BC MUSIC
Saved by @SAnngeri

Open Question to fellow investors tracking Music Industry.

A business like Universal which controls more than 1/3rd of all published music globally is selling for less than 6x FY20 Sales.

Why are Indian businesses like Saregama / Tips selling for 11x, 20x their sales?

 If I include all of the revenue generated by entire firm, its selling for ~4.5x FY20 Sales
Universal Listing Market Cap ~ 40 Billion USD
FY 20 Revenues ~ 8.87 B USD or 7.4B EUR

Catalogue of Music includes every international artist you can possibly name

Either Universal is grossly undervalued or Saregama/Tips are grossly overvalued.
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Tar \u26a1
Tar ⚡
@itsTarH
It's the weekend!

Grab a cup of coffee, in this thread I will explain

1. What drives valuation of a company?
2. Why some companies are valued at high multiples while others aren't?
3. What you should be looking for while buying a business?

Lets dive right in.


Not so long ago, Maruti released an ad campaign - 'Kitna Deti Hai'? (What's the mileage?)

Here is one of the ad's from the

The ad was on point - Indians before buying a car or any vehicle obsess over the mileage the most among all the other specifications.

We as a society are very value conscious.

Nobody has to teach us to drive a good bargain.

The logic for obsessing over mileage also checks out.

If a vehicle gives good mileage then over time as owners of the vehicle you will end up spending less on it in fuel and other added costs.

This ability to gauge long term value before buying something is magically lost when we enter stock market.

Here too you should be asking your stocks - 'Kitna deta hai'?

This time instead of obsessing over mileage, you should be obsessing over cash flows.
STOCKSLEARNINGS , STOCK LEARNINGS
Tar \u26a1
Tar ⚡
@itsTarH
It's the weekend!

Grab a cup of coffee, in this thread I will explain

1. What are Valuation Ratios?
2. What ratio should be used when?
3. Why one standard ratio like a PE doesn't work all the time?

Lets dive right in.


Valuation Ratios are a subset of ratios within the broader family of Ratio Analysis.


It is in this segment of Ratio Analysis, that you will find ratios like Price to Earnings, Price to Book, Price to Cash Flow, Price to Sales and many more.

Together these ratios help an investor understand if a company is valued cheap or expensive.


A novice investor tends to use Price to Earnings (PE) for everything - yet it is only one of the many ratios that should be used to judge the current valuation of a company.
ALL , POLICYBAZAAR , VALUATION RATIONS PE
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Tar \u26a1
Tar ⚡
@itsTarH
Niti Ayog is one of the best places to look at, if you want to learn more about the upcoming reforms, outlook on India for next decade and some of the most pressing economical issues of our generation.

Here is a recent one on EV charging infra.

https://t.co/BGoCTVnlRS
SCREENERS
Tar \u26a1
Tar ⚡
@itsTarH
Semi conductor index is often considered a leading indicator of health of the economy

Micron: 'we see upcoming significant sequential declines in revenue & margins'

Nvidia: 'Will slow down hiring & control expenses as the company deals with a challenging macro environment'
SCREENERS
Tar \u26a1
Tar ⚡
@itsTarH
Case Study: Bharat Electronics Ltd

OPM: 23%
Free Float: <5%
QoQ continuous increase in ownership by institutions
ROE: ~20%
ROCE: ~28%
EV by EBITDA: 15

Leading developer of Indigenous Military Drones
Exports are prime focus for the company

D: Invested, not a recommendation
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Julieta Ovalle
Julieta Ovalle
@julietaovallep
"Music, Sense and Nonsense: Collected Essays and Lectures", por Alfred Brendel.

Capítulo: “Conversations - Bach and the Piano with Terry

En 1976 Terry Snow entrevistó a Alfred Brendel sobre sus puntos de vista acerca de la obra de Bach para teclado, la cual hasta ese entonces Brendel había evitado ejecutar en sus conciertos.


