Highlights

THE INVESTMENT APPROACH OF CALVIN TAN

Author: calvintaneng   |   Latest post: Sun, 23 Jun 2019, 2:13 PM

 

SETH KLARMAN PRICELESS WISDOM & QUOTES, With Comments & Highlights By Calvin Tan Research

Author:   |    Publish date:


Hi Guys

I like Walter Schloss, Ben Graham, Warren Buffet, Peter Lynch, John Neff & Howard Marks

MOST OF THEM CALVIN CAN AGREE 80% TO 90% OF THE TIME

BUT SETH KLARMAN IS ONE I THINK I CAN AGREE ALMOST 100%

HERE ARE EXCELLENT QUOTES FROM SIFU SETH KLARMAN

 

Value investing requires a great deal of hard work, unusually strict discipline, and a long-term investment horizon. Few are willing and able to devote sufficient time and effort to become value investors, and only a fraction of those have the proper mind-set to succeed. 
Seth Klarman 

Avoiding where others go wrong is an important step in achieving investment success. 

Seth Klarman 

Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals. 

Seth Klarman 

Investment success cannot be captured in a mathematical equation or a computer program. 

Seth Klarman 

The focus of most investors differs from that of value investors. Most investors are primarily oriented toward return, how much they can make and pay little attention to risk, how much they can lose. 

Seth Klarman 

A margin of safety is necessary because valuation is an imprecise art, the future is unpredictable, and investors are human and do make mistakes. It is adherence to the concept of a margin of safety that best distinguishes value investors from all others, who are not as concerned about loss. 

Seth Klarman 

As Buffett has often observed, value investing is not a concept that can be learned and gradually applied over time. It is either absorbed and adopted at once, or it is never truly learned. 

Seth Klarman 

Once you adopt a value-investment strategy, any other investment behaviour starts to seem like gambling. 

Seth Klarman 

Investors buy securities that appear to offer attractive return for the risk incurred and sell when the return no longer justifies the risk. 

Seth Klarman 

Investors believe that over the long run security prices tend to reflect fundamental developments involving the underlying businesses. 

Seth Klarman 



Speculators are obsessed with predicting-guessing-the direction of stock prices. Every morning on cable television, every afternoon on the stock market report, every weekend in Barron’s, every week in dozens of market newsletters, and whenever business people get together. 

Seth Klarman 

In reality, no one knows what the market will do; trying to predict it is a waste of time, and investing based upon that prediction is a speculative undertaking. 

Seth Klarman 

Successful investors tend to be unemotional, allowing the greed and fear of others to play into their hands. By having confidence in their own analysis and judgement, they respond to market forces not with blind emotion but with calculated reason. Successful investors, for example, demonstrate caution in frothy markets and steadfast conviction in panicky ones. Indeed, the very way an investor views the market and it’s price fluctuations is a key factor in his or her ultimate investment success or failure. 

Seth Klarman 

Yet if the security were truly a bargain when it was purchased, the rational course of action would be to take advantage of this even better bargain and buy more. 

Seth Klarman 

You cannot ignore the market – ignoring a source of investment opportunities would obviously be a mistake – but you must think for yourself and not allow the market to direct you. 

Seth Klarman 

Value in relation to price, not price alone, must determine your investment decisions. If you look to Mr Market as a creator of investment opportunities (where price departs from underlying value), you have the makings of a value investor. If you insist on looking to Mr Market for investment guidance however, you are probably best advised to hire someone else to manage your money. 

Seth Klarman 

Supply and demand imbalances can result from year end tax selling, an institutional stampede out of a stock that just reported disappointing earnings, or an unpleasant rumour. 

Seth Klarman 

Investors will frequently not know why security prices fluctuate. 

Seth Klarman 

Many investors greedily persist in the investment world’s version of a search for the holy grail: the attempt to find a successful investment formula. It is human nature to seek simply solutions to problems, however complex. 

Seth Klarman 

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt. 

