This is the Dawning of the Age of Accountancy (Orient Paper)

July 7, 2010

Orient Paper (ONP) seems to have much in common with my other Chinese ideas: A high historical growth rate; a P/E ratio of 9 at current prices, a decent balance sheet, a Byzantine corporate history involving an offshore holding company and this time not even lumbered with a set of unusually high receivables; and being […]


Leases great and small (Microfinancial)

January 25, 2010

I was reading a book about structured finance lately, which talked about the enormous advances that have been made in leasing. It is possible, through these companies and their special purpose entities to arrange the leasing of an entire factory and its contents, for years, without recording any of it as a liability or, worse, […]