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The Not So New, Very Abnormal

Forget about Donald Trump – this is what the markets are really worried about. Forget about the Trump Impeachment. That’s a sideshow. It will get sordid but Democrats won’t get rid of Donald Trump without the support of two-thirds of the Senate. That’s unlikely to happen, given currently available information about the President’s activities. At most, the impeachment inquiry will contribute to the political point-scoring of the 2020 Presidential Election. The greater decision facing investors now is whether they are prepared to put more money down on renewed quantitative easing in Europe and eventually the United States – a phenomena that will simultaneously feed asset markets and distort resource allocation around the world.

Oct 3, 2019

Premia 图说

赖子健 , CFA

合伙人兼联合首席投资官

Investing in PE seems to be the most common practice among institutions and high net worth investors in the past few years, whilst innovative companies listed in the exchange are the forgotten child in a certain way. WeWork, the largest and hottest tech startup at all times, might become a nightmare for some of the PE investors. Its valuation began from the USD 1 million seeding round in 2011 and then ballooned to USD 47 billion in early this year. The company successfully pulled the largest venture funding of USD 10 billion from the well-known Softbank's Vision Fund. Everything changed once the company was preparing the IPO with the founder ousted as CEO whilst the valuation might drop more than 75% to USD 10 billion only. WeWork is a perfect example that highlights the risk involved in PE investing. Inflatable valuation, low transparency, unsophisticated management and rapid-changing industry landscape have largely been neglected by investors chasing for abnormally high return. Maybe it's time for investors to reconsider the secondary market in which a number of innovative companies with proven track record are selling at a deep discount to most of the private deals.

Oct 14, 2019

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