Thursday, May 31, 2012

The Case for Facebook

"A natural monopoly is still an invaluable advantage. The largest social media site is still the largest social media site. The site is still growing quickly across the globe. One in every five page views on the Internet is a Facebook page -- and vast portions of the traffic that flows to other sites around the Internet is channeled through Facebook. If you think the Internet is valuable, then you implicitly think Facebook is valuable, too.

Other systems may be possible -- social networking may decentralize or transform in an unforeseen way -- but let's not let 10 days of share price fluctuation blind us to Facebook's unprecedented accomplishments. Not least because an accurate representation of their market power is necessary to hold them to the right standards of privacy, responsibility, and fair dealing."

The Case for Facebook - The Atlantic

Getting under the skin

Urban Outlaw

Negative feedback loop

"Guy Mandy, credit strategist at Nomura, said the ECB has lost sight of the big picture and risks losing the euro altogether if if fails to restore basic confidence. “They need to weigh up events on a grander scale, stop worrying about moral hazard, and do the job of a central bank,” he said."

Spain faces 'total emergency' as fear grips markets - Telegraph


"Once you turn a system on, it becomes part of the IT ecosystem, as we call it, and the interdependencies are tremendously complex. It becomes next to impossible to turn the system off again. You are stuck with it, and changing things is like replacing an engine mid-flight while crossing the Atlantic.

Things have become too complex. I know people in IT who retain paper copies of all their internet banking statements.

I was struck by how similar the world of IT and finance are. The incentive structure, insane hours and warped world view, the machismo, zero job security and the sense of a bubble."

Former IT salesman: 'In part I blame the American mindset that took hold' - Guardian

Wednesday, May 30, 2012

Escape from Japan

"Dire statistics on Japan's public debt, which tops two years' worth of its economic output, make a convenient talking point at Kosaka's seminars in Tokyo. Many people are wary of the government's plan to raise taxes and have lost trust in high-tech Japan's nuclear energy after last year's devastating earthquake and tsunami wrecked a plant in Fukushima, causing the worst nuclear disaster since Chernobyl in 1986.

"A lot of people tell me they are worried about nuclear radiation. People also tell me they are worried about an economic disaster in Japan," Kosaka says.

Akutsu was one of 30 people who crammed into a small office in Tokyo to hear Takeshi Uchimura, managing director of Asia Network Research Sdn Bhd, explain how to obtain a Malaysian second-home visa to buy real estate near Kuala Lumpur.

The pitch is simple. The yen is strong and cost per square meter is about a third of what you pay in Tokyo. You can also borrow from a bank in Malaysia.

If you rent out and park that income in a Malaysian bank account, you will earn more than in zero-interest-rate Japan.

And if you decide to relocate to Malaysia, the cost of living is low, international schools affordable, crime is low, the weather is warm all year, the population is still young and there is more potential for economic growth.

Japan overtook Iran last year as the country that is applying most for Malaysian second-home visas. Japan also leads the pack as of March this year, Malaysian Tourism Ministry data showed.

For many, nuclear radiation leaks at Fukushima served as a catalyst to take another hard look at Japan's economic woes - massive public debt, an ageing population, low economic growth and deflation - and made them seem more insurmountable than before.'

In escape from Japan doomsday, capital takes flight - Reuters


"A massive, highly sophisticated piece of malware has been newly found infecting systems in Iran and elsewhere and is believed to be part of a well-coordinated, ongoing, state-run cyberespionage operation."

Meet ‘Flame,’ The Massive Spy Malware Infiltrating Iranian Computers - Wired

Banging the same drum

"The stock market is no longer the common ownership of the means of production: it’s a place where early-stage investors can exit to a group of muppets and high-frequency traders. "

Why we’re right to worry about the Facebook IPO - Felix Salmon

"Facebook, however, has convinced large numbers of otherwise intelligent people that the magic of the medium will reinvent advertising in a heretofore unimaginably profitable way, or that the company will create something new that isn't advertising, which will produce even more wonderful profits.

You see where this is going. As Facebook gluts an already glutted market, the fallacy of the Web as a profitable ad medium can no longer be overlooked. The crash will come. And Facebook—that putative transformer of worlds, which is, in reality, only an ad-driven site—will fall with everybody else."

