Barely Investible Capital Management Ltd

🇸🇬AEM SP (AWX): the toll booth on system-level test. More chiplets + more HBM stacks = more defects slipping past wafer & package test = SLT stops being optional. The back-end moat behind Intel & AMD’s most complex parts.

China ELS smashing it out of the park YTD while MSCI China is down like 15%. I know I know depends on the market and sector but get a grip, outperformance is outperformance.

@mkfilko It can always fall 99.9% more

$000660 SK HYNIX DOWN 40% FROM HIGHS. How much worse can this get? > 10/20EMA bearish cross > broke below 50EMA I think it wants to fill the gaps below. First level is 1,689,000 KRW next is 1,450,000 KRW But you never know, sometimes violent sell offs are met with equally violent snapbacks.

@TheLongHappy Personally preferred this slide. Improve your corp gov ways and benefit :)

Old dog (value investor) can't learn new tricks. So just go to the market (Japan) where you can actually make some money?

@pandawatch88 I like the pain I guess

@LowAlphaHighVol You've been a wise man, why change that

Tencent share price is up 25%... ...since Jan 2020 pre-Covid. Thats 6.5 years ago. Chinese leadership want a slow bull, Tencent is delivering. The math? -Net income up from usd12bn FY19 to usd34bn LTM -PE derated from 35x to 15x -Share count down 6% Sometimes things are worth 35x, sometimes 15x. Just ask Microsoft.

@agnostoxxx Lord help me

Bottom (I dunno, I just wanted to post a meme of an American degen Pepe surviving on the back of margin-called South Korean Pepes , whatever)

@evrgn11112231 Time to buy again?

@0yveyy Interesting, starting to see a few smart managers who’ve been out of Alibaba and Tencent for a few years now start talking about it again. Though as said, more confirmation needed, tbd.

@LowAlphaHighVol I see more averaging down from my seat…

Valuation of MSCI China fell from 14x in Sep-25 to 10x currently, which is below long-term average (12x), but not yet at floor levels (8-9x). Earnings are still revised down.

@TradeEagleIQ If and when the inflection point is reached it could be enticing. Seeing some early indications but too soon to tell and I'm skeptical as of now.

Valuation compression isn't a buy signal when earnings are still being revised down. The E in that P/E ratio keeps shrinking.

@totodile_king 40k graded copies?! FR?

You have $300. You can either buy a Mewtwo VSTAR from Crown Zenith OR The entire Mega Greninja line from Chaos Rising… Whatcha taking?? People are going to say CR is overprinted, but forget Mewtwo has over 40,000 graded copies…

@0yveyy Actually seeing some pretty smart money pickup names like Tencent in recent weeks, too soon to tell if high signal value but I am starting to notice the winds change a little FWIW.

@LowAlphaHighVol If smart money is de-risking Memory names in Korea, dumb money is buying the dip on Baba and Tencent.

Of course we were all short Korean small cap tech and long Japanese regional banks the last few weeks?

@Reignots Sorry, I'm slow this Monday morning, what's the connection? Get people hooked? I get that, but I thought the wires were burning up...

@LowAlphaHighVol May I suggest you watch a season of Narcos

Not enough demand?!

@intjgamergirl Welcome to Mexico

Guys I put chilli oil in my soft serve with cornflakes and it's actually freaking nice??!?

@HayekAndKeynes Think about sovereign AI spend …

AI capex is now well over $1tn We are almost there with just the largest names

@Sandeman52 @lifeofpartya Can be in wrap or a bread. Same in Switzerland. Should try if you pass through either, lots of Turkish immigrants and ergo amazing kebabs.

@lifeofpartya Is a kebab in Germany a wrap?

You ever had a food that was so good, but it was a different part of the world where you live, you go back to where you live and you try to find that flavor again, but you can’t? There was a kebab food truck in Wollongong Australia, Campus East, the year 2000, this food was the best I ever had. I’ve never had anything like it since. I’d pay so much money to have that food truck outside my house. The owner was Turkish. It was a kebab chicken or beef in a pita with like 5 sauces, veggies, cheese, in a wrap, then the wrap was pressed in a sandwich press. Almost 30 years and never had anything like it since.

@ContrarianCurse Very hard to have restraint. Goyard comes to mind, still private. Hermes, Patek, Capella Hotels (for now). Pressing too hard IMO: Aman, Raffles under Accor, Gucci logo-mania, Burberry (reset twice). Loro Piana after 13 years under LVMH seems to be going mainstream too now.