"Music, Sense and Nonsense: Collected Essays and Lectures", por Alfred Brendel.
Capítulo: “Conversations - On Schnabel and Interpretation with Konrad
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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.
https://t.co/aHzWSYtcUt
Homework for all the interested participants here:
— Intrinsic Compounding (@soicfinance) June 27, 2021
Q1.Why 20% and not 50%+ Margins for UMG
Q2. Differences in dynamics between Western&Indian cos?
Q3. Trends in West vs Trends in India in the industry.
Research and find the answers. My job is done \U0001f601\U0001f64f
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If you see the ebitda of universal music its low 20% compared to our saregama 30% or tips 50%. So when you compare earnings saregama is 40x and tips is 30x and universal music is 30x. Also these type of companies are less( low or no capex with excellent and growinh cashflows)
— Srikanth V (@mynameisnani75) June 27, 2021
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Decoded his way of analysis/logics for everyone to easily understand.
Have covered:
1. Analysis of volatility, how to foresee/signs.
2. Workbook
3. When to sell options
4. Diff category of days
5. How movement of option prices tell us what will happen
1. Keeps following volatility super closely.
Makes 7-8 different strategies to give him a sense of what's going on.
Whichever gives highest profit he trades in.
I am quite different from your style. I follow the market's volatility very closely. I have mock positions in 7-8 different strategies which allows me to stay connected. Whichever gives best profit is usually the one i trade in.
— Sarang Sood (@SarangSood) August 13, 2019
2. Theta falls when market moves.
Falls where market is headed towards not on our original position.
Anilji most of the time these days Theta only falls when market moves. So the Theta actually falls where market has moved to, not where our position was in the first place. By shifting we can come close to capturing the Theta fall but not always.
— Sarang Sood (@SarangSood) June 24, 2019
3. If you're an options seller then sell only when volatility is dropping, there is a high probability of you making the right trade and getting profit as a result
He believes in a market operator, if market mover sells volatility Sarang Sir joins him.
This week has been great so far. The main aim is to be in the right side of the volatility, rest the market will reward.
— Sarang Sood (@SarangSood) July 3, 2019
4. Theta decay vs Fall in vega
Sell when Vega is falling rather than for theta decay. You won't be trapped and higher probability of making profit.
There is a difference between theta decay & fall in vega. Decay is certain but there is no guaranteed profit as delta moves can increase cost. Fall in vega on the other hand is backed by a powerful force that sells options and gives handsome returns. Our job is to identify them.
— Sarang Sood (@SarangSood) February 12, 2020