The Facebook Fallacy - Technology Review

"The bottom line is Facebook is still searching for that monetization killer app, and until it finds one, it's possible that it's just AOL in 1994 or Yahoo in 2000, an adolescent business that will hit a wall in a few years as it's disrupted by a better model."

Why LinkedIn and Twitter Have Brighter Prospects Than Facebook - Minyanville

Tuesday, May 29, 2012


The economic impact of the internet

"It would not be surprising, however, if something as transformative as the internet economy provoked a demand for institutional change to mitigate distributional consequences. That is precisely what occurred during the industrial revolution, after all, when the rise of the urban manufacturing economy prompted the corresponding development of the labour movement, the social welfare state, and the environmental movement. Similarly, the internet economy may encourage a rethinking of the nature of the welfare state and the importance of progressivity in taxation. If the knock-on employment effects of high-tech are the most important way in which the gains from the internet economy are transmitted to low-skilled workers, then suddenly the scope and expense of metropolitan areas become a critical factor. Just as important as the economic impact of the internet economy will be the social and political response it provokes. Social change is a measure, in many ways, of economic importance.

And of course, one has to remember that the web is still in its infancy. It wasn't very long ago that most Americans lacked an email address. A majority of Americans have yet to purchase a smartphone or order broadband internet. I suspect people will underestimate the importance of the internet economy right up to the point at which they simply start referring to it as "the economy"."

The Facebook economy - Free Exchange


"Captain Guo Lai, at the helm of the Pearl No 7 line in Wenzhou, Zhejiang, eastern China, also reportedly failed to take account of the fact that the £28 million ship - 518ft long and 98ft wide - was sitting higher on the water because there were no passengers or cargo on board." China cruise liner crashes into bridge - Telegraph

Thinking the Captain needed to 'Guo Lai down' after this.

Monday, May 28, 2012

Come fly with me

"(Beijing) – The country will build 70 new airports and rebuild or expand 101 others over the next five years, the director of the Civil Aviation Administration of China (CAAC) said on May 24.

At the same time, China will add more than 2,500 planes, Li Jiaxiang said."

70 New Airports Planned, Aviation Official Says - Caixan Online

Think about that.

Wise words

'Price is what you pay; value is what you get.' - Buffet

'If you’re happy to sit at your desk and not take any risk, you’ll be sitting at your desk for the next 20 years.' - Rubenstein

'Sometimes the hardest thing to do is to do nothing.' - Tepper

'What differentiates people who live up to their potential from those who don’t is a willingness to look at themselves and others objectively.' - Dalio

15 Great Investor Quotes - tbp

Friday, May 25, 2012

Asset-Liability Matching

"Last month the International Monetary Fund warned that eurozone banks were likely to embark on massive deleveraging over the following 18 months, to the tune of $2.6tn. But that projection assumed the eurozone remained a single bloc; if fracture keeps deepening, deleveraging will rise."

Beware hidden costs as banks eye ‘Grexit’ - FT


Thursday, May 24, 2012

The Emperor has no clothes?

"The daily and stubborn reality for everybody building businesses on the strength of Web advertising is that the value of digital ads decreases every quarter, a consequence of their simultaneous ineffectiveness and efficiency. The nature of people's behavior on the Web and of how they interact with advertising, as well as the character of those ads themselves and their inability to command real attention, has meant a marked decline in advertising's impact."

The Facebook Fallacy - Technology Review

Nürburgring-Nordschleife - PCC 2012

Wednesday, May 23, 2012

A Message from her Majesty Queen Elizabeth II

To the citizens of the United States of America from Her Sovereign Majesty Queen Elizabeth II

In light of your failure in recent years to nominate competent candidates for President of the USA and thus to govern yourselves, we hereby give notice of the revocation of your independence, effective immediately.
(You should look up 'revocation' in the Oxford English Dictionary.)

Her Sovereign Majesty Queen Elizabeth II will resume monarchical duties over all states, commonwealths, and territories (except Kansas, which she does not fancy). Your new Prime Minister, Gordon Brown, will appoint a Governor for America without the need for further elections.

Congress and the Senate will be disbanded. A questionnaire may be circulated next year to determine whether any of you noticed.

