David Woo presents some insightful views on why China must devalue. Woo is one of the more market-savvy Street pundits.
A great contrarian take from Foreign Affairs:
Cambodia is a country with 14 million people nestled between Vietnam, Thailand and Laos. Cambodia’s history has been difficult with the brutal Khmer Rouge dictatorship through the 1970’s. It has been estimated that over 3 million Cambodians were killed. Cambodia has been quietly emerging and is now considered a frontier market for investing. The economy has been growing and gaining share of global manufacturing and corporations have been building a presence. On April 18th, the Cambodian stock market opened with Phnom Penh Water Supply (PWSA KH) surging 48% on the first day of trading. The company raised $21M from investors through its IPO. Frontier markets have the ability to decouple from global macro as there are a number of idiosyncratic changes taking place in markets like Vietnam, Cambodia, Laos, Mongolia and Bangladesh. Worth keeping an eye on.
Warren is out in the media more and more these days.
Caesars will launch their IPO under the ticker CZR. The company is offering 1,811,313 shares to the public priced at $9. Credit Suisse and Citigroup are the joint-book runners. Caesars operates under the Caesars, Harrah’s, and Horseshoe brand names. Caesars also owns the World Series of Poker and London Clubs. When the stock commences trading at $9 the market cap will be $1.1 billion and the enterprise value will be $22 billion as the company will still have a heavy debt load. Caesars valuation is down sharply from peak valuations in 2007. John Paulson has been one of the private investors.
Caesars comes public in a period of low interest costs where Vegas is starting to slowly recover. There is an old adage among Las Vegas gamblers: “don’t game where they don’t own the house”. It will be interesting to see if Caesars will maintain their levels of customer service in a period where expenses will be more scrutinized in the light of the public markets.
Casino Market Capitalizations:
Las Vegas Sands: $42B
Wynn Resorts: $14B
MGM Resorts: $7B
That’s one small step for lego man, one giant leap for lego mankind. Technically speaking, the lego man made it high into the upper atmosphere, until the weather balloon propelling it popped. Lego man made it 24 kilometers above sea level, but you can clearly make out the curvature of the earth in the background. Technically speaking, space begins at 100 kilometers above sea level which is called the Karman line.
This is simply one of the coolest and most wondrous stories in a long time. Fantastic job by these two Canadian students who spent $400 and successfully launched a lego man into near-space, recorded it, and parachuted him safely back to earth. This video is simply stunning.