Hi Patrick. In contrast to Alibaba, JD.com is known for selling authentic goods. I've noticed a number of Australian and US businesses favouring JD to protect the value of their brands. In short, the strategy definitely has merit, but Alibaba has been playing hard ball with sellers by insisting that they choose either Alibaba or JD, and Alibaba is still the big kahuna of the industry with the most customers. I don't expect that will change, but JD can certainly gain market share (in a growing market) as research has shown that wealthier Chinese prefer JD due to the authenticity of its products. It's hard to show off your wealth with counterfeits. Australian companies may also prefer targeting wealthier Chinese customers,, in addition to feeling their brands are being protected by a trusted retailer in JD. Cheers Patrick.

On JD.Com: Growth at all costs -

PS. There's a more detailed (but not too long) analysis on the company's current prospects in our March 2017 quarterly if you're interested: https://petersmacgregor.com/investments/peters-macgregor-global-fund/global-fund-report/

On How insider ownership can thrash the market -

Cheers David. It should say 'up to' 10% for the option. It's an amazing story. The shares are up nearly 4,000% over the past couple of decades. It shows the benefit of spotting these types of owners and businesses early and hanging on.

On How insider ownership can thrash the market -

Hi Mark. Whenever you perform a screen like this you need to double-check the numbers with the source documents (i.e. the company accounts). Without doing the requisite work I had assumed Crown popped up because it was flush with cash after the Macau assets were sold (again, I haven't checked this). Nonetheless, your conclusion is spot on. It's highly unlikely you'd find a well known, large-cap stock meeting Graham's criteria. That's probably been the case for decades outside periods of panic like the GFC for several reasons (including Graham's criteria simply being too restrictive in modern markets). You might find more examples amongst micro-caps, but they often have little liquidity and investing services and investors are also screening for these ideas, so it's competitive. Markets are far more efficient today compared to Graham's times, as software didn't exist to do the hard work for him. There were also far fewer investors and hedge funds around back then. Cheers Mark.

On Just 2 ASX stocks pass the Benjamin Graham filter -

Thanks for the feedback Patrick. From my limited experience driving supercars (i.e. zero), I tend to agree i.e. I don't think it will be a big issue. The company is confident that once they get someone into the new cars they won't notice too much difference, assuming there is one. If you've got your heart set on owning a Ferrari this issue isn't likely to change your mind once you've sat in the cockpit, and there are certainly pros to the turbos as well. From what I've read they still sound ok and they go faster, not a bad compromise. I look forward to having an opinion based on experience some day. Cheers Patrick.

On Ferrari – The race to separate is almost over -