To aid in the transition to a British Crown dependency, the following rules are introduced with immediate effect:
1. The letter 'U' will be reinstated in words such as 'colour,' 'favour,' 'labour' and 'neighbour.' Likewise, you will learn to spell 'doughnut' without skipping half the letters, and the suffix '-ize' will be replaced by the suffix '-ise.' Generally, you will be expected to raise your vocabulary to acceptable levels. (look up 'vocabulary ').
2. Using the same twenty-seven words interspersed with filler noises such as ''like' and 'you know' is an unacceptable and inefficient form of communication. There is no such thing as U.S.English. We will let Microsoft know on your behalf. The Microsoft spell-checker will be adjusted to take into account the reinstated letter 'u'' and the elimination of '-ize.'
3. July 4th will no longer be celebrated as a holiday.
4. You will learn to resolve personal issues without using guns, lawyers, or therapists. The fact that you need so many lawyers and therapists shows that you're not quite ready to be independent. Guns should only be used for shooting grouse. If you can't sort things out without suing someone or speaking to a therapist,then you're not ready to shoot grouse.
5. Therefore, you will no longer be allowed to own or carry anything more dangerous than a vegetable peeler. Although a permit will be required if you wish to carry a vegetable peeler in public.
6. All intersections will be replaced with roundabouts, and you will start driving on the left side with immediate effect. At the same time, you will go metric with immediate effect and without the benefit of conversion tables. Both roundabouts and metrication will help you understand the British sense of humour. --------------------
7. The former USA will adopt UK prices on petrol (which you have been calling gasoline) of roughly $10/US gallon. Get used to it.
8. You will learn to make real chips. Those things you call French fries are not real chips, and those things you insist on calling potato chips are properly called crisps. Real chips are thick cut, fried in animal fat, and dressed not with catsup but with vinegar.
9. The cold, tasteless stuff you insist on calling beer is not actually beer at all. Henceforth, only proper British Bitter will be referred to as beer, and European brews of known and accepted provenance will be referred to as Lager. South African beer is also acceptable, as they are pound for pound the greatest sporting nation on earth and it can only be due to the beer. They are also part of the British Commonwealth - see what it did for them. American brands will be referred to as Near-Frozen Gnat's Urine, so that all can be sold without risk of further confusion.
10. Hollywood will be required occasionally to cast English actors as good guys. Hollywood will also be required to cast English actors to play English characters.
11. You will cease playing American football. There is only one kind of proper football; you call it soccer. Those of you brave enough will, in time, be allowed to play rugby (which has some similarities to American football, but does not involve stopping for a rest every twenty seconds or wearing full kevlar body armour like a bunch of nancies).
12. Further, you will stop playing baseball. It is not reasonable to host an event called the World Series for a game which is not played outside of America. Since only 2.1% of you are aware there is a world beyond your borders, your error is understandable. You will learn cricket, and we will let you face the South Africans first to take the sting out of their deliveries.
13. An internal revenue agent (i.e. tax collector) from Her Majesty's Government will be with you shortly to ensure the acquisition of all monies due (backdated to 1776).
14. Daily Tea Time begins promptly at 4 p.m. with proper cups, with saucers, and never mugs, with high quality biscuits (cookies) and cakes; plus strawberries (with cream) when in season.


Leap Motion: 3D hands-free motion control - CNET

Leap Motion reveals super-accurate motion control tech, $70 device to change the UI game - Engadget

Monday, May 21, 2012

What speed do you read?

Not just Spain

"Whenever an analyst predicts that Spain will soon leave the euro he is almost always countered by someone who earnestly explains that Spain cannot leave the euro because the process will be too painful. In 1993-94 of curse we were told that this was why Mexico could not possibly devalue, and in 2000 and 2001 this was why Argentina could not possibly break the currency board. It would have been too painful to devalue.

But of course Mexico and Argentina both did devalue and, yes, it was a very painful experience but they did it because the alternative was worse. And likewise while it is true that Spain cannot leave the euro without experiencing a very painful process, the point is not that anyone is arguing that Spain should willingly and irrationally choose to endure pain. Spain will leave the euro because the alternative is worse."

Europe’s Depressing Prospects: Two Reasons Why Spain Will Leave the Euro - EconoMonitor


"Millions of Japanese homes are preparing for a long hot summer after Japan's government warned that a shortage of electricity generation could lead to mandatory power cuts. Critics say the threat is a ploy to force the restart of the nation's idling nuclear power plants."

