While I would not say it’s a productive quarter, overall there still have been some progresses during the first quarter since being solo.
In addition to diary-style posts, I wrote 16 analysis-related posts in 4Q18 surrounding the following topics:
- Marketplace – Online / Offline
- Gaming Console
- Digital Distribution – Gaming
- Network Effect
- Real Estate – Hotel Property
In terms specific company, I started / resumed the following companies during this quarter:
- Nintendo (7974.JP / NTDOY)
- Pingduoduo (PDD.US)
- Mercari (4385.JP)
- EPIC Games / Discord / Valve – STEAM
- China Education Group Holdings Limited (839.HK)
- No analysis on the blog yet as of December 31, 2018 while model and initial analysis are both in place.
Number of follower has reached 105 as of this rewriting with roughly 20% being the target audience and less than 10% being the engaged audience. The follower base and the engagement is the reality for someone not being associated with institution and without track record. That said, I believe there are some positive feedback loops (increasing return) in the dynamic as analysis getting deeper, coverage getting broader, synergy among topics / specific companies being created and contents being accumulated. At the time being, I would focus on economy of scale and scope on the supply side to drive the whole process. Traffic / reader base / follower base are metrics to gauge the effect.
I am trying to follow the concept what Charlie Munger has introduced. Contents created and posted here are just stocks in the feedback loops.
I finished several technical/leisure books this quarter. Technical books center around platform and leisure books are mostly Japanese novels. Book reading is an input in the aforementioned feedback loops. I probably spent much more time on tweets, blog posts and podcasts.
- Matchmakers: The New Economics of Multisided Platforms
- Platform Revolution: How Networked Markets Are Transforming the Economy and How to Make Them Work for You (TW-Translation )
- Modern Monopolies: What It Takes to Dominate the 21st Century Economy
- Valuation of Network Effects in Software Markets: A Complex Networks Approach (some chapters)
- The Model Thinker: What You Need to Know to Make Data Work for You (some chapters)
- Increasing Returns and Path Dependence in the Economy (some chapters)
- Platforms, Markets and Innovation (some chapters)
- Data-Driven Marketing: The 15 Metrics Everyone in Marketing Should Know (some chapters)
- Content Inc.: How Entrepreneurs Use Content to Build Massive Audiences and Create Radically Successful Businesses (some chapters)
- Platform: Get Noticed in a Noisy World (some chapters)
* * * * *
! Execution !
The second day I took a train from Kobe to Kyoto.
After checking in Hotel The Celestine Kyoto Gion, I had late lunch at Mametora Gion which specializes in small dishes cuisines. The environment there was quite comfortable in terms of distance between tables and interior styling & lighting. As it is supposedly to be, the presentation of dishes was great and taste was ordinary ( for me, the taste of this kind of cuisine is never the highlight in the dining experience).
The restaurant of my first dinner in Kyoto was a local store recommended by the concierge of hotel. The food was edible but not delicate as its clientele base is probably the neighborhood round southern area of Kenninji. The area might be one of the most densely populated of Michilin-starred Japanese restaurants in the world but ordinary restaurants are still viable since there’s demand for casual dinning to be met.
As usual, I had gyoza at Senmonten (泉門天) as my main late-night snack in Kyoto. I also had ramen at Tenkaippin as supplementary but it turned out that I’m not a fan of their style.
The release of Super Smash Bros. Ultimate / Special (JP) is the highlight of this trip. As expected nothing special happened on Hanamikoji Dori in Gion.
I was so bored in the hotel that I watched live streaming gameplay of SSBU on Youtube. While I think gaming is one of my tracking industry, this was my first time to watch live streaming gameplay. To my surprise, it’s quite satisfying and healing to watch the gameplay when the host is shown as anime-style character with cute voice in tandem with facial / body expression.
I will further explore the economics on gaming, eSport and video / music streaming after going back to Taiwan.
The touch screen of my iPhone went dead just when I was checking in my luggage.
So no Google map and photo this trip…
I stay in Hotel La Suite Kobe Harborland. I might write a review on this hotel without my photo later. Only by telling from the hotel name, you can imagine this is a Japanese-Western style hotel with spacious rooms that probably have harbor view.
One thing about not having cellphone is that you probably acquire information from other media (in my case: I’m about to finish reading a book)
[Dec. 3, 2018]
* Tasks to be done *
~ Dec. 3-9, 2018 ~
- Initial Analysis: Sea Group (SE.US) / GrubHub (GRUB.US) / Stich Fix (SFIX.US) / Upwork (UPWK.US) / BabyTree (1763.HK)
- Update & Follow: China Education Group Holding (839.HK) / PDD.US
- Travel Documentation: JP trips and HK & SZ
- 1 Idea from Analyst Meeting
- Hotel Review in Mandarin: This time and previous trips
- Hotel Analysis: Millennium Mistui Garden Tokyo Deal
- Events: Super Smash Bros. Ultimate Release / The Game Awards 2018 / Arts Economics Kyoto
- Weekly Topic: Week of Metrics and Network Effect
- Reading: Matchmakers: The New Economics of Multisided Platforms by David S. Evans and Richard Schmalensee and another 1 technical
~ Note ~
For the next 2 weeks, my focus is on listed marketplace companies. Hopefully I can generate 3 notes on new names.
I need to get some progress on Sea Group Initial Analysis!