Clear Waters Capital
Think.
Concentrate.
Compound.
In still waters, we find clarity.
Concentrated · China & Hong Kong · 8–10 positions
Clear Waters Capital
In still waters, we find clarity.
Concentrated · China & Hong Kong · 8–10 positions
WeChat has 1.4 billion users and 8% of China's digital ad market. ByteDance has 26%. The gap is not structural — it is organisational. AI is already closing it at 3x click-through rates. The base case prices none of this in.
0700.HK
Meta posted its fastest revenue growth since 2021 and the stock sold off 9%. The reaction conflates GPU cost inflation with business model risk. At 19x earnings, you are buying the world's highest-margin advertising duopoly — sitting on the richest behavioral data asset in existence — at a discount to Google.
META
S&P Global controls 80% of global debt ratings alongside Moody's — a market structure unchanged for twenty years. At $402, digestion-year fears have created an entry point in a business that has never been more essential.
SPGI