In Japan, the lights are already starting to go out... - The Independent

"Is Japan — and particularly the Kansai region — going to have enough electric power to get it through peak summer demand?"

Japan faces a long, hot, nuclear-free summer - Japan Times


"I wonder what happens to specialness and quality of friendship when what you would normally share only with one or two people becomes something you share with a larger number. At some point do people feel less like they have a true relationship with someone and more like they are one of hundreds on a mailing list, akin to recipients of a mass-printed annual holiday letter? I recognize that technically, you can set different levels of intimacy in Facebook, but I also recognize that many people don’t bother to do so. Over time, will you lose interest in the Facebook sharings of dear friends once you understand they are sharing the same things at the same time with people they may barely know?"
Facebook, Sharing and Intimacy - Samefacts

"In the world of social networks, Facebook looks like the swift and cunning hare, Twitter the leisurely and careful tortoise. This race is not judged by speed but by a stopwatch with a much longer lifespan, one that is tied to trust.
In the long run, people will trust Twitter more than they do Facebook. And when it comes to building a long-term, trusting relationship with its users, Twitter will take it slowly and steadily, and in doing so, could win the race."
Facebook vs. Twitter - Bits

"How much is too much to pay for a piece of yourself?
The hordes of users-turned-investors might view Facebook differently once they own a piece of the company, says Brian Uzzi, an expert on social networks at Northwestern University. Some of these people, many of whom may never have owned a stock before, might realize that the firm's enormous value is derived from the information about them that it resells.
"That could make people a lot more sensitive to the importance of their own data," Prof. Uzzi says, "and they could become unwilling to share as much with Facebook free of charge and move to lock their data down."
That isn't likely to happen right away, and any slowdown in the company's growth will take time to unfold. At least for now, betting against Facebook is no slam dunk."
Is 'You' a Good Investment? - WSJ

"For Facebook, the first day of trading was mildly embarrassing – no big "pop". It closed on the day moving down: the stock closed at $38, the exact prior price set by the underwriters. As a metaphor, this was irresistible: after all the excitement, talk, euphoria and disappointment, Facebook ended the day right where it started."
Facebook IPO: an anatomy of Wall Street overreach - Guardian

Friday, May 18, 2012

Thursday, May 17, 2012


"The party ended before the rest of the world got the invitation."

"Here is what we know:

1. Their users don't trust them.

2. Advertisers like GM don't believe their advertising platform works.

3. They don't understand mobile.

4. Their crack design/engineering team is too feeble to design a simple photo APP like Instagram.

5. Their shareholders are dying to sell out in the IPO.

6. The valuation is hyperfrothy." ZH

I am really sceptical.. obviously it'll be off to the moon when this thing lists then. Would it be interesting to start a meme or campaign that Facebook users get Facebook shares in return for being users? What is Facebook worth without its users?

Wednesday, May 16, 2012

Greece is still the word

"‘If Greece were to ever exit the euro, no amount of reassuring comments will convince investors that other countries won’t soon follow.’

Greece is still the word - The Spectator

Château Sucker

"All the details on the label were right, but they were reversed in their positions; the label must have been a high-quality photocopy. When sommelier Tim Kopec tasted a bottle of ’59 Roumier Bonnes-Mares, he said, “I don’t know what this is supposed to be, but this is the best Rhône I’ve had.” Six out of the eleven Kurniawan wines opened were clearly fake, the group agreed."

Château Sucker - NYMag

Good read. Ponzi wine!

Tuesday, May 15, 2012


"I don't know how this ends exactly, but one answer may be that the single-currency area will ultimately have the membership that markets find credible. That could mean a Germanic northern union or a complete break-up. It is quite unlikely to be the current configuration."

The unwinding - The Economist


"Simply stated, once you are the market, you are no longer a hedge."

“Everything is a Hedge” - The Big Picture

Monday, May 14, 2012

Months, not years

"Some of us have been talking it over, and here’s what we think the end game looks like:

1. Greek euro exit, very possibly next month.

2. Huge withdrawals from Spanish and Italian banks, as depositors try to move their money to Germany.

3a. Maybe, just possibly, de facto controls, with banks forbidden to transfer deposits out of country and limits on cash withdrawals.

3b. Alternatively, or maybe in tandem, huge draws on ECB credit to keep the banks from collapsing.