Seth Klarman 

 

Contrary to the promises of underwriters, junk bonds were a poor investment. They offers too little return for their substantial risk. To meet contractual interest and principal obligations, the number of things that need to go right for issuers was high, while the margin for error was low. 
Seth Klarman 

We may confidently expect that there will be new investment fads in the future. They too will expand beyond the rational limitations of the innovation. As surely as this will happen, it is equally certain that no bells will toll to announce the excess. Investors who study the junk-bond debacle may be able to identify these new fads for what they are and avoid them. And … avoiding losses is the most important prerequisite to investment success. 

Seth Klarman 

I too believe that avoiding loss should be the primary goal of every investor. This does not mean that investors should never incur the risk of any loss at all. Rather ‘Don’t lose money’ means that over several years an investment portfolio should not be exposed to appreciable loss of principal. 

Seth Klarman 

The avoidance of loss is the surest way to ensure a profitable outcome. 

Seth Klarman 

The actual risk of a particular investment cannot be determined from historical data. It depends on the price paid. 

Seth Klarman 

Loss avoidance must be the cornerstone of your investment philosophy. 

Seth Klarman 

Value investing is the discipline of buying shares at a significant discount from their current underlying values and holding them until more of their value is realised. The element of a bargain is the key to the process. 

Seth Klarman 

Value investing combined the conservative analysis of underlying value with the requisite discipline and patience to buy only when a sufficient discount from that value is available. 

Seth Klarman 

Sometimes a value investor will review in depth a great many potential investments without finding a single one that is sufficiently attractive. Such persistence is necessary, however, since value is often well hidden. 

Seth Klarman 

The disciplined pursuit of bargains makes value investing very much a risk-averse approach. 

Seth Klarman 



Value investors will not invest in businesses that they cannot readily understand or ones they find excessively risky. 

Seth Klarman 

By investing at a discount, Benjamin Graham knew that he was unlikely to experience losses. 

Seth Klarman 

Because investing is as much an art as a science, investors need a margin of safety. 

Seth Klarman 

Margin of safety, by always buying at a significant discount to underlying business value and always giving preference to tangible assets over intangibles. By replacing current holdings as better bargains come along. By selling when the market value comes to reflect it’s underlying value and by holding cash, if necessary until other attractive investments become available. 

Seth Klarman 

Investors should pay attention not only to whether but also to why current holdings are undervalued. It is critical to know why you have made an investment and to sell when the reason for owning it no longer applies. Look for investments with catalysts that may assist directly in the realisation of underlying value. Give preference to companies having good managements with a personal financial stake in the business. 

Seth Klarman 

Value investing is predicated on the efficient market hypothesis being wrong. 

Seth Klarman 

Many of the forces that cause securities prices to depart from underlying value are temporary. 

Seth Klarman 

The arbitrage profit from purchasing the undervalued stock of an ongoing business can be more difficult to realise. The degree of difficulty in a given instance depends, among other things, on the magnitude of the gap between price and value, the extent to which management is entrenched, the identity and ownership position of the major shareholders, and the availability of credit in the economy for corporate takeover activity. 

Seth Klarman 

The hard part is discipline, patience and judgement. 

Seth Klarman 

Value investing is simple to understand but difficult to implement. Value investors are not super sophisticated analytical wizards who create and apply intricate computer models to find attractive opportunities or assess underlying value. The hard part is discipline, patience and judgement. Investors need discipline to avoid the many unattractive pitches that are thrown, patience to wait for the right pitch, and judgement to know when it is time to swing. 

 

Yet high uncertainty is frequently accompanied by low prices. By the time the uncertainty is resolved, prices are likely to have risen. 
Seth Klarman 

It is often said on Wall St that there are many reasons why an insider might sell a stock (need for cash to pay taxes; expenses etc), but there is only one reason for buying. 

Seth Klarman 

In fact, often there is not immediate buying opportunity; today’s research may be advance preparation for tomorrow’s opportunities. 

Seth Klarman 

And investment program will not long succeed if high-quality research is not performed on a continuing basis. 

Seth Klarman 

Because other investors disparage [Have low opinion of] and avoid them, corporate liquidations may be particularly attractive opportunities for value investors. 

