Partners Cakuat (2015)

Note: A tanglei partners cakuat hi November,2015 lio ah ka rak t'ialmi a si. 2016 kum cakuat a reltu nih an lungfiannak ding caah bawmtu a si lai tiah ka ruah i kan partnership website a ciankuan lo caah mahka hin ka tar post t'han chung.

Dear hawile hna, Pathian lamhruainak le nanmah dirkamhnak thawngin tukum cu tluang tein rian ka t’uan kho i kaa lawm ngaingai. Atu bantukin kumkhat chung ka riant’uannak he aa pehtlaimi thil sining chimfiannak caant’ha ka hmuh ca zongah kaa lawm fawn. 

Kan riant’uannak (business) kongah ka lut colh ko lai.

Pumpak pakhat cio in ka rak in pehtlaih hna lio ah ka rak chim bantuk khan kan phaisa funtommi cu meiti (oil & gas) companies stock ah zatuak in a tambik ka phum (Account statement kan kuatmi hna ah nan hmuh ko lai kha). Atulio ah kan tonmi meiti-man tlak/tum hi ruahlo piin a cang sawhsawhmi a si lo, aa siamremhnak dingah caansau nawn a rau dingah ka ruah caah meiti companies lian pipi deuh hi teimak in ka cawk deuh hna. Zeicati’ah, atu bantuk harsatnak caan hi an tuar khawh deuh lai tiah ka ruah. Cun, kan miak khawhnak lam hi a kau ngai nain kan sungh khawhnak lam hi a bi deuh ngaingai, tiin ka zumh fawn.

Meiti vawlei ka hmuhning kongah thuk deuh in ka van lut lawlaw hmanh lai.

Meiti Vawlei (Oil & Gas Industry Outlook)

Nikum kum dihlai thokin meiti man tlak/tum dan cu a fah tuk caah ka lung a ka tuai. June, 2014 hrawngah barrel pakhat ah $115 hrawnghrang a simi bak kha July, 2015 thla dih hrawng ahcun $40 hrawng ah aa zelh tikah thuk deuh in ka dawi i a ruang tampi ka hmuh ve ( kanmah bantuk mino caah chawva kawlnak caant’ha a si rua, tiah ka ruah caah hmunkhat ah riant’uant’i dingin kan sawm ngam hna nak zong kha a si). A ruang tampi lakah a bikbik deuh pawl lawng kha ka van langhter lai.

• Vawleicung ah meiti a tamtuk. 2009 hnu in ngol hngal loin aman a kaimi meiti cu vawlei nih kan hman tukmi thil a si tikah mi tampi nih harnak phunkip an ton. Cucaah, a lamkip in an kawlhawl cio. A bikin chawlehnak lei ah hmaisuang a simi North Amerca ram, US le Canada ti bantuk nih teirial in lam phunkip an dap. An ngeihmi fimthiamnak le thilri hna ibawm in rili tawne pipi tiang an khawih i lunghak pipi tangah aa dupmi meiti hnawm (shale oil) tiangin an purh viar. An tuahmi thil cu ruahning lengpi in hlawh a tlin tikah meiti tampi an chuah khawh i US lebang cu vawleicung ah meiti a chuah biktu ram ah an cang phah.

• Vawleicung ah meiti reserve a ngei bikmi Saudi Arabia le a hawile (OPEC) hna nih tampi in an chuah hramhram fawn. US le Canada ti bantuk nih meiti tampi an chuah ve tikah meiti vawlei a chilh zungzaltu Saudi le a hawile pawl nih an duhning in meiti an zuar kho ti lo. An ram chawlehnak zong kha meiti cungah aa hngat ngaingai fawn tikah midang nih meiti an chuah khawh ve lo ding kha an duhmi a si. Anmah lawng nih tampi an chuah ahcun an duhmi man zat deuh in an zuar khawh tikah tampi an hlawk. US tepawl nihcun harsa tukin an kawlhawl hnu lawngah an chuah khawhmi a si tikah aman a tlawm tuk ahcun an miak kho lo. Saudi tepawl nihcun reserve tampi an ngeih tikah chawva tampi dih hau loin an chuah khawh. Cucaah, aman aa den zongah an miak t’hiamt’hiam. An miakmi tu a tlawm deuh. Sihmanhsehlaw, shale oil deuh lawng a chuahmi US bantuk ca ahcun meiti man a niam tuk ahcun an dihmi le an hmuhmi aa kawngkawh lai lo. Mah bantuk zuamnak (market share icuhnak) nihcun vawleicung ah meiti tamtuk a umter caah aman a tlak tuk hi a si.

• Minung nih meiti kan hmanning hi rak ruahchung ning bantukin a t’hang tuk lo. A luanciami kum zeimawzat chungah meiti tambik a hmangtu cu Tuluk (China) a si. T’hawng tukin a t’hangmi an chawlehnak (economy) nih meiti tamtuk a herh nain anmah nih tampi an chuah fawnlo tikah midang sin in tampi an cawk tawn. Sihmanhsehlaw, atulio cu an sining zeimawzat a van idang deuh. Chawlehthiam hna nih an rak ruahchung ning nakin huamzam deuh in an chawlehnak a t’hancho caah meiti an hmanning zong a zor deuh ve. Nika (solar) le nuclear energy hmangin electric thazaang tampi an chuah khawh fawn cang tikah, voidang tlukin midang sinah meiti an caw lo. Cucaah, vawlei ah meiti a tam chinchin.

• Europe zong nih tlawm deuh lawng an hman ve fawn. Norway telhlo in Europe ram tam deuh hi an vawlei in meiti an chuak theng lo. Cucaah, ramdang sin in meiti an caw zungzal. Sihmanhselaw, atulio cu an chawlehnak aa mahcahlo tuk tikah voidang bantukin meiti an caw ve lo. Cun, seh thilri an hmanmi poahpoah kha meiti heulo deuh dingin an sersiam dih fawn hna caah voidang nakin an herhmi meiti a tlawm chinchin. Mah thil sining zong nihhin market ah meiti a tamter deuh ve.

Chawlehnak vawlei ahcun zei thil poah nih aa khat in an zulh dihmi phung a um. Cucu, supply le demand rule a si. Meiti zongnih a zulh ve. A cawtu nih an cawk duhmi nakin tamdeuh a um ahcun aman a tla i market ah zuar ding a tlawm ahcun aman a kai. Atulio cu vawleicung ah meiti a tamtuk tikah aman a den tuk hi a si.

Zeiruangah dah meiti vawlei (energy industry) ahcun phaisa kan phumpi ne hna? T’ih a nung tuk lo maw?

Meiti stocks ah kan luhmi hi phaisa sunghnak lam (risks) a tam ngaingai tak ko. Sihmanhsehlaw, caansau ahcun risk kan lakmi nakin hlawknak kan hmuhmi hi a ngan deuh hrimhrim lai, tiah ka zumh. Ka ruahning cu fiang deuh in a tanglei ah ka van langhter hmanh lai.

• Atu bantuk meiti man niam hin cun vawlei hi dai tein caansau a kal kho bak lai lo dah ka ti. Meiti man hi a niam tuk peng ko ahcun meiti deuh nih an chawlehnak a mawnghmi middle east ram pawl nih harsatnak tamtuk an tuar lai i buaibainak phunkip a chuak lai. Vawlei (a bikin middle east) a buai ahcun meiti man cu vantawng in a kai colh lengmang, timi cu tuanbia nih fiang tein an kan chimh ko.

• Meiti man hi a niam tuk peng ahcun US le Canada nih an chuahmi tampi an zorter lai. Kan theih bantukin US le Canada tepawl cu an cozah hi an ram chawlehnak ah direct in an itel lo. An ram chungah companies pawl tu nih zalongte in rian an t’uan. Biadang in chim ahcun an chawlehnak hi private sector bak nih a mawnghmi an si. Cucaah, shale oil a chuahtu companies pawl nihhin meiti an chuahnak ah an dihmi chawva hi an zuar tikah an hlawklo ahcun an ngol ko lai. Meiti khur hi reprai tein bultawllo ahcun duh tik caan poah ah zokzok in chuah colh t’han khawh a si lo, ti a si fawn. Cucaah, meiti man hi caansau tuk a tlak sual ahcun companies fa deuh tete cu an leiba nih a nenh hna lai i an thi ko lai. Zeicatiah, meiti man a rak fah lio ahkhan meiti cawhnak ding caah banks le financial institutions sin ah phaisa tampi an rak cawi. Cucu, an cham kho hna lai lo i bankruptcy an file ko lai.

