Thoughts on the BigHit IPO and the company's current valuation?

South Korean groups usually have the spotlight for about 5 to 7 years, perhaps even lesser, or till members are about 30 years old. With the uncertainty of the compulsory National Service, the company's profit could be hit tremendously anytime.

BTS could be considered an oddball (being that successful) and it is not possible to recreate another band with similar popularity using the same efforts especially in an arts & media industry where trends are changing rapidly.

From an investor point of view, the concern of uncertainty is not assuaged by diversifying into other bands. In addition, the members' value is continuously depreciating with age. Assuming that successful band members can avoid National Service, the industry will still be very cyclical due to changing taste and preference of consumers. There will be no knowing how the company will perform in two or more decades from now and therefore not a good company/industry for a long term investment.