Seth Klarman 

As with any value investment, the greater the undervaluation, the great the margin of safety to investors. 

Seth Klarman 

Not all complex securities are worthwhile investments. They may be overpriced or too difficult to evaluate. Nevertheless this area frequently is fertile ground for bargain hunting by value investors. 

Seth Klarman 

Risk arbitrage is a highly specialised area of value investing. Arbitrage is a riskless transaction that generates profits from temporary pricing inefficiencies between markets. Risk arbitrage, however, involves investing in far from riskless takeover transactions. Spin offs, liquidations, and corporate restructures, which are sometimes referred to as long-term arbitrage, also fall into this category. Profit or loss depends much on the successful completion of a business transaction. 

Seth Klarman 

Opportunity exists in part because the complexity of the required analysis limits the number of capable participants. Further, risk arbitrage investments which offer returns that generally are unrelated to the performance of the overall market, are incompatible with the goals of relative-performance-oriented investors. Since the great majority of investors avoid risk arbitrage investing, there is a significant likelihood that attractive returns will be attainable for the handful who are able and willing to preserve. 

Seth Klarman 

Spinoffs often present attractive opportunities for value investors. 

Seth Klarman 



Index funds will sell (spinoffs) regardless of price if the spinoff is not a member of their assigned index. 

Seth Klarman 

A simple rule applies: if you don’t quickly comprehend what a company is doing, then management probably doesn’t either. 

Seth Klarman 

More significantly, they illustrate the way the herd mentality of investors can cause all companies in an out-of-favour industry, however disparate, to be tarred with the same brush. 

Seth Klarman 

Only a number of professional investors persisted in identifying this source of value-investment opportunities and understanding the reasons for it’s existence over a number of years. 

Seth Klarman 

Financially distressed and bankrupt securities are analytically complex and often illiquid. 

Seth Klarman 

Identifying attractive opportunities requires painstaking analysis; investors may evaluate dozens of situations to uncover a single worthwhile opportunity. 

Seth Klarman 

When properly implemented, troubled-company investing may entail less risk than traditional investing, yet offer significantly higher returns. When badly done, the results of investing in distressed and bankrupt securities can be disastrous; junior securities for example can be completely wiped out. 

Seth Klarman 

Many things can go wrong, with bankruptcy investments. 

Seth Klarman 

Since no investor is infallible and not investment is perfect, there is considerable merit in being able to change one’s mind. 

Seth Klarman 

When the securities in a portfolio frequently turn into cash, the investor is constantly challenged to put that cash to work, seeking out the best values available. 

Seth Klarman 
 

My view is that an investor is better off knowing a lot about a few investments than knowing a little about each of a great many holdings. One’s very best idea’s are likely to generate higher returns for a given level of risk than one’s hundredth or thousandth best idea. 
Seth Klarman 

Investment opportunity is a function of price, which is established in the marketplace. 

Seth Klarman 

A value investor does not get up in the morning knowing his or her buy and sell orders for the day,; these will be determined in the context of the prevailing prices and an ongoing assessment of underlying values. 

Seth Klarman 

Since transacting at the right price is critical, trading is central to value-investment success. This does not mean that trading in and of itself is important; trading for it’s own sake is at best a distraction and at worst a costly digression from an intelligent and disciplined investment program. 

Seth Klarman 

The best opportunities arise when other investors act unwisely thereby creating rewards for those who act intelligently. When others are willing to overpay for a security, they allow value investors to sell at premium prices or sell short at overvalued levels. When others panic and sell at prices far below underlying business value, they create buying opportunities for value investors. 

Seth Klarman 

Investors who are out of touch with the markets will find it difficult to be in touch with buying and selling opportunities regularly created by the markets. 

Seth Klarman 

Being in touch with the market does pose dangers, however. Investors can become obsessed for example with every market uptick and downtick and eventually succumb to short-term trading. There is a tendency to be swayed by recent market action, going with the herd rather than against it. 

