2019年2月随笔

  1. 互联网产品的地产属性

互联网产品的地产属性是虚拟的,无法购买但可以租用,对住客(用户)免费却对商家 (广告商)收费。
互联网产品的推广犹如城市间人口的自然和非自然流动,其住客群体覆盖重度互联网用户群。

当线下生活场景和活动被搬迁到线上时,线下生活变被线上生活所替代,与时间一起被同步覆盖的还有消费

  1. Future and option contracts
    Future contract gives the buyer the obligation, not right to purchase a specfict assets at a specific price at a specific date.

  2. Work-out and Value Investing

The value of work-outs depends on business valuation of the target firm from the point view of an acquirer in acquisition. The type of acquirer can have an impact on the price offerred. Strategitic investment is very different from financial investment in terms of valution structure.

TLRY Research Notes

  1. Terminology and History

Hemp: A plant that is grown specifically for the industrial use of its derived product.

Cannabis: A general name for cannabis plant and related products. Male and female cannabis plant, industrial use cannabis and drug/narcotics cannabis.

THC: The principle chemical component in drug use cannabis.

CBD: The second most abundant cannabinoid in cannabis

Marijuana: A custom name for both medical and drug use cannabis, origined from South America.

Compassionate Access: Potential patient benefit justifies the potential risks of treatment, like using drugs that have not passed the clincal trial; drug used for pain release purposes.

  1. Geographical Distribution of Revenue
    Six months ended June 30, 2018, 97% of Revenue were generated in Canada. 3% of Revenue were generated outside Canada. The company has 15% fixed assets located outside Canada and expects the overseas revenue to catch up.

  2. Growth of Expenses
    The growth rate of S&M expenses and G&A expenses far exceeds the revenue growth. The profitability of the business is questionable if these expenses cannot be properly optimized.