• Atulio meiti vawlei umtuning hi caantawite ah tampi aa thleng dingin ka ruahlo caah ka si khawh tawkin ralrinnak tampi ka rak lak ve. US ah hram a bunh i shale oil deuh a chuahmi meiti companies fa tete cu an man aa den ko zongah ka hrial hna i vawleicung ram kenkip ah rian a t’uanmi companies ngan pipi stock tu kha ka cawk hna. Zeicatiah, atu bantuk harsatnak caan hin an chuak kho lai i hmailei ah an t’hawng chinchin lai, tiah ka zumh. Leiba nih a nenhmi companies hme tete nihcun thim ding dang an ngeih te lai lo caah an thilri le an meiti vawlei hna cu man deng tete in an pawn hna lai i a cawtu cu companies ngan pipi hi an si te lai.

• An stocks kan cawkmi meiti companies pawl cu “Integrated Oil companies” tiah an auh hna. A sullam cu vawlei tang le rili tawne ti bantuk ah meiti hrim le gas (crude oil & natural gas) lawng an kawl lo. An chuah cangmi meiti hrim pawl kha an chumh (refine) hna i seh nih hman khawh dingmi meiti ah an ser hna (Zei bantuk meiti hmanh hi refine tuahta loin hman awk an t’ha lo). An chumhmi meiti cu anmah lila nih an zuar chih pah fawn (Lam kam ah an stock kan ngeihmi companies nih an ngeihmi meiti dawr nan hmuh lengmang ko hna lai khi). Cucaah, atu bantuk meiti man tlakmi nihhin meiti kawl rian pakhat lawng a t’uanmi companies fa tete bantukin fak tuk lawmmam in hna a hnawh kho hna lo. Zeicatiah, meiti kawlnak ah an sunghmi chawva zeimawzat cu meiti chumhnak le zuarnak in an hmuhmi phaisa in an phih (cover) khawh. Cucaah, atu bantuk harsatnak caan hi an lonh khawh hrimhrim lai, tiah ka zumh khun hna.

• Minung hi sertu Pathian nih a sermi thilnung phundangte kan si. Thil hmete kha pawngkam nih an buaipi tuk ahcun thil nganpi ah ruah dih kan hmang. Tahchunhnak ah vawleicung ah dinh ni um loin aa chawk lulhmi vanlawng millions lakah a tlaumi Malaysia vanlawng pakhat te thawngpang nih siaremte in vanlawng cit kho loin a tuahmi minung kan tamtuk. Mah bantuk thilcang hme tete kha media nih chunzaan hlan in an kan hmuhsak i an kan chimh tikah lungdai tein thil sining taktak cuan kho loin kan um i a herhlo ah sunghzatlaknak nganpi a chuak theo. Cu bantuk cu aluancia mi thla li-nga hrawng lio ahkhan meiti vawlei ah a cang ve, tiah ka ruah. Meiti man kha fak tukin a tlak tikah zaran cu an lau i meiti companies stock pawl kha zokzok in an zuar hna. Stock market zong cu chawlehnak vawlei ah aa tel vemi a si tikah a caw duhtu nakin a zuar duhtu an tam deuh tuk ahcun an man a tla thluahmah ve. Zaran nih meiti stocks an zamtaak lio caan ah kan luh caah kan cawkmi companies pawl hi an man a deng ngaingai, tiah ka ruah. Cucaah, kan sungh khawhnak ding lam hi kan hlawk khawhnak ding lam nakin a bi deuh ngaingai ko rua, ka ti ngamnak cu a si.

• Kan ngeihmi meiti companies pawl hi caanhman tein dividend a pemi an si. Yahoo Finance! nih a langhterning ah an dividend yielding rate cu; Exxon (XOM) 3.7%, Chevron(CVX) 4.8%, BP 7.1%, Shell(RDS.B) 5.3%, Petrobras(PBR-A) 1.3%, le YPF Sociedad 0.6% an si. Meiti man hi a niam tuk peng ahcun an phaisa lut a tlawm tuk te lai i companies zeimawzat nihcun dividend pek hi an ngol chungte khawh men. Asinain, a hawile he cuaithlai tikah a ngandam tukmi balance sheet aa ngeihmi Exxon ti bantuk nihcun fawite ah an ngol hlei lai lo. Hihi keimah ruahnak sawhsawh a si lo, chawlehnak kong thiamsang tampi zongnih an zumhmi a si. Dividend hi ka tlaihchan tuk. Zeicatiah, ralt’ha tein kan phaisa kan phum ngam ruangah kan hmuhmi hlawknak a si. Saving account ah phaisa kan chiahmi nih a hmuhmi akarh he khin ka lawhter i ka sunhlawih ngaingai.

Meiti companies lakah Chevron stocks tambik ka cawk kha kan account statement ah nan hmuh lai. Argentina le Brazil hrambunh meiti companies pahnih zongnih kan portfolio ah tlawmpalte hmunhma an lak ve mi kha nan khuaruah a har ngai kho men. Highway kam kipah tleu dul in an signboard aa chawngmi Shell stocks cu kan ngeihmi meiti stocks lakah a t’hangcho lo bikmi a simi zongnih nan lung an tuai pah men hna lai.

Tlawmpal in van chimfian kaa zuam lai.

Meiti man a tla tukmi nih fak bikin a sukmi US integrated oil companies cu Chevron (CVX) a si. Zeicatiah, an phaisa hmuhnak bik cu meiti kawl/chuah (upstream) a si. Meiti man a tlak tukmi hi meiti hrim (crude oil) man a niam tukmi ruangah a si caah companies nganmi zaran nakin fak deuhin a phaisa lut a zor. Cun, natural gas le meiti man a rak saan lio ah Australia ram ah a rak thokmi natural gas project ngan pipi pahnih an um. Mah cucu meiti man a tlak zongah ngol awk an t’ha lo. Atulio ah a hlawk lomi meiti kawlnak (upstream) ah phaisa tampi a phum chih t’hiam a hau. Cucaah, meiti companies nganmi dangdang nakin fak deuh tukin a stocks man a tlaknak a si. Cucu, caant’ha ah ka ruah caah teimak chuah deuh in ka rak cawk. 

Kaa ruahchanmi cu meiti le natural gas man an van kai lecangka in hawi hlei in hlawknak a hmu dingmi cu Chevron a si lai, tihi a si. Zeicatiah, thil a tluan ahcun Australia ah a ummi a project pakhat hi 2016 kum thokka hrawng in cun gas an lak khawh cang lai i a dang pakhat zong hi 2017 kum dihlai hrawng ahcun aa lim kho ve te lai, tiah thiamsang hna nih an zawndomh. A ngeih ciami meiti khur dangdang in an chuah khawhmi thazang he a van ifonh ahcun an t’hawngt’ha tuk te lai. Natural gas hi crude oil bantuk a si lo. Voikhat lak khawh cang hnu ahcun a kur bultawl a fawite, ti si. Phaisa tampi dihin zohkhenh peng a herh tuk ti rua lo. Cucaah, 2018 hrawng ahcun Chevron ah kan phummi phaisa hi sullam a ngei ngaingai te lai, tiah kaa ruahchan (atu zongah meiti companies kan ngeihmi lak ahcun a t’hangcho bik a si thiam rih ko hi).

Argentina hrambunh integrated oil company, YPF ah kan chawva zeimawzat ka chiahmi hi a caan ahcun ka sia a rem ziar tawn lo. Zeicatiah, ka khuakhannak lam tampi (means of reasoning) lakah pakhat hi a hman tuk rua lo hlah maw, tiphun khin ka ruat tawn. Cucu, Argentina cozah nih meiti kongah an ngeihmi policy a si. Annih cu meiti man hi anmah cozah baknih an khiah i mah cucu an ramchung meiti companies poahpoah nih zulh a si. A t’hatnak tampi a um ve nain a chiatnak a tlawm ve lo. Meiti market ah meiti man a fah lio caan ahcun Argentinians pawlnih an i hlawkpi ngaingai nain meiti man a tlak caan ahcun hawi hlei in harnak a pek tuk ve hna. June 2014 lio hna ahkhan kannih nih crude oil barrel pakhat ah $115 hrawng kan pek lio ah annih nihcun $80 lawng an pek. Asinain, kannih nih atulio ah barrel khat ah $45 hrawng kan pek ahhin annih cu $80 hualham an pek t’hiamt’hiam ko. An cozah nih t’humh deuh dingin an tuaktan cuahmah i barrel pakhat ah $70 hrawng in an fehter te men lai. 

Argentina cozah policy ruangah le anmah nih an ngeihmi oil fields a t’hat ruangah meiti companies dang nih tlawm deuh lawng an chuah lio ah YPF cu an rak t’hangcho ngaingai. Sihmanhsehlaw, vawleicung meiti vawlei thawngpang chia nih zeimawzat cu a den ve t’hiamt’hiam hna i an stock man a tla ngaingai. An riant’uanning a zor lo nain aman a tlami stock cu, tiah mitthit in ka rak cawkmi a si. Atu zong ahhin zuar zau cu ka tim hlei lo. Lungsau in kan tleih khawh poah ahcun hlawknak a chuahpi te ko lai, tiah ka zumh t’hiamt’hiam ko. Argentina cozah nih meiti kongah an ngeihmi policy tu cu ka uar tuk ti lo.

