Feb 28
NetEase (9999.HK): First Principles Analysis
If you're coming from the First Principles Brief, you already know what NetEase does and why the business
20 min read
Cross-Borders of Asia
Feb 26
NetEase (9999.HK): The Artisan's Engine in a Platform World
The way I see it, digital gaming has become what coffee is to the modern professional: a near-daily ritual, recession-resistant, and remarkably sticky. In idle moments, in downtime, in the spaces between — people reach for it. The market is enormous. The question is who's capturing it.
6 min read
Jan 05
Samudera Shipping Line Ltd. (S56): The Owner's Analysis
Samudera Shipping Line operates at the intersection of structural advantage and cyclical volatility. This analysis examines whether the company's Three-Layered Defense—cabotage protection, niche regional focus, and vertical integration—creates a sustainable moat
21 min read
Dec 07
The Hour Glass Limited (AGS.SI): Gatekeepers of Time — How a Family Retailer Built a Luxury Moat Piece by Piece
A family-owned gatekeeper to the world's most exclusive timepieces across Asia-Pacific — holding authorized dealer relationships with Swiss luxury brands that most retailers can't access...
15 min read
Nov 27
Samudera Shipping Line Ltd. (S56.SI): The shipping company that wins by not losing.
The shipping company that wins by not losing. Samudera Shipping Line compounds through survival—conservative leverage, Indonesian regulatory protection, and the discipline to capture share when overleveraged peers sink.
13 min read