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His summary is over the top, but, he's correct about how analysts play patty-cake with Ma and don't ask the questions which need to be asked. Corporate governance at Alibaba reminds me of Tesla's board of directors: they are Eunuchs and don't ask questions about questionable accounting.

https://deep-throat-ipo.blogspot.com/2019/05/babaan-earnings...


Thursday, May 16, 2019
BABA:...an "Earnings Call" without discussing "Earnings"

Today's call was a truly historic moment in the evolution of alleged global financial fraud, both perpetrated by the CPC on US investors and fully supported, through their absurd "analyst" questions, by our industry experts: JP Morgan, Morgan Stanley, Goldman, Merrill, Bank of America, Barclays, Citi, HSBC, RBC Capital, Deutsche Bank, etc. Here are the materials:

Alibaba management (Joe, Daniel, Maggie and Robert) and their "analysts" spent much of the hour collectively congratulating themselves on the greatness of their fake 51% revenue growth and their unverifiable, fake, GMV, which has now ballooned to US$853 Billion. This "ecosystem" GMV, due to these phenomenal, dubious growth rates, is now roughly the same size as the Global GMV of both Amazon ($277 Billion) and Walmart ($625 Billion including estimated Third Party GMV) combined. Alibaba GMV has increased roughly ten fold since 2012. They are on pace to Reach $1 Trillion by next year. Alibaba's GMV sold, according to management, has quickly grown to roughly the same as Switzerland's GDP, with about the same level of opacity. Miraculous.....perhaps even unbelievable, to say the least.

I don't want to belabor the absurdity of the analyst discussion by repeating the irrelevant, odd, focus-less Q&A (feel free to listen to it on your own if you have the stomach for it.) To illustrate the madness, it would be easier to discuss what was NOT covered in the presentation....so...here goes:

The Appropriate Earnings Call Questions, which I might expect a real analyst to ask, are highlighted in RED below.
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