Brendel cambió de opinión en esa época. Al haber sido alumno de Edwin Fischer, quien transmitía la música de Bach de una manera única y con poderosa autoridad, le tomó tiempo considerar que estaba listo para abordar a Bach en sus propios

En un principio, Brendel no se sentía muy convencido por las ejecuciones “históricas”. Sin embargo, para él la obra de Bach es menos dependiente de los instrumentos contemporáneos que la de Monteverdi, Domenico Scarlatti, Purcell, Rameau y Couperin.


Entre las ventajas de interpretar las obras para teclado de Bach en piano, Brendel considera el hecho de que este es más adecuado para las salas de concierto modernas. Además, para Brendel dichas obras están llenas de posibilidades
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Julieta Ovalle
Julieta Ovalle
@julietaovallep
"Music, Sense and Nonsense: Collected Essays and Lectures", por Alfred Brendel.

Capítulo: “Conversations - Talking to Brendel with Jeremy

Ya casi llegamos al final de este maravilloso libro. En esta sección, Brendel comparte varias entrevistas. La primera de ellas fue en 1972 con Jeremy Siepmann, músico, locutor, articulista y autor de varios libros sobre música.


Si bien después de 377 hojas ya tenemos una buena idea sobre las opiniones de de Brendel sobre la música y el quehacer musical, en esta entrevista revela varios puntos de vista.


Sobre si disfruta interpretar música, Brendel responde que sí, sobre todo en los últimos años, “when I’ve had the impression that much of what I do comes across. Of course, one very rarely knows if the right things come across)”.


Sobre si los intérpretes existen para vincular al compositor con el público, Brendel afirma que le interesa más la relación del intérprete con el compositor que con el público: “What fascinates me is to make sense of a piece of music while it sounds”.
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Julieta Ovalle
Julieta Ovalle
@julietaovallep
"Music, Sense and Nonsense: Collected Essays and Lectures", por Alfred Brendel.

Capítulo: “Conversations - On Schnabel and Interpretation with Konrad

En esta conversación de 1979, Alfred Brendel y Konrad Wolff, autor de “The Teaching of Artur Schnabel. A Guide to Interpretation”, discuten sobre ciertos puntos en los que Brendel no coincide con Schnabel.


Para Wolff, Brendel es el primer pianista desde Schnabel que ha gozado de plena autoridad en la interpretación de Mozart, Beethoven y Schubert. Además, en su opinión, su enfoque tiene mucho en común con el de Schnabel en los detalles de fraseo, tempo y dinámicas.


Sin embargo, hay varias opiniones en las que Brendel difiere de Schnabel. Para Brendel, las frases son como curvas que no necesariamente se miden por compases: “Very often for me the art of phrasing consists in forgetting about bars, ignoring bars and seeing large units”.


Por su parte, de acuerdo a Wolff, Schnabel veía las frases en función de la respiración y del énfasis al principio o al final: “he wanted to know how far he was to play before there was a breath (…), a phrase begins and then goes from there, or else it ends and goes to there”.
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Howard Goodall
Howard Goodall
@Howard_Goodall
I'd like to say a few things in tribute to the brilliant musical director & vocal coach Kate Young, who died far too young last week. Even fellow musical theatre folk may not know what a trail-blazing talent she was, so here's my story of Kate (thread)/1

I first met Kate at a rehearsal for Wayne Sleep's 1983 touring dance show DASH, for which I was composer. What struck me first about her (apart from the poetic lilt of her warm, Edinburgh accent) was the impeccable care she was taking playing piano for dance rehearsals /2


(believe me, & I mean no disrespect to lovely dancers & choreographers but playing piano for dance sessions isn't called REPETITEUR for nothing and many repetiteurs switch to auto-pilot at the keys. Kate never did. Her playing was always immaculate)/3

We hit it off immediately & had long, ranty discussions about how we wanted to change musical theatre, like young people do. We had specific aims to do with the way singing was taught & shaped for the stage. /4

We wanted the singing to be much more text & meaning-focused, for actors to have the confidence to sing as well as trained singers & for the sound to be more nuanced, more plural in style & less belty & samey (tbh not sure we won that battle..) /5
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Value Educator
Value Educator
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Reason for high repeatability for songs is due to connection with old memories !
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TYPES OF SINS(PAAP) AS PER SKAND PURAN.