Brazil meiti company Petrobras (PBR) hi cu aman a den tuk palia caah ka cawk hramhram. An company hruaitu cheukhat pawl hi eihmurnak kong in an thangchiat hlei ah an leiba a tam tuk caah fak tukin an man a tla. An ngeihmi thilri le atulio an stock man hi cuai ka thlai tikah aa deng tukin ka hmu. Cucaah, cawklo ding ah a pam tuk, tiin tlawmpal taktak te ka cawknak a si. Kan ngeihmi hi kan portfolio i 1% hmanh a si lo. Mah bantuk risk a sangmi stock hi tlawmpalte cu kan lak khawh ko rua dah ka ti.

Shell (RDS) hi Integrated Oil Companies dang bantukin naihrawng ah an stock man a t’hang lo. Sihmanhsehlaw, felfai deuh in an sining cuanh ahcun duh an nung ngaingai ko, tiah ka ruah. Aluacia caan zeimawzat chungah an stocks man a tlak tukmi hi a ruang lianpi pahnih a um (meiti man a tlak tukmi relh loin). 

1) Alaska State rili ah meiti an kawlnak project lianpi cu pakpawlawng in an ngol. An rak ruahning bantukin meiti an hmuhlo hlei ah environmentalists phu ti bantuk pawlnih hna an hnawh tuk hna caah $7 billions hrawnghrang an dih cangmi project pi cu kutro in an ngol tikah an phaisa cazin ah sunghnak nganpi a chuahter. 2)Natural Gas le Meiti man a rak san ngai lio ahkhan United Kingdom (UK) hrambunh natural gas company, BG Group, cu cawk an rak zalh i atutiang hi an buai cuahmah. A ngan tukmi meiti company pahnih an ifonh ahcun market ah zuamchawhnak an hrawh sual lai (anti-competition) tiah Australia cozah le a dangdang stakeholders pawlnih hnahnawhnak an pek hna hlei ah meiti man nih a tlak phuat hna tikah vava an tum. Lam cenceo an phanh laklawh fawn cang tikah an kir zongah phaisa zeimawzat a sung t’hiamt’hiam ding an si. Cucaah, Shell CEO Ben Van Beurden nih ralt’ha in a nam lawlaw lio a si. Aa fiang lomi thil a tam ngai caah zaran nih an stock an t’ih i hawi dang nakin an man a den deuh hi a si.

Kannih nih kan phaisa kan phummi te cu caantawi miakmainak hmuh ruah ah a si lo caah Shell ahhin ruahchannak ka ngei ngaingai ko. Zeicatiah, meiti company nganmi nih phaisa tampi dihin an zalhmi project hi an hluhchuah lomi a um lengmang ko. Biadang in chim ahcun $7 billion voikhat sungh hi Shell nih a in khawh tukmi a si, tiah ka ruah. BG Group cawk a timhmi zong hi a tam-u (70% hrawng) cu phaisa in pek loin an stocks in thlen ding a si ko caah t’ih a nung tukmi deal ah ka ruat lem lo. An icawknak an lim hlan chung cu Shell stock man a tlak deuh poah ah BG Group an cawknak ding man a tlawm deuh tinak a si. 

Shell stock ka cawknak a ruang nganbik cu a cunglei ah ka langhtermi hi an si lo. Arctic rili ah an ngolmi an project le BG Group cawk an zalhnak ruangah a chuakmi thawngpang chia vialte hi Shell Stock nih a theih viar cangmi an si, tiah ka ruah. Biadang in chim ahcun an stock man hi a cunglei thil sining pahnih tuak hnu ah aa zuarmi a si. An phaisa luhning (cash flow) le an dividend hmanh hi ka mit a thi tuk. Dividend tampi a pe i a ropui tukmi company kha thawngpangchia pakhat hnih ruangah mi tampi nih an t’ih caah man deng ngai in kan cawk khawh ve, tiin ka ruah i kaa lunghmuih ngaingai ko.

Oil & Gas industry cu mah vial hin si rih sehlaw a dang kongah ka kal lai.

China Economy le E-Commerce

Hawile hna, kan account statement nan zoh tikah nan khuaruah a har ngai kho men mi cu Tuluk (Chinese) companies an si. A buaktlak  in tuak tikah kan portfolio i 30% hrawnghrang bak hi Chinese companies stocks an si. An zapi in technological companies an si fawnmi nih lungnuam loin an chiah khawh men hna. Zeicatiah, China economy cu caantawi te chungah fak piin mahcahlo (too volatile) a hmang tuk, tiah media kenkip ah nan rel lengmang lai. An stock market ko hi aa thui ning a zualhma. Zarhkhat chungah tampi kai a hmang i nikhat ah tlak dih a hmang fawn. 

Technology ahcun Carlifornia State ah a ummi, Sillicon Valley bak hi suitlang a chuahnak bantuk a si, timi cu al awk a um lo. Vawleicung technology companies lian bikbik a simi, Google, Apple, Yahoo, le Facebook te hna zongnih hram an bunhnak a si cumu. Technology le internet cu ti le nga bantuk an si tikah technology t’hanchonak taktak cu atu chan ahcun internet zalennak loin a um kho tuk ding alo lo. Chinese cozah cu internet censorship kongah an hrahsah ngaingai tikah Google hna nihcun an celh hna lo i Tuluk ram ah riant’uan an ngolnak a saupi cang. Facebook zong hi Tuluk mipi nih an hmang kho rih lo. Sihmanhsehlaw, technological companies ahcun Chinese technological companies deuh tu kha ka cawk ko hna. Zeicatiah, an ropui tuk nain an man a deng tuk, tiah ka ruah. Cun, an t’hancho ning a t’hawng tuk fawn i ka bei an sei tuk.

Tuluk cozah censorship policies ruangah vawleicung technology companies lian bikbik hna nih an duhning in Tuluk ram ah an cawlcangh khawhlo tikah anmah Tuluk ram ah sermi technology companies pawlnih caant’ha an lak ve. Annih cu an cozah nih zulhphung a sermi hna kha an zulh nain t’ha tein rian an t’uan kho ko. Kannih nih “Search” caah Google kan hman bantuk hin Baidu an hman ve. Amazon.com ah thil kan cawk bantuk hin JD.com ah thil an cawk ve. Alibaba.com timi lebang cu Amazon le Ebay bantuk fonhmi a si. An hmuitinh ah “khuazakip ummi business fa tete nih fawizaang deuh in chawlehnak an tuah khawhnak dingah bawmhchanh ding” ti a si i vawleicung e-commerce companies lakah thil a zuar tambik an si. February 14 ah tuah tawnmi “Valentine’s Day” cu dawtu a ngeimi hna nih an sining kha an sunhlawih caan a si bantuk khin November 11 cu kawp ngeilo mi hna nih thilcawk in an inuamh ni si ve seh, tiin “Singles Day” an ti i an marketplace ah discount in thil an zuar tawn. Cucu Tuluk ram ah thilzuar bik ni ah a cang lan. Tukum Singles Day nikhat lawng bak ahkhan USD in 14 billiions renglo man thil an zuar khawh. Cu bantuk cu vawleicung ah a um bal rih lomi a si. US mipi nih an sunhsak tukmi, Black Friday le Cyber Monday ah an zuarmi thil dihlak fonh nih a tluk deng naisai lo.

Nitlak ram mipi tam-u nih Tuluk an hmuh dan hi Laimi zaran nih kan hmuhning he aa lo ngaingai in ka thei. Zeithil kong hmanh ah an zum kho bak hna lo i an t’hatnak an hmu kho huaha lo. An cuanh hna poah ahkhin phunt’anhnak lungthin (nationalism) an telh chih pengmi ka lawhter tawn. 6% renglo bakin a t’hang cuahmahmi an chawlehnak (economy) hna khi a t’hancho ning a fum/nuar tuk cang i t’ih a nung, an ti lulh. A t’hangcho tukmi Tuluk companies cheukhat hna cu tehte ngei lem loin “ningcanglo in accounting an tuahmi an si ko cuh” an ti salam mei hna. Mah bantuk zaran an zia pawl cu kaa uar tuk. Zeicatiah, Tuluk companies t’hat’ha kha an man a denter hna i business mit in khua a cuanmi investor caah caant’ha (opportunities) a tam khun. Tahchunhnak ah Amazon.com stock cu P/E 104 hrawng in aa zuar lio ah Alibaba.com cu P/E 30 hrawnghrang lawng in aa zuar. An sining aa danning le an man aa thlau ning hi aa kawngkawhlo tuk, ka ti. Cucaah, kan phaisa ka phum tikah Amazon nakin Alibaba kaa thim deuh.

