Glenn Luk
@gluk.bsky.social
Co-founder/BoD Healthcare.com | Previously Catalyte | VC/PE Investcorp Technology Partners
Tech | Econ Dev | Investing | China/APAC
https://www.readwriteinvest.com/
Tech | Econ Dev | Investing | China/APAC
https://www.readwriteinvest.com/
Pinned
Glenn Luk
@gluk.bsky.social
· Nov 19
Threads Archive: 2024
Ongoing compilation of threads from 2024
www.readwriteinvest.com
2024 content compilation. This is regularly updated throughout the year.
For new followers, I typically write about technology, industrial policy, business strategy, clean energy, investing, and economic development.
With an occasional meme thread.
www.readwriteinvest.com/p/twitter-th...
For new followers, I typically write about technology, industrial policy, business strategy, clean energy, investing, and economic development.
With an occasional meme thread.
www.readwriteinvest.com/p/twitter-th...
Reposted by Glenn Luk
There are basic but fundamental errors at the heart of the Wolf-Pettis thesis. Most importantly, there is a misunderstanding of the meaning and definition of 'saving'. 1/
Wolf just casually chucking around the idea of the global reserve currency provider raising capital controls *in the interest of financial stability*. Is it April 1st already? on.ft.com/3ZLo1zB
Why global imbalances do matter
If the US wants to accelerate a worldwide discussion with a policy intervention, the obvious one would be a tax on capital inflows
on.ft.com
June 24, 2025 at 1:30 PM
There are basic but fundamental errors at the heart of the Wolf-Pettis thesis. Most importantly, there is a misunderstanding of the meaning and definition of 'saving'. 1/
Reposted by Glenn Luk
Another great thread from Glenn, who deserves more followers here IMO. He has been doing yeomen’s work dispelling this kind of nonsense in detail. carnegieendowment.org/posts/2009/1...
December 14, 2024 at 4:59 PM
Another great thread from Glenn, who deserves more followers here IMO. He has been doing yeomen’s work dispelling this kind of nonsense in detail. carnegieendowment.org/posts/2009/1...
Since 2009, China's HSR network has served ~22 billion passengers traveling an aggregate ~7.6 trillion kilometers (~348 km/trip).
This is equivalent to ~26k round trips to the sun, or ~0.80 light years.
This is equivalent to ~26k round trips to the sun, or ~0.80 light years.
December 14, 2024 at 3:50 PM
Since 2009, China's HSR network has served ~22 billion passengers traveling an aggregate ~7.6 trillion kilometers (~348 km/trip).
This is equivalent to ~26k round trips to the sun, or ~0.80 light years.
This is equivalent to ~26k round trips to the sun, or ~0.80 light years.
The U.S.-China trade relationship of the first part of the 21st century was at its core predicated on 🇺🇸 retaining brand/tech/IP value and outsourcing production to 🇨🇳 mfg. partners.
In return, 🇨🇳 opened up its domestic market to these high-value 🇺🇸 products.
In return, 🇨🇳 opened up its domestic market to these high-value 🇺🇸 products.
December 11, 2024 at 7:48 PM
The U.S.-China trade relationship of the first part of the 21st century was at its core predicated on 🇺🇸 retaining brand/tech/IP value and outsourcing production to 🇨🇳 mfg. partners.
In return, 🇨🇳 opened up its domestic market to these high-value 🇺🇸 products.
In return, 🇨🇳 opened up its domestic market to these high-value 🇺🇸 products.
GM originally setup its JV with SAIC-GM in 1995 with its 50% contribution to registered capital of ~$800M
The equity component might even be less depending on how much the buildout of the plant was funded by local debt.
The equity component might even be less depending on how much the buildout of the plant was funded by local debt.
December 9, 2024 at 2:44 PM
GM originally setup its JV with SAIC-GM in 1995 with its 50% contribution to registered capital of ~$800M
The equity component might even be less depending on how much the buildout of the plant was funded by local debt.
The equity component might even be less depending on how much the buildout of the plant was funded by local debt.
Foreign MNCs aren’t investing in China anymore.
Meanwhile Chinese MNCs are driving FDI growth in ASEAN, tightly integrating SE Asia into existing supply chains centered around China.
ASEAN is at the frontlines of a major shift in global mfg in the coming decades.
🧵
Meanwhile Chinese MNCs are driving FDI growth in ASEAN, tightly integrating SE Asia into existing supply chains centered around China.
ASEAN is at the frontlines of a major shift in global mfg in the coming decades.