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It is of four types.

1)First is the sin committed by your mental state-
Thinking about woman other then your spouse.

A)Resolution to amass wealth from others.

B)Thinking ill about others.

C)Thinking of doing a forbidden or unworthy deed.

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A)Talking irrelevant things.

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C)Speaking harshly.

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A)Eating food not prescribed to you or forbidden.

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So these twelve types of sins.

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4)People who do not show respect to Ishwar, guru or one who are undignified.

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Below is the list of sins which people may commit.

1)One who does not help a needy person or a person in pain,
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Okay look - I didn’t grow up with comic books. But I read stacks of science fiction digests and I kit-bashed model cars into fantasy rods, and just tried to maintain a low profile until I could get out of the house. So you could say I’m a distant cousin of the comic book fan. /1

And sometimes one’s childhood passion follows them into adulthood, sometimes not, sometimes as an adult one finds a passion they never had as a child and embraces it. For me, that must include getting involved with a puppet show at the age of thirty. /2

So who’s to say whose passion’s legitimate and whose is bogus? Nobody. Someone might indict your passion but they have no ground to stand on and should be dismissed out of hand. /3

Maybe they’re envious that you have a passion, maybe they think that their passion is cooler than yours, or maybe they’re just insecure, who knows. Doesn’t matter. /4

What matters is that if something gives you joy, and in the process doesn’t hurt others, then by all means follow it. It’s how we explore our secret hopes, our shadow sides, our inner character. /5
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Хајде да направимо мали осврт на случај Мика Алексић .

Алексић је жртва енглеске освете преко Оливере Иванчић .
Мика је одбио да снима филм о блаћењу Срба и мењању историје Срба , иза целокупног пројекта стоји дипломатски кор Британаца у Београду и Оливера Иванчић


Оливера Илинчић је иначе мајка једне од његових ученица .
Која је претила да ће се осветити .

Мика се налази у притвору због наводних оптужби глумице Милене Радуловић да ју је наводно силовао човек од 70 година , са три бајпаса и извађеном простатом пре пет година

Иста персона је и обезбедила финансије за филм преко Беча а филм је требао да се бави животом Десанке Максимовић .
А сетите се и ко је иницирао да се Десанка Максимовић избаци из уџбеника и школства у Србији .

И тако уместо романсиране верзије Десанке Максимовић утицај Британаца

У Србији стави на пиједестал и да се Британци у Србији позитивно афирмишу како би се на тај начин усмерила будућност али и мењао ток историје .
Зато Мика са гнушањем и поносно одбија да снима такав филм тада и почиње хајка и претње која потиче из британских дипломатских кругова

Најгоре од свега што је то Мика Алексић изговорио у присуству високих дипломатских представника , а одговор је био да се све неће на томе завршити и да ће га то скупо коштати .
Нашта им је Мика рекао да је он свој живот проживео и да могу да му раде шта хоће и силно их извређао
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Simon Wardley #EEA
Simon Wardley #EEA
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X : Our executive team is concerned that we need to up our game in order to out innovate Amazon.
Me : Do you map?
X : Yes
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X : No. What's that?
Me : A map of a tea shop.


X : Why is that a map?
Me : Long story, all to do with how space has meaning. To keep it short, maps help people to focus on user needs, the components involved, to communicate missing components and scenario play ideas like staff becoming robots.


Me : They’re also good for measuring and managing capital flow, making investment decisions, removing bias and getting rid of duplication.
X : I don’t see how that helps with innovation?


Me : Well, innovation is a tricky word because we use it to describe many things. If you’re talking about differentiation with the adjacent unexplored then you’re experimenting in the “uncharted” space e.g. immortality with magic provided by the special custom built kettle.


X : That sounds like nonsense.
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X : We need more reliable innovation.
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