“JD.com” timi hi 2014 ah IPO (Initial Public Offering) an tuah hlan tiang cu nitlak ram nih an rak theih tuk lomi Tuluk company a si. Sihmanhselaw, NASDAQ stock exchange ah an stock an van zuar hnu cun mipi lung a la ngaingai. Zeicatiah, Amazon.com e-commerce he khin an riant’uaning aa lo. An websites ah an zuarmi companies kenkip thil cu anmah baknih an pack hnu ah hmun kenkip ah an ngeihmi fulfillment centers hmang in zokzok in an kuat i a cawtu innka hram ah an va chiah. Internet ah thil an zuarmi cu anmah baknih an pack tikah thil deu/tuh a tamtuknak Tuluk ram ah mipi nih zumhmi company ah an cang. Cucaah, an t’hangcho tuk. Atulio hi kumkhat ah 50% renglo in an thil zuarmi a t’hang. T’hanchonak lei kam ah fak tukin an luh lio a si caah phaisa an miak rih lo. Rang tukin an business an kauh tikah an hmuhmi nakin an hmanmi a tam deuh rih. Sihmanhsehlaw, hmailei ahcun a miak tukmi company an si hrimhrim lai, tiah ka zumh. 

JD.com stock hi cawk dingin caan sau ngaite ka bawh nain ka rak caw kho lo. Share khat ah $30 cung in cawk ding ahcun aman a fak tuk ka ti. Share khat ah $30 tang in aa zuar bal ve fawnlo tikah ka caw kho lo. Sihmanhsehlaw, Tuluk Stock market cu June 12, 2015 ah fak tukin aa khak (crash) i Shanghai Stock Exchange cu cheuthum ah cheukhat bak a zor. Nikhat ni a si caah “Chinese Black Monday” tiah an ti phah. JD.com cu Tuluk stock market ah share a zuarmi a si lo nain Tuluk ram ah rian a t’uanmi a si caah Tuluk chawlehnak boruak pi nih zeimawzat a chilh ve. Cucaah, an stock man a tla i share khat ah $26 hrawnghrang ah aa zel. Cucu, luhnak caanrem ah ka ruah caah kan thazaang ngeihchun in kan luhpinak hna a si.

Vawleicung search engine lianbik Google nih Tuluk ram ah rian an t’uanlo tikah Baidu nih Search market a chilh. Chinese Search market i 90% hualham bak hi a karkalak ah aa hui khawh. Tuluk mipi nih GPS Map caah an hman bikmi cu Baidu nih an ngeihmi map a si fawn. Tuluk cu vawleicung ah minung a tambik ram an si tikah an market hi a hmete a si lo. Minung billion pakhat renglopi an si. Mandrin (Tuluk holh) lebang cu a hmangtu an tam chinchin. Vawleicung ram kenkip ah a ummi Tuluk cikawr poah nihcun mandarin an thiam dih ngawt. Cucaah, Baidu nih a hmuhmi phaisa hi a tlawmte lo. Kumkhat ah USD 10 billion hrawnghrang a si tawn i 30% renglo deuh in a t’hancho lio a si fawn.

“O2O” tiah a tawinak in an auhmi “Online to offline” timi market ah biatak tein hmai an nawr cuahmah rih fawn. “O2O” timi cu a fawinak in chim ahcun online ah a ummi information le offline ah a ummi business pehtlaihter a si. Tahchunhnak pakhat in ka van chim tuah hmanh lai. Na theihfian tuk lomi hmunhma ah na um lio ah na paw a t’aam i na ei duhmi rawl kha Baidu search (online) ah na kawl. Online ah a ummi na kiangkam um restaurant pawl information kha an chimh/hmuhsak lai. Mah kha an hmuhsakmi lakah na duhmi kha na hmeh lai i an menu na zoh hnu ah na duhmi kha na phone in na hei cah colh lai i aman zong kha (na duh ahcun) online in na pek lawlaw lai. Cutikah, restaurant nih na rawl an ser lai i na umnak ah an rak in chanh lai asiloah na va kal lai i hngah hau loin na va lak khawh lai. Atunai thil vialte ahkhan rawlchumh dah tilo cu Baidu nih a ngeihmi services lawngte na hman. Cucaah, restaurant nihkhan an phaisa hmuhmi zeimawzat cu Baidu an pek ve lai. 

O2O business hi Tuluk ah a linsa tukmi a si caah Baidu bantukin aa zuammi an tamtuk ve (Alibaba zong hi O2O ah a t'hawng bakmi meituan-daiping timi company ah phaisa phumtu a si ve). Sihmanhsehlaw, hmailei ahcun Baidu nih a tei dih te hna lai, tiah ka zumh. Zeicatiah, phaisa lawng si loin a herhmi thilri tamtuk a ngei. Bochan awk a tlak tukmi Map a ngei i palai (sale reps) tamtuk a ngei fawn. O2O ah tamtuk lawmam phaisa a phum caah tukum second quarter dih ahkhan an phaisa miakmi a zor ngaingai i an stock a ngeitu tampi an lau. Cucaah, an share an zuar zokzok hna i fak tukin an man a tla. Nikhat chungah share khat $180 renglo in $162 tiang a phan. Zarh li-nga a van luan ahcun share khat ah $150 tang tiang a tolh. Thil umtuning cu ka zoh lengmang tikah caant’ha ah ka ruah i mahkha caan lio ah kan ngeihmi phaisa poahpoah cu Baidu cawknak ah ka hman. Kan ngeihmi a tlawm ngaingai caah ka duhning tlukin ka caw kho lo nain zeimawzat kan ngeih ko caah kaa lungsi ngai t’hiam ko. Third quarter results an thanh hnu cun kan ngeihmi stocks lakah aman a kai bikmi a si ko nain O2O ah teinak an hmuh ahcun atuhnu kum thum-li chungah tampi a kai rih lai, tiah zumhnak ka ngei. Zeicatiah, China Uber zongah biatak tein phaisa a phum rih i Uber nih an map an hman chih fawn.

An stock kan ngeihmi Tuluk companies vialte hi an pathum ning in technology companies an si. Nain, fiang deuh in nan zoh ahcun pahnih hi E-Commerce deuh an si, timi nan hmuh lai (Alibaba.com hi cu e-commerce lawng bak a si lo nain). Hihi a ruang a um. Tuluk cu nitlak ram bantukin hmun-le-hma le lam-le-sul (infrastructure) a t’ha lo. Khuapi deuh pawl cu innsang pipi in an khah hlei ah an lam a bit tuk tikah fawizaang tein dawr ah kal khawh a har. Dawr (mall) lian pipi lebang cu a tuahnak hrimhrim ah phaisa tamtuk a dih. Cucaah, internet a hmang khomi nihcun internet (e-commerce) hmangin thil an caw tuk i hmailei zongah atu bantuk hin a si lan rih ko lai. Kum tampi a t’hangchomi an economy ruangah Tuluk mipi nih phaisa an hmuh dan a t’hangcho tuk ko nain a hlan lio ah an rak harsat tuk bal tikah phaisa an khawng tuk (US mipi ah a buaktlakin phaisa an khawnmi hi an phaisa hmuhmi dihlak ah 16% hrawng a si lio ah Tuluk cu 50% dengmang hrawng a si). Phundang in chim ahcun zaran Tuluk pawl hi thil-caw kho tuk ding dirhmun ah an um. Cucaah, e-commerce hi tamtuk a t’hangcho rih lai, tiah zumh a si. Tuluk E-Commerce market ah bual a cotu ding cu Alibaba le JD hi si dawh an si ko.

T’hawng tukin kum 30 renglo a t’hangmi Tuluk economy cu thilchuah (manufacturing) deuh nih a mawghmi a si. Ramchung ah thil an chuah tung i ramdang ah an kuat/zuar. Cucu, vawleicung economy a tluan lio ahcun an hlawk hringhran ko. Zeicatiah, minung an tamtuk tikah nihlawh deng tein sehzung ah rian a t’uantu an tamtuk hlei ah teimak an chuak kho tuk. Sihmanhsehlaw, manufacturing deuh lawngin rampi chawlehnak caansau mawgh awk a t’ha lo. Ramdang pawl kha an chawlehnak a tluanlo tikah an duhning in an thil an zuar kho lo. Cu hlei ah thilchuah rumro in an kal tikah an thingram le an pawngkam nih a celh hna lo i an ti-le-thli an hnawmtam. Cucaah, an chawlehnak tuahdan hi thlen an timh cuahmah. Ramdang ah thil zuar deuh in a t’hangmi economy in ramchung minung nih din-einak le cawk-zuarnak (cosummerism) in an mawghmi economy ah aa thlen cuahmah lio a si. Consumerism ahcun retail (thil zuar) hi a biapi tukmi chawleh dan (sector) a si. Tuluk ram cu lam-le-sul kongah a buaibai ngaingai caah retail market cu e-commerce nih tampi a chilh te ko lai. Atu hmanh ah a chilh ngaingai cang. Alibaba le JD ti bantuk nih zeitlukin dah mipi zumh dingin rian an t’uan khawh, timi nih tampi lai a rel te lai.