🧵
December 6, 2024 at 7:50 PM
Foreign MNCs aren’t investing in China anymore.
Meanwhile Chinese MNCs are driving FDI growth in ASEAN, tightly integrating SE Asia into existing supply chains centered around China.
ASEAN is at the frontlines of a major shift in global mfg in the coming decades.
🧵
Meanwhile Chinese MNCs are driving FDI growth in ASEAN, tightly integrating SE Asia into existing supply chains centered around China.
ASEAN is at the frontlines of a major shift in global mfg in the coming decades.
🧵
Billy moneyballs Gallium
Guys, you’re still trying to fight this tech war and hold onto the gallium that China is no longer selling us.
I told you, we can’t do it ... and we can’t do it.
Now, what we might be able to do is recreate it.
Re-create it in the aggregate.
Guys, you’re still trying to fight this tech war and hold onto the gallium that China is no longer selling us.
I told you, we can’t do it ... and we can’t do it.
Now, what we might be able to do is recreate it.
Re-create it in the aggregate.
December 5, 2024 at 4:21 PM
Billy moneyballs Gallium
Guys, you’re still trying to fight this tech war and hold onto the gallium that China is no longer selling us.
I told you, we can’t do it ... and we can’t do it.
Now, what we might be able to do is recreate it.
Re-create it in the aggregate.
Guys, you’re still trying to fight this tech war and hold onto the gallium that China is no longer selling us.
I told you, we can’t do it ... and we can’t do it.
Now, what we might be able to do is recreate it.
Re-create it in the aggregate.
I wrote this piece seven years ago about the intrinsic value of currency in the context of debates on the value of bitcoin and crypto assets at that time.
www.readwriteinvest.com/p/what-is-th...
www.readwriteinvest.com/p/what-is-th...
What is the intrinsic value of fiat currency?
A derivative value of the issuing nation-state
www.readwriteinvest.com
December 5, 2024 at 1:31 PM
I wrote this piece seven years ago about the intrinsic value of currency in the context of debates on the value of bitcoin and crypto assets at that time.
www.readwriteinvest.com/p/what-is-th...
www.readwriteinvest.com/p/what-is-th...
The "Chinese honeypot AI" meme reveals some disturbing misogyny/xenophobia 👇, which again just highlights the toxicity on the other platform.
There is also a "main character" level of conceit evident in assumptions they are prime targets in the first place as if this were a James Bond movie.
There is also a "main character" level of conceit evident in assumptions they are prime targets in the first place as if this were a James Bond movie.
December 1, 2024 at 4:22 PM
The "Chinese honeypot AI" meme reveals some disturbing misogyny/xenophobia 👇, which again just highlights the toxicity on the other platform.
There is also a "main character" level of conceit evident in assumptions they are prime targets in the first place as if this were a James Bond movie.
There is also a "main character" level of conceit evident in assumptions they are prime targets in the first place as if this were a James Bond movie.
A few years ago, I wrote about the story of Qualcomm, Huawei and the "Race to 5G"
I discussed the history, technology, and geopolitics of wireless in five Acts leading up to the arrest of Meng Wanzhou in December 2018.
I discussed the history, technology, and geopolitics of wireless in five Acts leading up to the arrest of Meng Wanzhou in December 2018.
How will the race to 5G dominance play out between Qualcomm and Huawei?
The history, technology and geo-politics of wireless in five Acts
www.readwriteinvest.com
November 30, 2024 at 6:40 PM
A few years ago, I wrote about the story of Qualcomm, Huawei and the "Race to 5G"
I discussed the history, technology, and geopolitics of wireless in five Acts leading up to the arrest of Meng Wanzhou in December 2018.
I discussed the history, technology, and geopolitics of wireless in five Acts leading up to the arrest of Meng Wanzhou in December 2018.
An eye-opening set of charts on Japanese automakers.
Japan and the U.S. car markets are the last refuges for Japanese automakers.
In retreat most everywhere else in the world due to being laggards on the EV transition.
Japan and the U.S. car markets are the last refuges for Japanese automakers.
In retreat most everywhere else in the world due to being laggards on the EV transition.
November 28, 2024 at 2:20 AM
An eye-opening set of charts on Japanese automakers.
Japan and the U.S. car markets are the last refuges for Japanese automakers.
In retreat most everywhere else in the world due to being laggards on the EV transition.
Japan and the U.S. car markets are the last refuges for Japanese automakers.
In retreat most everywhere else in the world due to being laggards on the EV transition.