Seth Klarman 

The most crucial factor in trading is developing the appropriate reaction to price fluctuations. Investors must learn to resist fear, the tendency to panic when prices are falling, and greed, the tendency to become overly enthusiastic when prices are rising. One half of trading involves learning to buy. In my view, investors should usually refrain from purchasing a ‘full position’ (the maximum dollar commitment they intend to make) in a given security all at once. Those who fail to heed this advice may be compelled to watch a subsequent price decline helplessly, with no buying power in reserve. Buying a partial position leaves reserves that permit investors to ‘average down’, lowering their average cost per share, if prices decline. 

Seth Klarman 

Evaluating your own willingness to average down can help you distinguish prospective investments from speculations. If the security you are considering is truly a good investment, not a speculation, you certainly want to own more at lower prices. If, prior to purchase you realise that you are unwilling to average down then you probably should not make the purchase in the first place. 

Seth Klarman 

Many investors are able to spot a bargain but have a harder time knowing when to sell. One reason is the difficulty of knowing precisely what an investment is worth. An investors buys with a range of value in mind at a price that provides a considerable margin of safety. As the market price appreciates, however, that safety margin decreases; the potential return diminishes, and the downside risk increases. Not knowing the exact value of the investment, it is understandable that an investor cannot be as confident in the sell decision as he or she was in the purchase decision. 

Seth Klarman 



Still others set sale price targets at the time of purchase, as if nothing that took place in the interim could influence the decision to sell. None of these rules makes good sense. Indeed there is only one valid rule for selling: all investments are for sale at the right price. 

Seth Klarman 

Decisions to sell, like decisions to buy, must be based upon underlying business value. Exactly when to sell or buy depends on the alternative opportunities that are available. Should you hold for a partial or complete value realisation for example? It would be foolish to hold out for an extra fraction of a point of gain in a stock selling just below underlying value when the market offers many bargains. By contrast, you would not want to sell a stock at a gain (and pay taxes on it) if it were still significantly undervalued and if there were no better bargains available. 

Seth Klarman 

Some investors place stop-loss orders to sell securities at specific prices, usually marginally below their cost. If prices rise, the orders are not executed. If the prices decline a bit, presumably on the way to a steeper fall, the stop-loss orders are executed. Although this strategy may seem an effective way to limit downside risk, it is in fact crazy. Instead of taking advantage of market dips to increase one’s holdings, a user of this technique acts as if the market knows the merits of a particular investment better than he or she does. 

Seth Klarman 

Liquidity considerations are also important in the decision to sell. For many securities the depth of the market as well as the quoted price is an important consideration. You cannot sell, after all in the absence of a willing buyer; the likely presence of a buyer must therefore be a factor in the decision to sell. 

Seth Klarman 

If selling still seems difficult for investors who follow a value-investment philosophy, I offer the following rhetorical questions: If you haven’t bought based on underlying value, how do you decide when to sell? If you are speculating in securities above underlying value, when do you take a profit or cut your losses? Do you have any guide other than ‘how they are acting’ which is really no guide at all? 

Seth Klarman 

It is helpful to recognise that there are cycles of investment fashion. 

Seth Klarman 

The lessons of history keep repeating every day. 

Seth Klarman 

It is hard to measure (the success of) philanthropy. 

Seth Klarman 

People want something more they can’t get. 

Seth Klarman 

Investing is the intersection of economics and psychology. 

 

There is a value gene. You simply get it or not. 
Seth Klarman 

Analysis is not that hard, but how much to buy, when to buy, knowing what to do, knowing when to sell when you have made a legitimate mistake is a harder thing and you can learn through experience when you have the right psychological makeup in the first place. 

Seth Klarman 

Buying is easier, selling is harder. You can never know how big a bargain you will get tomorrow. So always keep a little in reserve. Buying a dollar for 50 cents could become 40 cents tomorrow. 

Seth Klarman 

Don’t get into bed with bad people. 

Seth Klarman 

If you put clients first then they will do fine. 

Seth Klarman 

In contrast to the speculators preoccupation with rapid gain, value investors demonstrate their risk aversion by striving to avoid loss. 