Tuluk Stock Market cu hnihsaih (volatile) a hman tuk caah t’ih a nung tuk, an ti lengmangmi hi ka pom ve. Tukum chungah Shanghai Stock Exchange aa sualsanning ka zoh tikah ka t’ih ngaingai. Caantawite chungah fak tukin a chuk le a cho ah aa thui lengmang. Tahchunhnak ah “Tuluk ram companies hna nih tukum August thla chungah ramdang thil an zuarmi cu nikum nakin a tlawm deuh” ti bantuk thawngpang pakhat hnih nih fak tukin a hnih lengmang. Mah bantuk hmunhma ah kan phaisa ngeihchunte va chiah ding cu thla a duk tukin ka thei ve (hmailei kong tu cu ka chim kho lo). Cucaah, atutiang cu ka hrial bak! Tuluk companies kan ngeihmi pawl hi Tuluk stock exchanges ah aa zuarmi an um lo. An zapi in US stock exchanges ah an share a zuarmi an si. A sullam cu US cozah phunglam nih a nenh ve hna. Quarterly financial results langhternak an ngeih tik zongah remembi (Yuan) lawng si loin US dollar in an dirhmun an chimchih peng. Cucu, kaa duh ngaimi a si.

US Economy

Vawleicung economies lakah a maktara bikmi cu US economy a si ko. A ngan cem hlei ah consumerism nih a mawghmi a si tikah ramdang bantukin fawite in a tluang lomi ramdang economy nih an hrawk kho tuk lo. Tahchunhnak ah Japan le China economies cu ramdang thilzuar (export) deuh nih a mawghmi hna an si tikah Europe le US chawlehnak a tluanlo ahcun fak tukin harnat an tuar colh. An chuahmi thil kha an zuar khawhlo tikah an ram chawlehnak nih khualraang tukin fahnak a in tawn. US economy tu cu a mipi (consumer) deuh nih an mawgh caah ramdang economies an tluanlo zongah t’hawng ngai in a kal lengmang kho. Cucu, atulio zongah a cang cuahmah. Tuluk, Japan le European economies pawl cu harnak phunkip an tuar ko nain US economy cu t’hawng ngai in a t’hangcho cuahmah ko. Hiti ti tikah US economy cu ramdang economies pawl he aa pehtlai baklo tinak a si lo. Hna an hnawh khawhning aa ning deuh, tibia.

Consumerism nih maktara in a mawghmi US economy cu vawleicung companies t’habik tampi cungah aa bunh. A t’hawng tukmi an cozah zong hi mahcu companies pawlnih an pekmi ngunkhuai lawngte in rian a t’uanmi a si (Democracy le capitalism cu aa zulmi an si i democratic cozah cu capitalists pawlnih ahnu in zeimawzat an mawngh zungzal). Technology ko ahhin US nih midang an lawnhning a fak khunmi alo rua dah ka ti. Google, Apple, Facebook, IBM ti bantuk pawl hi US tech companies lawngte an si dih. Thilzuarnak (retail) zongah Walmart, Kroger, Macy, Sears, JC Penny ti bantuk pawl hi vawleicung ah hmai a suangtu companies an si ko. US economy cu a ngan tuk hlei ah companies t’hami an tamtuk tikah phaisa phumtu (investors) caah caant’ha (opportunities) a um zungzal, ti hi ka pom dan a si (Kan hmuh khawh le hmuh khawhlo tu a si rua dah ka ti).

Kan portfolio nan zoh tikah zatuak a tam-u cu US companies stocks a si kha nan hmuh ko lai. Cu nihcun US chawlehnak ka zumh tuk, timi a fianter ko rua dah ka ti. Chawdawr (traditional retail) le biotech lebang cu US companies lawng bak ka cawk. Meiti companies le technology companies zong ahkhan US companies an tam deuh t’hiamt’hiam. Zeiruangah dah ka cawk hna, timi kongah tlawmpal cio in van chimfian kaa zuam lai (meiti companies pawl kong kha cu tampi ka chim cang caah ka nolh ti lai lo).

US Technology  Companies

US technology companies lakah ka uar bikmi cu Google a si. Search lawngah monopoly power an ngei lo. YouTube, android le chrome hmangin thil kenkip ah zuamcawh khawhlo dingin hmunhma an laknak a tamtuk. Amazon zong hi an mak tuk ve. Khulraang tukin a t’hangmi an e-commerce nakkhin AWS tiah a tawinak in an auhmi “Amazon Web Services” timi an cloud segment ko khi mit a thi deuh. Zeicat’iah, a t’hancho ning zong a ran deuh hlei ah amiak zong amiak deuh. Cloud computing ahcun vawleicung siangpahrang bantuk a si. Apple zong hi uar an um tuk ve t’hiamt’hiam. Consumer electronic market cu an chilh bak ko hi. MacBook a hmangmi nih computer dang an hman duh tilo bantukin Iphone aa tlaih cangmi nih phone dang ah an ithleng duh tuk lo, timi cu nan hawile cio kha zoh hna ulaw nan fiang tuk ko lai. An man nihle fak tukin an hauh fawn hna tikah phaisa cu a ruh bakin an ruh ko. An market capital hi USD 665 billion renglo a si caah vawleicung companies lakah aman a fak bikmi (a ngan bik) a si.

Google, Amazon le Apple hi ka uar tuk ko hna nain pakhat hmanh ka caw hna lo. Zeicatiah, an man a fak tuk lawmmam, tiah ka ruah hna. Cucaah, ka hrial hna (Company pakhatkhat hi ka uar tuk ruang menmen ah an stock cawk kaa tim lo). A ruang cu stocks cawk cu company ngeitu sinak (ownership rights) kha cawkmi a si caah aa miaklo/kaihlo dingmi cu cawk phung a silo, tiin ka pom. Cucaah, a cunglei companies nakin harnat zeimawzat a tuar cuahmahmi IBM, Yahoo! le Microsoft cu ka cawk hna. Zeicatiah, caansau ahcun kan hlawk deuh te lai, tiah ka ruah.

International Business Machine (IBM)

IBM hi ka ngeih hmasa bikmi stock a si. Tukum thokka hrawng khan tlawmpalte ka cawk i huamsam tein aman a tla thluahmah i atutiang hi a tla peng. Asinain, caanrem a um poah ahcun tlawmpal tete in ka cawk chap peng ko. Zeicatiah, amah bantuk companies dang pawl he cuaithlai tikah aman aa deng tukin ka thei. Tahchunhnak ah Google share cu P/E 30 renglo in aa zuar lio ah IBM cu P/E 9.6 lawng in aa zuar. Atulio ah Google le IBM cu an dirhmun aa dang ngaingai tak ko. Google cu an phaisa luhning a t’hancho lio ah IBM cu a hnubik quarter hlei-li (thla 42) chung bak hi an phaisa luhning (revenue) a zor cang (Revenue zor poah hi amiak (profit per share) zor a si thlu lem lo). Sihmanhsehlaw, mah tluk lawmmam in an man aa thlau dingah aa tlak in ka ruat lo. A ruang cu IBM hi hmailei ruahchannak tampi a ngei vemi company a si ko, tiah ka ruah. “Strategic Imperatives” tiah an auhmi mission hrim hi ka zumh tuk.

IBM a zor tuknak a ruang cu technology vawlei ah fak piin a cangmi thil biapi a tolh hna. Computer in smartphone (mobile) ah aa thlengmi technology tiluan a dawi kho lo (atutiang hi mobile vawlei ah IBM muisam a leng thai lo, a tolh thai). Cun, cloud computing vawlei zongah hawi hnu a den. Companies hna nih an herhmi IT products vialte kha kut in tongh khawhmi seh-thilri ah chia ti loin khuadawm ah chiahmi system ah Amazon ti bantuk nih hmai an fon khanh tuk. Mah hi thlennak ko hi IBM caah a fak khun. Zeicatiah, IBM cu mainframe (thil tampi a tuah khotu computer seh nganpi), PCs, Chips le software deuh nih a mawghmi companies a si. Cloud computing nih thil umtuning a van thlen tuk tikah a PCs le Chips businesses nihcun sunghnak lawngte an chuahpi cang. Softwares pawl zong hi hmailei ahcun cloud deuh ah chiah dih a herh dingin thil a um cang fawn. Cucaah, IBM nih a PCs le Chips businesses hna cu a hnon hna (midang sin ah a sungin a zuar hna). Cu ruangah a phaisa luhning (revenue) a zor tuknak hi a si.

