財經閱讀 26/6

近日幾篇抓眼晴的報導和文章,閱讀時間大概30分鐘(斜體為報導文章內容):

中美貿易戰

A complete guide to the Trump-Xi meeting this week

“Another reason to fade the chances of a breakthrough is that the US administration is not under much pressure to compromise at the moment. Our framework for the trade war has consistently been ‘no pain, no deal.’ With the stock market near its all-time high, markets expecting a strong ‘Powell put’ and GDP growth running at more than 3% yoy, the US is likely to try to drive a hard bargain. Like it or not, the Fed’s dovish message of offsetting downside risks encourages trade war escalation," the BofA economists noted.

Apple Inc.

Apple says it collects fee on less than 1% of Spotify users

Spotify’s complaint to regulators also included allegations beyond Apple’s fees, including steps that Spotify said Apple took after it quit using the App Store’s payment mechanism. The company pointed to tightened App Store rules after 2016 that bar app makers from providing links or buttons to external web pages showing users how to pay for an upgrade to premium subscription outside the App Store.

醫療保健

‘Medicare for All’ and Big Tech breakup: Here are the business issues to watch in the first 2020 Democratic primary debates this week

CVS just laid out a big reason why health companies are worried about Amazon

“Given its robust infrastructure, operational capacity, and distribution reach, Amazon-PillPack is uniquely positioned to negotiate directly with payers (insurers) and displace CVS Caremark’s mail-based services," CVS argued in support of its motion for a preliminary injunction.

華為反擊?

Huawei may demand more royalties from US firms that rely on its patented tech

While the Chinese firm lagged other firms somewhat in terms of SEPs when it came to 4G, it is the leader in the 5G age. Huawei has the largest portfolio of patents for 5G — about 1,554 SEPs — and is ahead of Nokia, Samsung and LG Electronics, according to IPlytics, a market intelligence firm that tracks patents.

“Huawei knows … enforcing patents and asking for royalties is expensive and also not their main business," Pohlmann told CNBC. “Royalties through patents is a small fraction compared to how much revenue they created through smartphones and base stations. But when the latter revenue stream is taken from them, this is just a logical consequence."

價值投資已死?

Value investing might be dead — and here’s what killed it

Most of the decade-long bull run has been led by a boom in shares of major tech companies which are disrupting traditional industries. Their dominance has ruined the economic moats of many industries. Popularized by Buffett, moats are the competitive advantage a company has over new entrants and its rivals which protect its market share and profitability.

“If Amazon is going to continue to destroy other parts of the retail sector, say, then why should we expect mean-reversion to still hold? We agree that this dynamic is likely behind part of the underperformance of value," Fraser-Jenkins said. “Technology has disrupted industries in a way that may permanently destroy ‘moats’ that used to exist around certain industries."

 

其他

 

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