Cryptocurrency is well on its way to legitimacy with an ever-increasing number of users and applications. For all of its advantages, though, crypto isn't always the most convenient asset. Many stores don't accept crypto payments, so users must withdraw it as a fiat currency to complete transactions.
The stock was in the green this week after releasing another denial of fraud allegations levied at the company courtesy of Wolfpack Research back in April. Citing in-person surveys of more than 1,500 people and Chinese credit reports of iQiyi’s VIEs and WFOEs, the short seller claimed that the Chinese entertainment platform overstated its user numbers and inflated its revenues in SEC filings by as much as 261.7% pre-IPO. Further, in 2019, Wolfpack estimated that iQiyi inflated revenue by 27% to 44%. Are they another Luckin Coffee? Maybe. But like Luckin, iQiyi can be both a liar and long-term winner. The SEC launched a probe into iQiyi and its parent company, Baidu (Nasdaq: BIDU).
Most of us know the story of Luckin Coffee. In a nutshell, the company was supposed to be the Starbucks of China, giving the American coffee giant a run for its money on the Mainland. The Beijing-based company launched in 2017 and quickly grew its stores and pick-up locations to rival Starbucks (Nasdaq: SBUX) in China. The stock exploded in popularity. And then, it just exploded.
Growing relationships with investors lead to more profitable and liquid investments. But in the Covid-19 era, how can new relationships be established and current relationships flourish? Companies are now more than ever challenged to keep attracting a new audience without neglecting their current base, and at the same time keeping everybody up to date on new developments and events.
Maher was right: Trump would rather set a fuse to our democracy than admit defeat. Even in the unlikely event of a blowout Biden victory, Trump will stay in office until a deep state statesman tosses him out. One thing the conspiracy-obsessed Trump supporters do have right is that thereis indeed a deep state despite Trump’s efforts to replace everyone in the government with sycophants. At least I hope so; we will need them.
From lying about the state of containment of the coronavirus or the state of labor camps where a million or more ethnic minorities toil to lying about intellectual property theft, China lies and lies big. And so do its companies. But not like they used to. The frauds of the early 2000s were both the biggest and the most colorful.
The real worry for many economists isn’t the debt on the books, which as discussed isn’t a problem so long as payments are manageable, but the “off-balance sheet liabilities,” which are spending commitments that fall outside of the promise to pay back borrowed money. The bulk of these commitments are Social Security, pension guarantees, Medicare, and Medicaid.
"Do you remember the Summer of SPACs?" one day trader asks another after a brief argument over the importance of Apple's now...
"All he needed was a wheel in his hand and four on the road." –Jack Kerouac.
It’s a big world out there. While investors should maintain their core holdings in strong, U.S.-based companies with reasonable growth and earnings...
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