IBM ka uarnak a ruang tampi lakah pakhat cu “cloud computing ah hawihnu ka den tuk cang” tiah a um sawhsawh lo. Zokzok in mi dawi aa zuam. “Strategic Imperatives” tiah an auhmi “cloud, analytics, mobile, social and security" ah aa hngatmi program in biatak tein tei an rial i cloud computing hna ahcun Amazon le Microsoft lawngnih an lonh cang hna (Google hi a t’hanning a ran tuk ve caah IBM a phak dengmang ve). IBM nih cloud computing ah Amazon a tei t’han khawhnak ding cu a har ngai cang men lai. Sihmanhsehlaw, Cloud computing cu t’hawng tukin a t’hang i caan tlawmpal ah a lian tuk dingmi market a si caah phaisa tampi a hmuhnak khawh t’hiamt’hiam ko lai. Cun, annih hi an dirhmun aa dang. Mainframes ah caan saupi an rak t’hawn tuk caah vawleicung companies lianmi tamtuk hi anmah customers an si cia cang. Mah hi companies pawl nihhin IBM hi an chuahtak awk a har tuk. Zeicatiah, an data le an sining vialte kha IBM system chungah hnet tukin an um cang. Cucaah, atu an hman liomi computing in cloud based computing ah t’ial an itimh tikah companies dang nakin IBM hi an thim t’hiamt’hiam lai ti hi a fiang ngaingai.

“Watson” tiah YouTube ah nan t'ial ahcun vawleicung ah a fim bikmi computer nan hmuh lai. General knowledge a ngei bakmi, vawleicung jeopardy thiam bikbik hmanh nih thil theih ah an tei lo. Na duhmi thil kong poah kha hal law a phi pakhat tel cu an chimh khawh lai. Cucu, na halmi he aa pehtlaimi data(cazin) tampi hmangin a si kho bik dingmi kha a van chimmi a si. Vanraang tawi ah a ummi data vialte i 80% renglo hi “unstructured data” timi ningcanglo in anmah um in a ummi, mi zeihmanh nih santlai ah an hman khawh lomi, data an si rih. Watson nihcun mah bantuk “Big Data” cu a va purh khawh i thil sining a tuaktan chih hnu ah a hman bik dingmi thil kha a thim khawh. Cun, thil umtuning hoih in thilthar a cawng( learn) fawn. Tahchunhnak ah biahalnak na tuah tikah voikhatnak an pekmi aphi kha a palh sual ahcun mah khakhan a cawn lai i hmailei ah a palh ti lai lo. Watson nih a tuah khawhmi thil khuaruahhar hna cu IBM nih healthcare le weather forecast (khuacaan tuakchungnak) ah hman an zuam cuahmah. “Watson Health” ah aa telmi sizung le si-lei companies vialte nih an ngeihmi data vialte kha Watson nih a hman lai i sibawi pawl kha mizaw thlawpdan ruahnak a pek hna lai. Tahchunhnak ah minung pakhat nih cancer zawtnak phun tampi in a zawt sual ahcun amah he kumkhua le thazang in a dirhmun alo pahmi cancer zawtnak a rak ngei balmi mi tampi nih an rak ithlopnak ah an iziak bikmi thlop dan pawl kha hmang dingin siibawi te kha ruahnak a pek hna lai. Khuacaan (nikhua chiatt’hat) kongah a buai tukmi vanlawng companies pawl kha Watson nih a ngeihmi thilti khawhnak hmang in ruahnak a pek hna lai. Cucu, ka hnabei a sei tukmi pakhat a si.

IBM share ka cawknak a ruang pakhat cu dividend a si fawn. Atulio cu an share man a tlak tuk caah dividend yielding rate hi 3.75% a si. A sullam cu IBM share kan tlaih chung poahpoah cu market ah kan share man a tlak zongah 3.75% in kan phaisa karh kan hmu t’hiamt’hiam lai, tinak a si. PCs le Chips businesses an hnon ruangah an phaisa lut (revenue) cu ahlan nakinn a zor deuh ko nain a t’am tuk t’hiamt’hiam rih ko caah dividend pek hi fawibai in a ngol lai lo. Cucaah, hmailei caant’ha ruahchan buin lungsau tein kan tlaih lio ah 3% renglo in kan phaisa karh kan hmuh dingmi cu aa hlawk tukmi investment ah ka ruah.

Company pakhat stocks cawk ka timh poah ah biapi tukin ka ruah chih zungzalmi cu an hruaitu an si. Hruaitu t’ha hi company caah a sunglawi bikmi asset an si ko tiah ka pom. IBM ka duhnak ah aa  tel vemi cu an CEO, Ginni Rometty, hi a si. IBM hi tlamtling tein a thlen khawh hrimhrim lai tiin a cungah zumhnak ka ngei. Nu a simi hrimhrim nih ruahchannak a ka pek deuh. Zeicatiah, mah bantuk dirhmun khi Nu nih phanh dingah a har taktakmi thil ah ka ruah. Donkhantu tampi lakah mah dirhmun a phanh khawhmi cu midang nakin aa zat deuh hlei tuk caah a si hrim lai, tiah Lai tuakin ka tuak.

Microsoft

IBM CEO Ginni Rometty kongah ka chim cang bantuk khan company lian pipi ah hruaitu t’hutdan a co khotu nu hi ka upat tuk hna. An cungah zumhngamnak ka ngei khun hlah maw, ka ti theo. Cun, mipem (immigrants) zong hi phundang tein ka uar khun fawn hna. Mipem nih mi ramdang ah an rammi vialte lonh dihin teinak va hmuh, timi cu thil menlo taktak ah ka ruah. Cucu, Microsoft share zeimawzat ka cawknak a ruang lakah aa telmi pakhat a si. India ram in US ah a rak pem i caan tawite chungah a riant’uant’i hawi vialte lonh dih in an company todan ah a sang bik a phan khotu, Satya Nadella hi ka zumh tuk. Microsoft chungah cloud computing an tawlrelnak department, Azure, lei in CEO ah a van kaimi a si fawn caah ka zumhning a zual. Amah bia ihlan ahcun “mobile first, cloud first” chan ah nizan nih liampi a timh cuahmahmi Microsoft bantuk technology company nganpi kha a chaak a mertu ding ahcun amah bantuk minung hi aa tlak bakmi an si, tiah ka ruah.

Bill Gates nih Microsoft a rak hruai lio ah aa tinh bikmi cu “inn khat ah a tlawmbik pakhat a um (ding) mi computer ah aa bunhmi operating system cu Microsoft nih a ngeihmi windows si dih seh” timi a rak si. Cucu, tampi a tlamtling i vawleicung ah a rum bikmi minung zongah aa chuah phah. Atutiang ah computer tam-u nih an hmanmi operating system cu Windows a si tak ko. Asinain, Apple nih 2007 ah Iphone an ser hnu cun smart phone t’hat’ha an chuak thluahmah i mi tampi nih computer hmang ti loin an phone lawng an hman cang. PCs in Mobile ah aa thlengmi technology vawlei cu IBM nih a tolh bantukin Microsoft nih a rak tolh ve ( Tlaipi hnu ah Nokia an cawk i Windows phone an ser nain atutiang hi phaisa an sung rih ko). Saudi Arabia chawlehnak cu meiti telhlo ahcun zeipi a silo bantukin Microsoft zong hi Office relhlo ahcun man a rak ngei tuk ding a si lo. Microsoft Office aa bunh lomi computer cu thil pipa tuahnak ngaingai ah hman awk an tlaklo tluk a si tikah Office hi a sunglawi tukmi asset a si. Mah cu office cu computer ca lawngah rak design mi an si i minung tamtuk nih phone lawng an hman cang tikah Microsoft nih harsatnak tampi a ton. Cucaah, fak piin an share man a tla i a luancia thla hinh-thum ahkhan aa ningcang lomi Tuluk stock market nih a sukmi thil ruangah a tlakdan a fak khun. Mah lio caan cu caanrem ah ka ruah caah kan thazang a um tawkin ka rak in luhpi hna.