Seth Klarman 

Losing money, as Graham noted, can also be psychologically unsettling. Anxiety from the financial damaged caused by recently experienced loss or the fear of further loss can significantly impede our ability to take advantage of the next opportunity that comes along. If an undervalued stock falls by half while the fundamentals – after checking and rechecking – are confirmed to be unchanged, we should relish the opportunity to buy significantly more ‘on sale’. But if our net worth has tumbled along with the share price, it may be psychologically difficult to add to the position. 

Seth Klarman 

While it might seem that anyone can be a value investor, the essential characteristics of this type of investor – patience, discipline and risk aversion – may be genetically determined. Either you are able to remain disciplined and patient, or you aren’t. 

Seth Klarman 

A value strategy is of little use to the impatient investor since it usually takes time to pay off. 

Seth Klarman 

Human nature never changes. 

Seth Klarman 



Only when they cannot find bargains should they default to holding cash. 

Seth Klarman 

While some value-oriented hedge funds and even endowments use leverage to enhance their returns, I side with those who are unwilling to incur the added risks that come with margin debt. Just as leverage enhances the return of successful investments, it magnifies the losses from unsuccessful ones. More importantly, non-recourse (margin) debt raises risk to unacceptable levels because it places one’s staying power in jeopardy. 

Seth Klarman 

One risk-related consideration should be paramount above all others: the ability to sleep well at night, confident that your financial position is secure whatever the future may bring. 

Seth Klarman 

[In December 1995.] Bulls will patiently explain that ‘it is different this time’, pointing to low inflation, high corporate profits, increased productivity, world peace (sort of), reductions in government spending, and the like. Of course, any contrarian knows that just as a grim present is usually precursor to a better future, a rosy present may be precursor to a bleaker tomorrow. 

Seth Klarman 

[In October 2008.] Value investing is at its core the marriage of a contrarian streak and a calculator. 

Seth Klarman 

[In December 1999.] It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success. 

Seth Klarman 

[In December 1999 on the internet bubble/dotcom boom.] At the root of all financial bubbles is a good idea carried to excess. 

Seth Klarman 

[In October 2007.] As value investors, our business is to buy bargains that financial market theory says do not exist. 

Seth Klarman 

[In October 2008.] A highly leveraged financial system is always to some degree a house of cards, vulnerable to a small crack in an obscure part of the foundation. 

Seth Klarman 

[In May 2010.] Never stop reading. History doesn’t repeat, but it does rhyme. 

Seth Klarman 

 

Calvin comments:

THE STORE OF WISDOM IN SETH KLARMAN MADE HIS WRITTINGS SO VALUABLE. PAST COPIES OF KLARMAN BOOK ON MARGIN OF SAFETY NOW SOLD AS HIGH AS RM3,000 PER COPY ON EBAY
 

Share this

  Be the first to like this.
 
calvintaneng Calvin comments:

THE STORE OF WISDOM IN SETH KLARMAN MADE HIS WRITTINGS SO VALUABLE. PAST COPIES OF KLARMAN BOOK ON MARGIN OF SAFETY NOW SOLD AS HIGH AS RM3,000 tO rM4,500 PER COPY ON EBAY

https://www.amazon.com/Margin-Safety-Risk-Averse-Strategies-Thoughtful/dp/0887305105
20/05/2019 9:03 PM
calvintaneng investors are all too often lured by the prospect of instant millions and fall prey to the many fads of Wall Street. The myriad approaches they adopt offer little or no real prospect for long-term success and invariably run the risk of considerable economic loss - they resemble speculation or outright gambling, not a coherent investment program.

But value investing - the strategy of investing in securities trading at an appreciable discount from underlying value - has a long history - has a long history of delivering excellent investment results with limited downside risk. Taking its title from Benjamin Graham's often-repeated admonition to invest always with a margin of safety, Klarman's 'Margin of Safety' explains the philosophy of value investing, and perhaps more importantly, the logic behind it, demonstrating why it succeeds while other approaches fail.

