Including: the hipster flaws of Moleskine, and what Paul Krugman has to say about currency wars.

Good morning

The headlines:

  1. Moleskine.

    Link: not serious.

    Every time I see the name “Moleskine”, it’s accompanied by the phrase “as favored by Ernest Hemingway!”. Which isn’t exactly the most validating of validations. I mean – I’m sure Mr Hemingway also used Pepsodent to brush his teeth – and it’s not like Unilever are throwing the slogan around. Also, is the implication that all users of Moleskine should marry four times and then off themselves – but not to worry, you’ll earn a Nobel prize in the meantime?

    There’s an entry missing on the above – it’s the one for “the normal people that use a computer/tablet like normal people”.

    The ranting has been sparked by the fact that Moleskine are looking to have their own IPO, and the theoretical company value being floated around is €700 million. I searched for some more financial information, and came up with one obscure blogger’s assertion that “last year’s profit” was €28.5 million. I’d normally ignore that  – but they are a blogger for the Guardian. And if we assume that the figure is vaguely accurate, the suggested price-earnings multiple is, like, 25.

    Naturally, this makes me think that the valuation was done by a hipster using his moleskine as a calculator.

    But maybe I’m wrong – and there’s a growth angle that I’ve missed? And for those who think that a “growth angle” could be the moleskine app on Android – I’m just not sure that said hipster users are going to keep buying the app once they’ve filled the notebook with all their musings.

    Much as I can believe that hipsters will meet the challenge of filling any device with musings. However large the storage capacity.

  2. Currency wars.

    Link: still not serious.

    I don’t like to quote Paul Krugman out of context, but I’d like to quote Paul Krugman:

    “It’s not a currency war. This is monetary policy.”

    Which is the economic equivalent of saying:

    “It’s not an affair. This is a physical thing.” 

    Because where do you draw the line? And actually: this is all semantic. Because the outcome is the same.

    Someone loses.

That’s all for now.

Have a good day.