Weekly reading – 30th January 2021

What I wrote last week

What I like about Apple Fitness+

Business

An excellent write-up on the state of news outlets or local journalism in America. It’s astounding that half of the local news outlets are now owned by private equity, hedge funds or other investment firms

SoftBank’s plan to sell Arm to NVIDIA is hitting antitrust wall around the world

Brexit has major implications. Whether the net benefits are positive or not remains to be seen, but this new development doesn’t seem to benefit consumers: Mastercard is hiking fees

AirBnb conducted a new survey that said: One in five want their destination to be within driving distance of home. Not a very good sign for airlines

N26 got 7 million customers

Apple published a document that outlines its imminent privacy policies

Some notable data from a letter from YouTube CEO

Over the last three years, we’ve paid more than $30 billion to creators, artists, and media companies.

YouTube Gaming had 100 billion hours of content in 2020

Our Music and Premium Subscriptions have been growing quickly, reaching more than 30 million paid Members in the third quarter of last year.

Source: YouTube

Technology

A glimpse into JPMorgan Chase’s $12 billion annual tech budget. There are quite some interesting features that the interviewee shared

CB Insights has a write-up on 40 companies that are working on autonomous vehicles

A long but great list of big ideas from ARK

What I found interesting

How homogeneous is Japan

What does the night sky look like on Mars?

A French-Vietnamese woman is fighting for justice for victims of war crimes. It’s crazy that US and Korean veterans received compensations from chemical companies because their products which were used in the Vietnam War had life-altering effects. Yet, Vietnamese victims have not received any.

What I find is that it is often these kinds of multiple small mispriced insights that overtime compound to form a business which is very defensible and very difficult to replicate. The discovery of those multiple small insights really requires a bottom-up organic idiosyncratic investment process.

Source: Interview with Mark Walker from Tollymore Investment Partners