Reposted by Glenn Luk
NEW from us: Indonesia's president Prabowo announced last week the ambition to phase out fossil-fuel based power plants by 2040, a major step up in ambition compared with the earlier target of phasing out coal by 2056.
November 26, 2024 at 11:19 AM
NEW from us: Indonesia's president Prabowo announced last week the ambition to phase out fossil-fuel based power plants by 2040, a major step up in ambition compared with the earlier target of phasing out coal by 2056.
We’ve really lost the plot when the highlighted solution to “re-industrializing the economy for national security purposes” is framed around the goal of trying to “rebalance China”.
Even if it might be better for us that China rebalances, we have little control over it doing so.
Even if it might be better for us that China rebalances, we have little control over it doing so.
November 26, 2024 at 4:22 PM
We’ve really lost the plot when the highlighted solution to “re-industrializing the economy for national security purposes” is framed around the goal of trying to “rebalance China”.
Even if it might be better for us that China rebalances, we have little control over it doing so.
Even if it might be better for us that China rebalances, we have little control over it doing so.
November 25, 2024 at 1:33 PM
Reposted by Glenn Luk
US manufacturing sector has become less productive since the 2010s in terms of value of output per hours worked www.economicstrategygroup.org/wp-content/u...
November 24, 2024 at 7:25 PM
US manufacturing sector has become less productive since the 2010s in terms of value of output per hours worked www.economicstrategygroup.org/wp-content/u...
Northvolt’s bankruptcy filing highlights the difficulties private capital face in a high-risk, capital-intensive endeavor like batterymaking.
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Goldman Funds Take $900 Million Hit on Northvolt, FT Says
Funds managed by Goldman Sachs Asset Management are set to write off almost $900 million on investments in Swedish battery maker Northvolt AB, which filed for bankruptcy protection this week, the Fina...
www.bloomberg.com
November 24, 2024 at 9:47 PM
Northvolt’s bankruptcy filing highlights the difficulties private capital face in a high-risk, capital-intensive endeavor like batterymaking.
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
I reviewed the financials for nearly two dozen Chinese EV makers (including incumbent ICE carmakers) and discovered some surprising revelations:
1. High revenue concentration with the top 3 players (BYD, Tesla and Li Auto) accounting for more than half of NEV revenue
1. High revenue concentration with the top 3 players (BYD, Tesla and Li Auto) accounting for more than half of NEV revenue
November 24, 2024 at 3:48 PM
I reviewed the financials for nearly two dozen Chinese EV makers (including incumbent ICE carmakers) and discovered some surprising revelations:
1. High revenue concentration with the top 3 players (BYD, Tesla and Li Auto) accounting for more than half of NEV revenue
1. High revenue concentration with the top 3 players (BYD, Tesla and Li Auto) accounting for more than half of NEV revenue
Reposted by Glenn Luk
A couple thoughts on this story by Elsie Chen and me:
-Upper-middle class urban China has become cool and fashionable! Little of that has reached foreign audiences except maybe through TikTok, because of the firewall and all those expelled journalists…
apnews.com/article/chin...
-Upper-middle class urban China has become cool and fashionable! Little of that has reached foreign audiences except maybe through TikTok, because of the firewall and all those expelled journalists…
apnews.com/article/chin...
In China’s regimented society, youth find release at underground raves
In recent years, space for culture and creativity has been shrinking in China as the authorities have ramped up censorship of concerts, shows, and other cultural events.
apnews.com
November 24, 2024 at 3:39 AM
A couple thoughts on this story by Elsie Chen and me:
-Upper-middle class urban China has become cool and fashionable! Little of that has reached foreign audiences except maybe through TikTok, because of the firewall and all those expelled journalists…
apnews.com/article/chin...
-Upper-middle class urban China has become cool and fashionable! Little of that has reached foreign audiences except maybe through TikTok, because of the firewall and all those expelled journalists…
apnews.com/article/chin...
Recent @economist.com article argues the middle class is stagnating in Asia, with the key chart showing a noticeable plateau/decline for China.
Issue here is conflating the $3-25k HH income group with the “middle class”.
China’s number is shrinking because HH incomes are now rising above $25k.
Issue here is conflating the $3-25k HH income group with the “middle class”.
China’s number is shrinking because HH incomes are now rising above $25k.
November 23, 2024 at 8:28 PM
Recent @economist.com article argues the middle class is stagnating in Asia, with the key chart showing a noticeable plateau/decline for China.
