiness and lifetime value rather than individual transactions which stops at point of sale. (Relationship Business) The decision transits from Opt in decisions to opt out decisions. Types i) Fixed periodic payment, unlimited use - Netflix, Microsoft software, Public transport, Apple phones and software, Newspapers and magazines ii) Pay as you use (convenience model) - Loyalty cards, Dollar Shave Club, Ofo/Mo-bike, public transport iii) Subscription for basic access or minimal service plus some additional charge depending on usage - Telephone services, Whats-app Freemium services iv) Perpetual license model =>Software as a service=> Reducing sales cost and increasing client servicing

The Value of a CFA I took my CFA level 1 examination on 1 Dec 18 yesterday. The sheer difficulty of the CFA curriculum is not exaggerated . As level 1 mostly explores the industry in width rather than in depth, the sheer amount of possible scenarios covered truly exceeds one's expectations. Now, as all is said and done, I can only wait patiently for the results to be out and hopefully pass my examination. Regardless, I have tried by best for these past months and have no regrets. Initial thesis 1) Study CFA to be a better investor. Since there are so many CFA as equity analysts / fund managers in those brokerage reports, there might be some value in getting the knowledge. Ben Graham is well regarded as the pioneer whom thought of establishing an institute  / curriculum to improve on the standard of investment analysts, and John Templeton and other knowledgeable investors I know (Teh, Hooi Ling, Chin Wai, Chris) are CFA holders.  Despite scoring well for my university

Big data is the buzzword of technology companies of today. Gaming companies, marketing companies, banks and governments seek to jump on the bandwagon and explore this murky field and monetization potential. OCBC, Ten-cent are companies that seek to utilize / profit from aggregated / segmented data groups (Demand side) and companies like Singtel and Silver Lake axis seek to provide analytical solutions (Supply side) . I did some research to distill my understanding of big data, and whether it is a big bubble or potential big bucks.  Macro view Western societies generally have strong data protection and privacy laws, while Asian / Chinese societies are not as uptight on the privacy and sharing of such information. Facebook is currently facing a sharp correction in its share price from the failure of its data protection schemes, which is worsened by the upheaval from management fallout. It's profit margins are severely eroded due to data protection policies and increasin

HKEX Initial thesis :  Cyclical play with a Moderate growth story originating from Hong Kong Stock and Bond connect and increased liberalization of China Market and CNH/CNY. Company is cheap from a historical  PE perspective. There is a margin of safety resulting from adverse market sentiment  contrasted by strong bottom up performance. Monopoly in a growing financial market, as investors utilize Hong Kong as a gateway to China market. Management has reported record profits and earnings for first 9 months. Stock is expensive from historical PE perspective but looking at its earning profile, earnings growth is expected to sharply increase, and other metrics are considered cheap. Initiate position of one lot (high conviction play) and seek to average up /down as the trade war plays along. Have initiated at around HKD210-220 and monitor for future developments. Lines of businesses 1) The Cash segment covers all equity products traded on the Cash Market platforms, the Shangha