The blueprint that Klarman offers, if carefully followed, offers the investor the strong possibility of investment succeSS
20/05/2019 9:05 PM
qqq3 calvin...I though u are talking about Darth Vader.
20/05/2019 9:31 PM
(US/CHN trade war doesn't matter) Philip Your idea of margin of safety is very very flawed. Like 1950's flawed.

I prefer Charlie munger, Seth klarman, Warren buffet, Peter Lynch concept of margin of safety.

There has to be a context to every story.

Amazon was picked up by brk because of a margin of safety, where there monopolistic nature of first movers provide a rock solid fortress of growth into the future.

Seth klarman buys eBay even though the price asked was 6x book value ( something none of your stocks was ever considered), because you only buy cheap stocks of horrible businesses selling below book value. Every. Single. Time.

As for Peter Lynch, he does the exact opposite of what you always espouse: I repeat his words here.

"If I could avoid a single stock, it would be the hottest stock in the hottest industry, the one that gets the most favorable publicity, the one that every investor hears about in the car pool or on the commuter train—and succumbing to the social pressure, often buys.”

This is exactly you and your o&g pump and dumps, stocks that yoyo up and down so often that when it stops, you realize it never went anywhere.

Please stop repeating other sifu words as if they were your own, because like your Christianity, you never practice what you preach.

A broken clock gets it right twice a day.

Someone who promotes 50 stocks ( but buys nothing) and a new one every week, but doesn't say when he bought, how much he bought and when he sells, will always have a few stocks he gets right so he can promote and fool more clients.

Shame on you. At least keep a portfolio of your trades, so we know how you really perform over time ( including buying and selling).
20/05/2019 9:32 PM
calvintaneng Hahaha!!

So stupid indeed

Calvin bought and promoted oil and gas stocks BEFORE they turned into hot stocks

1. Promoted Carimin at 39.5 sen

2. Promoted Naim at 50 sen

3. Promoted Azrb at 34.5 sen

4. Promoted Lafarge at Rm2.25

And now Calvin promoted Uzma when it was only 80 sen

Uzma at 80 sen has NTA over Rm1.50 giving huge margin of safety

All take note here

Uzma

Utterly

Zealous

Mastering

All
20/05/2019 11:02 PM
calvintaneng See sorchai Philip promoted QL = Quickly Lock up at near Rm7.00 with no Margin of Safety

Now got stuck
20/05/2019 11:17 PM
calvintaneng And qqq3 bought Sendai above 70 sen with no Margin of Safety.

Now in danger of cash call
20/05/2019 11:18 PM
calvintaneng Always buy a stock when it is selling below intrinsic value with high margin of safety
20/05/2019 11:19 PM
qqq3 what is intrinsic value??

https://klse.i3investor.com/servlets/forum/600207173.jsp
20/05/2019 11:23 PM
(US/CHN trade war doesn't matter) Philip You sad sad man. Are you sure you know how to invest? Or are you one of those short term traders running around recommending everything, but doesn't know how to do long term investing? When I say I have held QL since 2009, I know for a fact it is one of the most stable companies in bursa, with high margin of safety, and little chance of a share price collapse ( even at pe50.)

But can't blame you, with a history of promoting protasco, perisai, talamt, karambunai, asianpac and many many more, you don't know anything better.

I am sure of one thing, you don't make much money from stock market.

Your main source of income would probably be from sgd/MYR currency drop, buying property in JB when it was cheap, and not having any wife and kids that you need to spend money on.

Yeah and probably cheating innocent people of their money and hustling then to buy stocks where you pump and dump them. The long line of aggrieved investors follow you wherever you go. Do you know why they are upset with you?

If everyone who knows you long enough knows you are a fraud and fake, then what more needs to be said?

Enough. Fake investors will be fakes.

Have a good wesak day. I have decided you are a waste of my time. And you will never ever be a good investor.( Your mindset is too rigid and unyielding. You probably never apply what you read, but find the text to fit your bias.) Good luck.