Microsoft hi aman aa den ruang menmen ah an share kan cawknak a si lo. CEO Nadella nih thlennak a tuahmi cungah zumhnak nganpi ka ngei. Computer aa rawh hlanlo chung poah cu hman peng dingah kan cawk tawnmi Microsoft Office cu subscription based ah a thlen hlei ah “Mobile Application” ah a ser i free in download khawh dingin a tuah. Microsoft Office cu Subscribtion in a thlen tikah aman a deng deuh ngaingai. Voidang ah $100 renglopi kan liam tawnmi kha kumkhat caah $99 lawngin thilri (devices) panga caah hman khawh a si cang. Cloud ah an chiah fawn cang caah inn-computer ah na onmi MS Office ah na limta manh lomi thil kha na riant’uannak computer ah peh khawh a si (Na riant’uannak computer in na MS Office kha na van on tikah inn ah na rak kaltakning te khan a um ve lai). Aman a tlawm deuh caah caantawi ahcun Microsoft nih phaisa a hmuhning a zorter deuh men ko lai nain subscribtion idea hi ka duh tuk. Zeicatiah, MS Office a hmang cangmi nihcun an subsribtion caan a dih tikah peh (renew) loin an um kho lai lo (keimah zong kaa tel). Cu tikah MS Office a hmangthar tu sin lawngin si loin a hmang ciami minung sin zongin Microsoft nih kumtin phaisa a hmuh lai caah caansau ahcun aa hlawkpi tuk te lai, tiah ka ruah.

Microsoft cu Nadella hruainak tangah “Cloud” lei ah aa mer thluahmah i atu cu Amazon lawngnih a lonh cang. Naite ah an chuahmi Windows 10 zong kha free bakin an samh mei. An i ruahchanmi cu minung tampi nih hmang hna seh ti a si ko. Microsoft nih aa ngeihmi Artificial Intelligence Software (Cortana) an bunhchih caah minung tamdeuh nih an hman ahcun cloud computing lei ah an t’hawn deuh chin hlei ah an search engine (Bing) zongnih phaisa tam deuh a hmuhnak lai. October thla dihlai ah an thanhmi an quarterly financial results thokin an share man a kai tukmi zong hi Cloud Computing lei ah an t’hancho tuk caah a si (An share man a kai caan hi ka rak ruahning nakin  a tuan deuh tuk caah ka duhning in kan lut manh lo).

Microsoft uar a um chinchin nak cu phaisa an ngeih tuk lawng si loin dividend tampi an pe (technology companies ah dividend tampi a pemi hi an tlawm ngai). 2015, September thla dih ah an langhtermi cazin ningah Microsoft nih phaisa-fang (cash & cash equivalent/short-term investment) $90 billion renglo a ngei (share khat ah $15 renglo nih a kiah). Dividend an peking ret (yielding) hi 2.65% hrawng a si. Cash tampi an ngeih ko caah dividend hi cu a him bakmi a si, tiin ka ruahdan a si.

Yahoo!

Yahoo! Inc hi kan portfolio i 5% renglo a si caah a tam ngaingai i nan khuaruah a har tuk men lai. Kan neih hnu ah an share man a kai tuk fawnlo tikah nan lungre zong a thei ve kho men. Yahoo! cu aa mahcah lomi technology company a si taktak ko. Zeibantuk hmanh ah pakhatnak a si nak a um lo. Google nih search ah a nawn lio ah Facebook nih social media ah a phum. Fantasy sports zongah FanDuel le DraftKing nih an chawhkanh tuk. Email zongah mi hmaisa an rak si nain atu cu gmail nih a tei tuk cang (Yahoo Finance belte hi nichiar in ka hman i kaa uar ngaingai). Aa rawk cuahmahmi Yahoo! khupthal let dingah tiin Google a chuahtakmi Marrisa Mayer zongnih kumthum renglo a tawlrel cang nain a remh kho hlei lo. A hrawh tuin a hrawh chin lehlam, tiah thiamsang tampi nih an ti. Asinain, Yahoo! ka cawkmi hi kaa lungsi ngai ko. Zeicatiah, a hlawk tuk palia tiah ka ruah.

Yahoo! cu Tuluk technology company minthang Alibaba.com i 15% ngeitu a si (Alibaba share man a tlak tuk lio ah cawk chap ka duh ko nain ka rak cawk ngam tilo nak cu Yahoo ah zatuak in kan phaisa tam ngai ka rak phum cang caah a si) . A ngeihmi man hi tuak tikah zeiti poah in $30 billion a reng lo. Japan ram ah an hman tukmi “Yahoo! Japan” timi zong khi a ngeih chih rih. Yahoo! Japan ah Yahoo! (USA) nih a ngeihmi man khi thiamsang nih an tuak tikah $8 billion renglo a si, an ti. 2015 September thla dih quarterly reports an tuahmi ah Yahoo! nih cash in $5.8 billion renglo an ngeih caah share khat ah $6 renglo nih a ciah. Alibaba le Yahoo Japan ah a ngeihmi hi cu US cozah nih zeimawzat ngunkhuai (tax) an lak khawh men caah tlawmpal cu a zor kho men. Asinain, an man hi a kai kho ve t’hiamt’hiam. Zeisihmanh ah tlawm deuh in tuakpiak ko zongah $35 billion hrawng cu a tang ko. Yahoo outstanding shares hi 1 billion a tling lo. Cucaah, share khat ah $33 hrawng in aa zuarmi Yahoo cu aman a deng tuk lawmmam ka ti nak a si. Biadang in chim ahcun Yahoo (core) business khi cu manlo in kan cawk, tinak a si. 

Yahoo! nih thil pakhatkhat a chuahcanh sual ahcun share khat ah fawi tein $50 a phan dingmi stock ah ka ruahmi a si. Aa sualsarawk pah rih ko hmanh ah Alibaba le Yahoo Japan an tluan ahcun thilphan ding kan ngei lo, tiah ka ruah. Cucaah, Yahoo! ah phaisa kan phummi cungah ka hna a ngam ngaingai i ruahchannak zong ka ngei.

Walmart (WMT)

US ah khua a sami Laimi vialte nih aw-pei pah buin kan thiam dihmi mirang holh pakhat cu “well-met” kan timi “Walmart” a si. Kan theih tukmi hi kan mawgh lo. Vawleicung chawdawr (retail) vialte lakah a ngan bikmi a si. Vawleicung ram 26 ah dawr an ngei i kum khat ah US dollars in 485 billion renglo man thil an zuar. Malmart dawr ahcun thil phunkip a tlin tuk hlei ah an man a den tuk caah sifak santlailo nih nifa in kan kal zungzal. Kan inn he aa naihnak hmun ah a um lebang ahcun kan ilunghmuih ngaingai. A ruang cu an tlangtar hmanh ah “Save Money. Live Better” ti a si bantukin thilri herhhai kongah phaisa kan tlo kho deuh lai, tiah ruahchannak kan ngei. 

Phaisa phumtu  tampi hna zongnih Walmart sunparnak/thiltikhawhnak cu an rak zumh tuk peng caah aa thleng tukmi retail vawlei ah thinphang loin Walmart stock cu an rak itleih peng. November 25, 2013 ah Walmart CEO Mike Duke cu Sam’s Club zong a rak tlai bal i kha caan lio ah Walmart international business a hruaitu mino te, Doug McMillon nih a rian a van chan tikah an zumhnak a ngan chinchin. Cucaah, Walmart stock man cu share khat ah $70 hrawng in caan tawite chungah $90 a phan. Sihmanhsehlaw, tukum February thla hrawng in duhsah tein aman a tla thluahmah i October 14, 2015 zaanlei ahcun ruahlo in share khat ah $58-59 hrawng ah aa zel. CEO Doug McMillon le CFO Brett Biggs nih October 14 ah investors he tonnak an ngeihmi ah bia an chim dih lecangka in Walmart Stock cu 10% renglo bak a tla. A ruang cu an chimmi lakah investors nih an khai khawh bak lomi thil tete an um. 1) 2015 ah kan phaisa lut dingmi dihlak hi 2014 lio ah kan rak lutmi nakin a tam deuh men lai lo, an ti. 2) Kan riant’uantu nihlawh kaihnak le e-commerce caah phaisa tampi kan hman lai caah 2016 le 2017 ahcun kan phaisa miakmi hi tukum nakin 6% le 12% hrawng in an zor kho men, tiah fiang tein an chim.

Walmart management team nih a cunglei thil sining an chimmi cu investors tampi nih an dolh khawh bak lo caah an ngeihmi Walmart share kha zokzok in an zuar. Cucaah, caan tawite chungah fak tukin an stock man a tla i nikhat chung lawng bak ah Walmart nih market capital $21 billion hrawnghrang a sung. Walmart a rak thoktu Sam Walton fale le atule lawngnih an sunghmi hi $12 billion a renglo, tiah tuakthiam hna nih an chim. Thil umtuning cu ka zoh ve tikah caant’ha tuk ah ka ruah i tongta naam in luh kaa nam. A ruang cu mi tamtuk nih an zaamtak ruangah aman a den tuk cang hlei ah management nih an tuahmi thlennak hi ka bei a sei tuk. Thawngpang chia pahnih-khat ruangah tonghmang loin zaam a hmang i thawngt’ha pelpawite ruangah hnawhhnam ngai in luh a hmangmi zaran pawl nih caant’ha an kan serpiakmi a si, tiah ka ruah.