4a. Germany has a choice. Accept huge indirect public claims on Italy and Spain, plus a drastic revision of strategy — basically, to give Spain in particular any hope you need both guarantees on its debt to hold borrowing costs down and a higher eurozone inflation target to make relative price adjustment possible; or:

4b. End of the euro.

And we’re talking about months, not years, for this to play out."

Eurodämmerung - Krugman - NYT

Friday, May 11, 2012

Thursday, May 10, 2012

Dogs 101


We are all Icelanders now

"We could let banks fail when they make bad investments, and restore a sound money system to ensure price stability and an end to “too big to fail”. Instead, we have outsourced our nation’s monetary policy to an international bank cartel that does not share our national interests, threatens inflation on working families, and actually endangers our future prosperity.

The real story of the European elections is the rise and assertiveness of rejectionism, the refusal to accept the so-called solutions from the self-appointed “experts.” That story, no matter how hard the mainstream media and spin-doctors try to cover it up, is the one that will continue to play out around the globe, including the U.S., in the coming months."

What Austerity? - ZH


"Anne Morriss, managing director of the Concire Leadership Institute, explains how the coffee giant increased efficiency and satisfaction by treating customers like employees."

Wednesday, May 09, 2012

Tuesday, May 08, 2012

Epitomising Modernity


"I go to Amazon in search of reading material that knows where I live, but the first 10 items it suggests are all Lego Star Wars figures. First up is a miniature Sandtrooper. Amazon, it seems, has never got over the fact that I bought my nephew some Star Wars Lego for his sixth birthday last summer. I drop it in my basket, grit my teeth and within three clicks have handed over £12.99. I email my sister to show off my act of unprovoked generosity and Gmail tells me to "consider including" my mum and my other sister. So I do. Mum, a psychotherapist, emails back. She thinks if I do everything the internet tells me to, it will "probably do your head in".

"Everything that makes cyberflânerie possible – solitude and individuality, anonymity and opacity, mystery and ambivalence, curiosity and risk-taking – is under assault by that company. And it's not just any company: with 845 million active users worldwide, where Facebook goes, arguably, so goes the internet."

My day doing everything the internet told me to - Guardian

New Credit

"Today’s world can be summarized in two sentences:

Unless continuously fed with new credit, the global financial system will implode. And when confronted with this possibility, governments will always respond with new credit.

This has been true at least since the Long Term Capital Management collapse in 1998, and in the ensuing 14 years the global financial markets and the world’s governments have been partners in a dance in which crisis elicits monetary ease, which ignites an asset bubble, which bursts and elicits a new flood of credit. After each sequence the total amount of debt — and the system’s fragility — is even higher than before.

One thing that’s certain is that today’s tentative policies with one eye on deficits will soon be replaced by single-minded money printing, with a Krugman-esque goal of sustained 4% inflation. So now we know exactly what the world’s governments want. The question is, can they get it?"

Krugman Finally Wins the Argument - ZH

"Flexibility is no sin when policy is failing: In a democracy, willingness to inflict economic pain is rarely a route to credibility. Investors will refuse to believe that the policies will survive. Once they reach that conclusion, credibility disappears. I learnt this in 1992…. The government could not enhance the credibility of an incredible commitment.

This experience informs my view on the options for the UK’s government. The arguments put forward for continuing with the planned fiscal tightening are that, in its absence, credibility will be lost and interest rates on government bonds explode. I suspect the reverse will ultimately prove to be the case…."


Monday, May 07, 2012


Golden Ticket

"We thought originally it would be something that firms would buy for top employees," said Bob Crandall, American's chairman and chief executive from 1985 to 1998. "It soon became apparent that the public was smarter than we were."

The frequent fliers who flew too much - LA Times

Time to smile

High Frequency Chart Robots

"One chartist against 1,000 HFT robots. One man trying to predict the future against 1,000 robots that create the future.

Is it the real thing or a bluff of the 1,000 robots? Just do not look at the charts for the answer. If you have another way of forecasting the market direction then you can look at charts for confirmation. But charts alone are just illusions and wishful thinking."

The Last Chartist - Price Action Lab Blog


"The basic fact about Europe right now is that the strategy of adjustment through austerity and internal devaluation isn’t working, won’t work, and is rapidly turning into a social and political disaster. The question now is whether there’s a way out that doesn’t involve breaking up the euro."