Issue here is conflating the $3-25k HH income group with the “middle class”.
China’s number is shrinking because HH incomes are now rising above $25k.
Issue here is conflating the $3-25k HH income group with the “middle class”.
China’s number is shrinking because HH incomes are now rising above $25k.
Reposted by Glenn Luk
Huge if true. Indonesia is substantially powered by cheap domestic coal, and so far has been slow to transition.
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Indonesia’s Prabowo Vows to Retire All Coal Plants In 15 Years
Indonesia President Prabowo Subianto said the government plans to retire all the nation’s coal power plants within 15 years to help stem global warming.
www.bloomberg.com
November 21, 2024 at 12:47 PM
Huge if true. Indonesia is substantially powered by cheap domestic coal, and so far has been slow to transition.
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Reposted by Glenn Luk
Useful map of EV battery gigafactory projects in Europe, of which many are by Chinese/Korean companies
November 22, 2024 at 12:24 PM
Useful map of EV battery gigafactory projects in Europe, of which many are by Chinese/Korean companies
Introduce yourself with your worst feedback from school 👇
Hi I’m Glenn. According to my yearbook, my claim to fame in Middle School was being a fan of the New Jersey Nets, which was considered uncommon where I grew up.
(Narrator: Glenn grew up in the middle of New Jersey)
Hi I’m Glenn. According to my yearbook, my claim to fame in Middle School was being a fan of the New Jersey Nets, which was considered uncommon where I grew up.
(Narrator: Glenn grew up in the middle of New Jersey)
November 22, 2024 at 7:35 PM
Introduce yourself with your worst feedback from school 👇
Hi I’m Glenn. According to my yearbook, my claim to fame in Middle School was being a fan of the New Jersey Nets, which was considered uncommon where I grew up.
(Narrator: Glenn grew up in the middle of New Jersey)
Hi I’m Glenn. According to my yearbook, my claim to fame in Middle School was being a fan of the New Jersey Nets, which was considered uncommon where I grew up.
(Narrator: Glenn grew up in the middle of New Jersey)
Viewing # tags by user is a great feature.
Feels like @bsky.app team is really thinking about this product by systematically fixing all the things that were broken about the old Twitter, keeping the good parts while adding well-thought-out improvements.
Feels like @bsky.app team is really thinking about this product by systematically fixing all the things that were broken about the old Twitter, keeping the good parts while adding well-thought-out improvements.
November 22, 2024 at 2:30 PM
Viewing # tags by user is a great feature.
Feels like @bsky.app team is really thinking about this product by systematically fixing all the things that were broken about the old Twitter, keeping the good parts while adding well-thought-out improvements.
Feels like @bsky.app team is really thinking about this product by systematically fixing all the things that were broken about the old Twitter, keeping the good parts while adding well-thought-out improvements.
Over the past 12 months, China Railway has ↗️ the HSR network by 2,859 km and ridership has ↗️ by 376M trips and 130B passenger-km.
The entire Shinkansen is 2,765 km and carries ~386M riders traveling ~100B px-km.
So China Railway built an entire Shinkansen in the last 12 months.
The entire Shinkansen is 2,765 km and carries ~386M riders traveling ~100B px-km.
So China Railway built an entire Shinkansen in the last 12 months.
Indeed, just in the past 12 months, China has added the equivalent of Japan's entire Shinkansen network, both in terms of track and ridership, and even more if we factor in total distance traveled.
Chinese households are now traveling more distance on HSR on a per capita basis than Japanese ones.
Chinese households are now traveling more distance on HSR on a per capita basis than Japanese ones.
November 22, 2024 at 11:14 AM
Over the past 12 months, China Railway has ↗️ the HSR network by 2,859 km and ridership has ↗️ by 376M trips and 130B passenger-km.
The entire Shinkansen is 2,765 km and carries ~386M riders traveling ~100B px-km.
So China Railway built an entire Shinkansen in the last 12 months.
The entire Shinkansen is 2,765 km and carries ~386M riders traveling ~100B px-km.
So China Railway built an entire Shinkansen in the last 12 months.
Reposted by Glenn Luk
As the decouplers move into the White House, it’s worth noting that many citizens in middle powers favor China as their trading partner over the US.
via @ecfr.bsky.social
via @ecfr.bsky.social
November 21, 2024 at 8:29 AM
As the decouplers move into the White House, it’s worth noting that many citizens in middle powers favor China as their trading partner over the US.
via @ecfr.bsky.social
via @ecfr.bsky.social