US Walmart ah rian a t’uanmi cu tukum February thla thokin suimilam pakhat ah a tlawmbik $9 pek an si cang. Hmaikum ahcun Walmart ah rian a t’uanmi nih suimilam pakhat ah $10 tal cu an hmuh dih lai. Mah hi riant’uantu nihlawh kaiternak caah Walmart nih kum hnih chungah $2 billion renglo an hman lai. Cucu, investors cheukhat nih an huat tuk. Riant’uantu nihlawh kaiter ruangah phaisa an phumnak company nih amiak tlawm deuh lawng a chuahpi dingmi kha an ruah khawhlo caah an stock an zuar zokzok. Sihmanhsehlaw, Walmart nih a riant’uantu nihlawh kaiter a timhmi hna hi thilt’ha ah a ruattu investors an um ve (kei zong kaa tel). A taktak ahcun a herh bakin a herhmi a si. Technology thlennak ruangah a chuakmi e-commerce nih fak tukin a sukmi thilzuar (retail) vawlei ah riant’uantu nihlawh tlawmtuk lawng pek cu mah le mah fahnak ipek phun ah ka ruah. Zeicatiah, nihlawh a tlawm tuknak hmun ahcun fimthiamnak a ngeimi nih riant’uan an duh lo. Felfai te le khulrang tein rian a t’uan kho tu ding minung nih Walmart ah rian an t’uan duhnak ding caah cun a herh bakmi thil a si. Reuters nih zohfelnak (research) an tuahmi ah Walmart US hi aluancia kum 10 chungah an dawr 40% a tam deuh i an phaisa lut (revenue) 50% bak a kai nain an riant’uantu hi 8% lawng an karh. Walmart kan kal caan i thil cawk kan duhmi kongah bawmh kan herh tikah dawr hngaktu an um tawn lomi khi khuaruahhar tuk a rak si lo. Minung an rak iphazo lo rumro. Cucaah, riant’uantu nihlawh kaiter an timhmi hi ka uar.

Tukum chungah E-commerce caah a tlawmbik $1 billion tal cu kan phum (invest) lai an ti fawn tikah riant’uantu nihlawh an kaitermi hi ka lung a tling khun. A ruang cu Walmart nih tluang tein an e-commerce an t’hanchoter khawhnak ding ahcun aa zami riant’uantu (associates) hi an herh bikmi pakhat ah ka ruah. Vawleicung ah a t’ha bikmi pawtzamhnak (distribution) system an ngeih cang caah an dawr ah riant’uantu hna nih caankhat ah thil tampi an tawlrel khawh ahcun an e-commerce cu teinak a hmu ko lai dah ka ti ( Phaisa an ngeih tuk ko caah IT ahcun ka phan piak tuk hna lo, a thiam bikbik minung an hlan khawh ko hna lai dah ka ti). A ruang cu Amazon tepawl nih an tuah khawh lomi service kha fawi tein an pek khawh lai. Cucu, store pick-up a si.

Amazon ah thil kan cawkmi cu thil petu/phurtu nih kan inn ah an rak kan ngalh tawn i innhngaktu kan umlo sual ahcun innka hram ah an rak kaltak theo. Asiloah, an rak ikirpi t’han i caanrem a um t’han tikah an van kan pek t’han. US cu riant’uannak ram a si tikah kan itongkheng kho tawnlo i a donghnak ahcun kan inn he aa naih bikmi thil kuatnak dawr ah hlam dingin an kan fial tawn. Cucu, a hnawksak duh ngaimi thil a si i Walmart nih fawi tein an remh khawh lai, tiah ka ruah. Zeicatiah, annih nihcun US hmun kenkip ah stores an ngeih hlei ah vawleicung ram 26 ah rian an t’uan. Online in thil kan cahmi kha kanmah inn ah rak ngalhter  loin kan inn he aa naih bikmi Walmart ah hlam dingin an tuah lai i kanmah kan imanh caan poah ah kan va lak khawh lai. Cucu, store riant’uantu t’ha aa ngeih poah ahcun fawite in a tuah khawh dingmi a si.

Sam's Club hi thla khat ah voikhat poah cu ka kal peng i a chung ka luh poah ah kaa lunghmuih tuk peng. An thil phozarning aa ceprep ning le an thil man aa denning nih ka lung a ka ton tuk. Midang nih an tei kho zau bal lai lo dah ka ti. Abu deuh in thil a zuarmi an si tikah e-commerce zongnih fawi tukin hna an hnawk kho theng lai lo. Cucu, Walmart stock ka uarnak ah aa telmi a ruang pakhat a si. Sam’s Club i receiving lei ah na kal ahcun Walmart truck (kungka) tampi na hmuh zungzal lai. A ruang cu Sam’s Club khi Walmart nih a ngeihmi a si.

Investors cheukhat nih an zaamtak ruangah Walmart stock hi P/E 12 hrawng in kan cawk khawh i aa deng ngaingai, tiah ka ruah. Retail companies dangdang he an stock man cuaithlai tikah aa deng ngaingai. Kroger (KR) le Whole Food Market (WFM) te hna cu P/E 19 hrawng ah an i zuar nain phaisa lei ah an ngandam dan zohchih tikah Walmart hi duh a nung deuh tuk in ka hmu. Cun, Walmart cu dividend a pemi company a si fawn. Yahoo! Finance cazin ningah Walmart dividend yielding rate hi 3.26% a si. A sullam cu Walmart ah phaisa kan phum chung poah cu (kan share man a tlak sual zongah) 3.26% ret hrawng in phaisa karh kan ei lai. Cucu, Bank (saving account) ah chiahmi phaisa karh ret nakcun alet thum renglo in a sang deuhmi karh ret si caah duh a nung tuk.

CEO Doug McMillon nih Walmart investors pawl sinah hmailei an kalding ning kong chimfiannak a ngeih lio ah a chim chihmi cu “shares buy-back program” a si. An riant’uantu nihlawh le e-commerce caah phaisa tampi phum an timhmi hi market nih a duh men lai loh i Walmart investors caah sunghnak tampi a chuahpi te men lai, timi hi Walmart management team nih an rak tuakchung pah ko. Cucaah, $20 billion hi anmah shares cawknak ding caah an timhlamh. A sullam cu an stock kha aman a tlak ahcun Walmarts nih $20 billion tiang cu tongta cawkin a cawk lai. Tikah, stock market ah aa zuarmi Walmart shares kanaan(outstanding shares) kha a zor lai i share khat kha man tam deuh ah aa cang lai. Cucu, a sunglawi tukmi program ah ka ruah fawn. 

Ruahlopi in fak tukin Walmart stock man a tlak tikah McMillon cu CNBC ah “Mad Money” host a t’uanmi, Jim Cramer nih “Investors pawl nih an t’ih tukmi Walmart hruai na timhning hi na thleng lai lo maw? Asiloah, zei bantuk hnemhnak bia dah chimh na duh hna” tiah bia a hal. “Kan khuakhanmi hi micheu cu an lung a tling men lai lo, ti hi kan rak ruahcia ko. Sihmamhsehlaw, mah tluk lawmmam in market nih a tuar lai ti cun ka rak ruat lo. Asinain, a biapi mi cu tuni ah investors nih kan cungah an lungtling maw, tihi a si lo. Walmart hi hmailei caah dawhcah tein kan sersiam maw ti tu hi a si deuh. Cucaah, atu kan dirhmun hi kaa duh tuk ko” tiah a leh. Kannih zong hi 2018 a dihlei tal ahcun Walmart ah phaisa kan phummi hi sullam a ngei tuk te ko lai, tiah ka zumh ve. Caantawi chungah a tluanlo sual hmanh ah lungsau tein hngak ko hna usih. 

Bia donghnak

A donghnak ah chim ka duhmi cu ka chim lengmangmi thil pathum kha a si. Hornbill Investment Partnership hi hmanlei ah kan iruahchanning bantukin teinak a hmumi partnership a sinak ding ahcun thil pathum an biapi tuk. 1) A caan lio ah rian kan t'uan maw (luh caan), 2) phaisa kan phummi tlawmtam (phaisa kha amah thazang bakin a cawlcangh tikah a tam deuh ahcun a thazang a t'hawng deuh tuk), 3) lungsau thinfualnak kan ngei maw ( aa thleng lengmangmi thil sining cungah lungsau tein inkhawhnak kan ngei maw). Atutiang kan dirhmun ka zoh tikah kaa lunghmuih ngaingai. Tukum kan t'hancho ning lebang hi cu ka rak i ruahchanning nakin a t'hawng deuh tuk i kaa lawm tuk ve.  Hmailei ah Pathian nih lam kan hruai cio sehlaw kan timhtuahmi cio ah teinak hmutu si cio hram usih. 

Hmai kum ah hi bantuk cakuat t'ial t'han lai kaa hngahhlang.

Upatnak he,

Biak Hnin Sang (Principal Managing Partner)