Ex-President Bling-Bling - Krugman

"François Hollande swept to victory on Sunday, becoming the first Socialist to become president of France since François Mitterrand left office in 1995.

Mr. Hollande campaigned on a kinder, gentler, more inclusive France, but his victory over Nicolas Sarkozy will also be seen as a challenge to the German-dominated policy of economic austerity in the euro zone, which is suffering from recession and record unemployment."

Hollande Beats Sarkozy - Economist's View

"Greece went bankrupt, Spain is next, unavoidable. Take if from the people who predicted the Euro crisis in 1992."

Spain is the New Greece - NEP

Golden Week done

Catered by Abucha, Taj Mahal, Niseko Pizza and Kamimura

Great few days up north. Well worth repeating.

Wednesday, May 02, 2012


“We have never lived in a time with the opportunity to put a computer in the pocket of 5 billion people,” Andreessen says. “Practically everyone is going to have a general purpose computer in their pocket, it’s so easy to underestimate that, that has got to be the really, really big one.”

Andreessen: There Is No Tech Bubble (And the Smartphone Is Still Under-Hyped) - Wired

Tuesday, May 01, 2012

Lady Godiva on a Pony

"The company has also been responsible for introducing cash machines which only dispense £5 notes - fivers as they are colloquially named or Lady Godivas in cockney.

It also allows people to withdraw a pony - which is £25 to non-cockney folk.

"We were getting to the state where we were a £20 note society - handing over £20 for an item which cost £4.50 and handed back enough metal to act as an anchor for the aircraft carrier Ark Royal," he says."

Cockney cash: Lady Godivas and speckled hens - BBC

Benevolent dictator

"Walter Isaacson’s biography of Steve Jobs, which I finally finished this weekend, is not a particularly compelling read; it basically marches through the stages of his professional life, which is already the subject of legend, so there isn’t much suspense. I fear that it will inspire a new generation of corporate executives to imitate all of Jobs’s personal shortcomings—but without his genius.

The picture you get from the book is basically that Steve Jobs acted like a five-year-old for his whole life. He could be wrong about some basic, uncontroversial fact yet insist stubbornly that he was right. He divided the world into things that were great and things that were terrible, and his classifications could be arbitrary. He was an obnoxiously picky eater, constantly complaining about his food and sending it back. He threw epic tantrums that only a CEO (or a five-year-old) could get away with.

Some of his flaws, however, took more self-deception than a five-year-old is capable of. For example, when he came back to Apple in the late 1990s, he insisted he wasn’t in it for the money and took the famous $1 salary. When the board offered him stock, he said he would rather have an airplane. The board gave him a Gulfstream V and 14 million options—and Jobs insisted on 20 million (which he got). When the stock market crashed, he got them repriced (leading to the Apple backdating scandal), and when the stock price kept falling, he eventually traded them in for an outright stock grant. Now, this is the behavior you expect from corporate CEOs, but it’s a bit galling coming from someone who insisted, very publicly, that he didn’t care about money.

For a similar example, Jobs refused to have a dedicated CEO parking spot at Apple headquarters—but he regularly parked in handicapped spots. What kind of a person does that?

But, of course, the results speak for themselves. And Isaacson’s biography displays some of the traits that made Jobs such a successful businessman. He could have immense personal charm, when he wanted to. As Steve Wozniak said, “Steve could call up people he didn’t know and make them do things.” That ability, to get on the phone and talk someone else into do something that isn’t in her interests, is what I consider the most important skill in business.

Jobs was also incredibly opinionated about his products, and his opinions were usually right. He was a compulsive micro-manager who almost always got his way, and the result is the world of personal computing we see around us, from touchscreen phones to the rounded windows in desktop operating systems.

What you don’t see is any of the conventional management mumbo-jumbo that big-company CEOs spout to justify their fortunes—nothing about focusing on people, mentoring, creating a supportive work environment, giving people freedom but making them accountable, leading by following, etc. As I’ve said before, Steve Jobs violated just about every rule of generic company management. He succeeded because he had great product instincts, he was incredibly convincing, he was inspiring enough to get some great people to work for him, and he was a little bit crazy. In other words, he was the farthest thing you could find from the generic corporate executives who rule most of the business world.

My Daughter Will Be CEO of the World’s Most Valuable Company Someday - Baseline Scenario

Not read it. Not sure I will.