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My view on what's going on in the financial markets and the global economy, and a few other things that might interest me from time to time.

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The SpaceX IPO: insane valuation but will likely fly
The pending IPO of Elon Musk-controlled SpaceX (symbol SPCX) is grabbing all of the headlines at the moment, and for good reason – it is not only expected to be the largest IPO ever, but also the largest company (by market cap) to ever do an IPO. The proposed offering is also unique in other ways. For starters, the IPO marketing process is unconventional. For example, the offer price per share – normally provided as a range once investor meetings are well underway – has al

tim@emorningcoffee.com
1 day ago10 min read


A quick look at MicroStrategy (MSTR)
MicroStrategy (MSTR) has had an amazing run since it adopted its Bitcoin accumulation strategy in Aug 2020. Has it run too far too fast?

tim@emorningcoffee.com
Nov 27, 202411 min read


Anti-obesity medications: part 3, valuations of LLY and NVO
This is the 3rd and final article focused on anti-obesity drugs. It looks at valuations of shares of the two giants in this biz, LLY & NVO.

tim@emorningcoffee.com
Mar 18, 20248 min read


Anti-obesity medications part 2: the duopoly of Eli Lilly and Novo Nordisk
Eli Lilly (LLY) and Novo Nordisk (NVO) have been large players for decades in the market for diabetes medications and are currently...

tim@emorningcoffee.com
Mar 14, 20247 min read


Anti-obesity medications part 1: the market for anti-obesity drugs
This article is being published in instalments, of which this is the first, for context. INTRODUCTION Two macrotrends have been drivers...

tim@emorningcoffee.com
Mar 12, 20247 min read


Berkshire Hathaway: 2023 results and the path forward
Berkshire Hathaway released its FY earnings on Sat. As always, there are plenty of juicy nuggets to digest.

tim@emorningcoffee.com
Feb 27, 20249 min read


Revisiting semi-conductors
This article takes a quick look at the semi-conductor value-chain, including chip designers, fabricators and chip machinery makers.

tim@emorningcoffee.com
Feb 20, 20245 min read


The end of Silicon Valley Bank
Silicon Valley Bank went from fine to dead in less than 48 hours. Why and how? Could it have been prevented? What now?

tim@emorningcoffee.com
Mar 13, 202312 min read


Tesla: as resilient as ever
Love it or hate it, the fact is that Tesla's stock performance has left nearly all peers – tech and automotive – in the dust. Now what?

tim@emorningcoffee.com
Sep 22, 20226 min read
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