schin

I actually like looking at data that is 1-2 years old, so I can see what the management was saying during that time and fast forward to now, seeing if they actually implemented their strategy and the financials improved accordingly. I also like 10-15 years plus of data because I want to see how a business operations through a full business cycle (peaks and troughs). Most recently, I am most interested in how management works through COVID (2020s), which is out of their control. Or in your scenario above, a weak yen. In due time, there will be a stronger yen. As for the 2024 version, It's like looking at a chess board and seeing the optionality. If you're given the same data as Warren Buffett and don't see the "play".. then oh well. It's like working with quarterbacks and asking them what they see during their reads.... Tom Brady and other elite QBs will see stuff pre-snap and post-snap that the Bryce Youngs of this world will not see. You could run into "resulting" like Annie Duke.. but, I still think it s a good table top exercise. It's a regression testing on your thought/investing process. If you can see the fat pitch then, you should feel confident in applying the same analysis to the current 2026 version... if it's still available.

@chenisheng I didn't get the full tour. I just talked to one of their analysts. They have this really cool Nike Shoe Dog art work in the lobby.

True, a lot of States and banks printed their own money.... But, for a mature economy, you would think there should be the appearance of impartiality...the appearance at least... although, Goldman Sachs is generally embedded in the US government..LOL.

I would feel it would be weird if JPM and Bank of America would make US currency...so, seeing these 100s issues by HSBC and Bank of China is interesting in so many ways. I love the vibe of HK.

If you're in Hong Kong, definitely check out: Lily Bookshop (surprisingly large, english, business section, most used books are in $20-40USD range) -- large for HK standards, we're not talking about a US superstore...LOL My BookRoom (small business, sections, but found some good used bios at a good price - $10-20 USD range) The Commercial Press Tsim Sha Tsui - Small, but focused business section. For the first two, you don't want to go if you are claustrophobic.

You can get the latest version on Kindle, but this is their last printed, hardcopy (2024 Winter). I visited their HQ office (Toyo Keizai) to get this and talk to one of their analysts. Always cool to explore different corners of the financial world. Warren said he used this reference prior to buying this Japanese basket of stocks. Flipping through it, I can see the value.

@Saluki - Do you expect your former regulator to have more teeth on some of they craziness in these markets? Or are their hands tried now? The administrations under Biden and Trump are vastly different. Did you feel it during your time there?

@Red Lion - I don't like lax customer service and accounting... it's a recipe for fraud and counterparty risk.

I have tested a Kashi and Polymarket account... and their infrastructure for customer service is not that great. Especially, when you're trying to deposit, cash out, there can be some latency. I am not talking about minutes. I'm talking about unsettle or uncleared what my profit/loss is in days and weeks. So, i worry about counterparty risk or just making sure the books balance out. There is no customer service number is a huge issue. You're on your own and it could go against you.

@skanjete - I visited Prague and it is magical. But, can one get a good enough job there like NYC, Silicon Valley? My son and I saw the Prague Astronomical Clock (The Orloj) in Old Town Square is widely considered one of the city's most underwhelming tourist experiences. lol. But, the people were nice.

If it's not a sneakhead finish eating the tadpoles, it's another invasive specie that ravishes an eco-system. Laws of the jungle.

Cheap drones are the new Molotov cocktails for their age. We have fast fashion in retail and now fast destruction in defense.

@Xerxes - I have the Li-Ka Shing book. Rags to Riches story, but turns out he was connected through his wife... so, in reality it is riches to more riches. But, definitely will look into those other books. I'll be in HK next month and hope I can find some non-Western/US centric business books -- just to see Eastern business theory. Thanks for the recommendations. HSBC was noted in Studwell's book as the financier for some of these tycoons.

@Peregrine Where do Chinese fit into this? lol

@Ronchong @pricingpower - Thanks for your comments.