POSCO to invest USD$7.5m to acquire 15% of Black Rock
BRN had a webinar today with transcript/slides to be posted soon.
AI edge market expected to grow to $50b by 2025 (“Tractica report”)
Over 100 NDAs with potential partners/customers
Cash balance now $US17.6m
Costs running at around $2m/Q, capital expense $1.3m in Q4
Monthly podcasts planned
Blowing up over last few weeks.
Will issue a progress report if they use the bathroom. Same chairman as VR1 which uses the same tactic (report after report after report) and that shared chairman is also the CEO of DOU (rocket emoji)
Set the tone: Currently $54Mc on zero ($0) cust receipts.
Latest announcements "3 million pre-registrations milestone"
People are registering to win prizes which are announced 14/11 to celebrate the launch of platform, are enticed to post their referral link to gain futher entries (read: no revenue)
Most commentary suggesting the 3 million registrations will result in everyone taking up a $11.9/month subscription =(rocket emoji x 5) $350mln revenue!!!!!!!!!!!!
Be careful here
15 October 2020
Enterprise Sales & ACV Update
During the September quarter, and since the Company last reported ACV (Annual Contract Value) on 1 September 2020, further growth inthe spend by existing customers in addition to the onboarding of new customers in the US energy utilities and mapping sectors has combined to generate further uplift in Pointerra’s US$ ACV run-rate.
August was another very strong month for global share markets, with the MSCI World index returning 6.7% in US dollar terms. This was driven by large cap US technology stocks (and the FAANGs in particular).
Towards the end of the month, as the rally in the FAANGs picked up steam, it became increasingly difficult to find any fundamental justification for the repricing of the stocks in question. However, there was talk in the market of a “Nasdaq whale” taking huge positions in the tech sector and stoking the gains. It has since come to light that the “whale” in question was the Japanese technology conglomerate Softbank. Various news sources revealed that Softbank began purchasing billions of dollars’ worth of derivative exposure to the large tech names, which forced the investment banks on the other side of those trades to purchase an enormous amount of stock (in order to hedge their own exposure).
The other notable development during August was the strength of the Australian dollar, which rose more than 3% against the US dollar. As a result, the MSCI World index ended up returning 3.5% in Australian dollar terms.
The Portfolio delivered 3.4% for the month. This is a particularly pleasing result given that, for risk management purposes, the portfolio was heavily underweight the US market and the US tech sector in particular. Flow Traders, Vestas, and Alibaba were notable contributors to the Portfolio’s relative return, adding 0.45%, 0.44%, and 0.35% respectively, while Lumentum, Rakuten, and Bharti Airtel detracted 0.23%, 0.20%, and 0.16% respectively from the Portfolio’s relative return.
During the month, the Portfolio increased its position in SIG, took profits on holdings such as Pinterest and Thermo Fisher, and exited in full its remaining positions in Microsoft and Alphabet (Google). This means that the Portfolio is no longer exposed to large-cap tech stocks.
While the FAANGs have been very popular, and now make up approximately 15% of the global benchmark, it is very important that we adhere to our fundamental principles, regardless of the prevailing mood in the market (and especially when the path of least resistance would simply be to follow the herd).
Microsoft and Alphabet are both extraordinary companies. However, given the extent to which their share prices have risen, the justification to hold on to our positions had worn thin. We, therefore, used the surge in the large cap tech space (which, as outlined above, was being driven by some extraordinary forces) as an opportunity to lock in our gains, preserve client capital and minimise volatility risk.
We would like to highlight that the risk to markets (and to the US market in particular) has been mounting in recent times. Challenges include:
We continue to allocate client capital into businesses that we see as offering healthy growth prospects at the most attractive valuations. We believe that the US Tech and Financial Tech sectors are very expensive. Therefore, we strongly believe that it is important to be looking elsewhere. We have been able to identify more favourable risk/reward opportunities for our clients in other parts of the market and we are continuing to find pockets of value in different sectors around the world. The Fund remains 86% invested in companies that we believe offer comparable growth prospects, with more favourable valuations.
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