This is an update as to why we have been very quiet over the past several months. Sir Wenger spoke a bit about this at a recent ceramah held in Balai Rakyat Rembau.
Before the ceramah started, the audience listened to the following.
Date: 23:59 Rembau Standard Time, 11-March-2021
Dear Ladies and Gentleman,
If the critics say that our struggle against Big Tech was is as likely as succeeding as the chances for Felda Rembau FC winning the Champions League , then today we have an important update to make:
Felda Rembau FC has just won the second division of the smallest of the smallest Farmer leagues that feeds into earliest of the earliest qualifications stages towards the championship.
While still in a test phase, we have developed something in the R & D phase that took almost 1.5 years of active development. However the results are very promising.
We cannot reveal too much because Big Tech is a formidable enemy, with trillions of market cap, billions of dollars and cabals to overcome us.
All we can reveal is this:
This is the income statement for JP Morgan as shown by a Big Tech company over here.
It says that total revenues are $115.6 billion for 2019 and the interest expense is presented below the line item and shown as $26.8 billion for 2019.
Actually this is misleading because the total revenue of $115.6 billion is net of interest expense. That means that interest expense has been deducted from the this presentation. It comprises of Non Interest Income of $58.3 billion and Interest Income Net of Interest Expense of $57.2 billion. The actual Interest Income Net of Interest Expense of $57.2 billion was arrived by taking Interest Income Operating of $84.0 billion and substracting, you guessed it, the Interest Expense of $26.8 billion!
So a presentation with the first line item showing Interest Expense of $26.8 billion does not convey the actual income statement. It is highly misleading because a reader who sees the first line item of Total revenues of $115.2 billion may think that you would need to subtract interest income of $26.8 billion from this in order to arrive at the Profit figure when it has already been subtracted!
As a digression, this form of presentation is called “Interest based revenue” presentation, which is favored by banks.
Apart from that any user of the Big Tech for financial news is faced with a conundrum. Big Tech reports total revenues as $115.6 billion for 2019 but if you read JP Morgan’s financial statements you are confronted with this?
Situation One: JP Morgan reports revenues as $115.6 billion
Situation Two: JP Morgan reports revenues as $118.7 billion.
So here we have two figures for total revenues – $115.6 billion and $118.7 billion. Is JP Morgan guilty of “misinformation” and should be “cancelled by the Woke Mob?”
Actually, if you go through JP Morgan’s presentation you will see that the figure they use more often than not is the $118.7 billion. Readers who went through our explanation over here will understand that there is nothing inconsistent with the two figures and we recommend that $118.7 billion should be used for comparable basis and that JP Morgan should not be cancelled by any overzealous cancel culture devotees.
And as you can clearly see, you will not be able to arrive to the Net Income figure based on the information provided by Big Tech. So it really is limited in an ability to make any proper projections by analysts.
But the question is whether we can do better?
Can a small, tiny Rembau FC fight the massive Barcelona?
Can we defeat the evil Googlag and save the Ninth Dimension?
Our answer is: