7 Things Everyone Is Getting Wrong About the Luckin IPO (Pt 2 of 2)

The Luckin Coffee SEC filing is out. So we can finally see their numbers. This is Part 2 of what I think is being misunderstood about Luckin. Part 1 is here. #5: Luckin is not really about increasing mass-market coffee consumption in China. Luckin is engaged in a Herculean effort to get Chinese to drink […]

7 Things Everyone Is Getting Wrong About the Luckin IPO (Pt 1 of 2)

So Luckin has filed for an IPO and we finally got to see their numbers. And yes, there are red flags all over the place. Big operating losses, funky corporate structures, speculative revenue growth and so on. And this is not uncommon in a tech / internet ipo. But I don’t recall ever seeing this […]

Writing Tricks and Habits That Got Me to 3M Followers

About three years ago, I decided I would write an article a week. That would be my plan. Simple. I had been trying to write brilliantly for a long time and that wasn’t working, So I would just go with endurance. And, perhaps, I might finally escape obscurity as a professor and author. Last week, […]

Alibaba and Intersport: Why New Retail Is a Big Deal in Sports Apparel in China (Pt 3 of 3)

In Part 1 and Part 2, I gave some background on sports apparel in China and detailed my visit to the new Tmall – Intersport store in Beijing. It was pretty great. With lots of new digital initiatives like the magic mirrors. Note: the above picture is what happens when you change the gender setting […]

Slides for VFSA Class – Spring 2019

Hey, Here are the instructions for the final paper. Valuation – Final Paper Outline – 2019 Spring Example of good valuation. Look at Appendix only. Ignore LBO model. Valuation Example from PE class Class 1 slides are here. PKU.Valuation.Lecture_1-3.27.19.v3.public Class 2 slides are here. PKU.Valuation.Lecture_2-4.1.19.v4.public Class 3 slides are here. PKU.Valuation.Lecture_3-4.03.19.v5.public Class 4 slides are […]

How Intersport and Alibaba Are Digitizing Sports Apparel Retail in China (Pt 2 of 3)

There are a couple perks to having a decent-sized following as a writer (currently closing in on 3M followers). You get to fly around the world a bit to give talks, which I love. People tend to send swag and books. Always fun. And every now and then, a company reaches out with an invitation […]