FYI my 10 year returns from QL has eclipsed all your stock recommendations ever. And I compound my returns by reinvesting in a small amount of companies. I have very few good ideas, but my 6 companies have never made a loss yet. That is rule 1.
20/05/2019 11:36 PM
calvintaneng So stupid to admit now you only have 6 companies
20/05/2019 11:39 PM
calvintaneng How to teach others when you are like a frog inside a well?
20/05/2019 11:39 PM
calvintaneng Sifu Peter Lynch has bought and sold over 2,000 stocks. Some more than three or four rounds in their cycles
20/05/2019 11:41 PM
calvintaneng Calvin already paid for one son education in Australia over Rm1 millions in cash
20/05/2019 11:41 PM
calvintaneng And this wonderful year of oil and gas bull run Calvin and buddies already made 200% ...beating Sifu OTB at 100%
20/05/2019 11:43 PM
calvintaneng Why you missed these Calvin Chun Chun buy calls

Super Enterprise
Kulim
Tmakmur
Weida
The store
Daiman
Lafarge cement
Naim at 50 sen
Carimin at 39.5 sen
Azrb at 34.5 sen
Pohuat at 35 sen
Pm Corp at 7 sen after cash payout
Mfcb at Rm1.80
Ajinomoto at Rm2.50

Oka at 35 sen

Muda at 32 sen
Ytl cement at Rm2.40
Mtd infrar at 72 sen
So many others taken private
20/05/2019 11:50 PM
qqq3 calvin....when bear market comes its not those who bought at the top who only lose.....its those who keeps buying cheaper cheaper because they keep getting their intrinsic valuations wrong who die until father mother cannot recognise.
21/05/2019 12:02 AM
calvintaneng Quack is really quack

Calvin told all to buy Naim and others when cheap

Then Calvin also gave out 2 very very strong sell calls in April because T3 turning T2.

And to sell into euphoria

Everyone of Calvin's friends received personal whataspp warning twice.
And also warnings in i3 forum to sell into euphoria

Those who listened are sitting on 100% to 200% profits

Now Calvin only give Chun Chun buy calls on prospective potential stocks with catalysts
21/05/2019 12:15 AM
qqq3 hahaha...u think today only I know u meh?? calvin??
21/05/2019 12:21 AM
calvintaneng So what?

Calvin already said KcchongNz is best and you qqq3 is the worst of all ini3
21/05/2019 12:40 AM
qqq3 me? Tan KW is promoting quality first.... that makes me proud
21/05/2019 1:23 AM
qqq3 next even kc will be promoting quality first..... u think that day will come?
21/05/2019 1:24 AM
calvintaneng That day?

Since day one I came to i3 forum KcChongNz already promoted quality first

And since day one you are the PLP King
21/05/2019 1:31 AM
4444 Quality stock is Dayang? Why need RI & PP?
21/05/2019 1:39 AM
calvintaneng Dayang?

Calvin bought Naim at 50 sen when Dayang was 68 sen

Sure Calvin will also buy some dayang if the price is right.

Quality is no use if price of dayang was over Rm1.70 just like sorchai chasing QL near Rm7.00

And if Dayang should drop because of RI and PP then bargain value will emerge

Question is

How much Dayang should drop before it becomes attractive to Calvin?

For tomorrow the best buy will still be Uzma as May and August Results of 2019 expected to be good
21/05/2019 1:49 AM
5354_ KC problem is his buying price.
21/05/2019 1:52 AM
calvintaneng 5354_

Dayang might go down temporarily but since Petronas is still in Top 30 holders of Dayang it should survive

Tired already

Good night

Zzzzzz,,,...
21/05/2019 1:57 AM
3iii calvintaneng is conflicted.
21/05/2019 8:10 AM
calvintaneng With China-USA trade war ongoing there is one superb furniture export stock with extra edge

Which is the best furniture export stock to buy now?

Not jaycorp

Then which one?

Get to know it first

THE flow of information precedes the flow of wealth
21/05/2019 8:11 AM
3iii There was a pitiful chap I had interacted in investlah for years.

He was the champion of deep value investing. By the time I joined investlah, this chap was already a star amongst his followers, including raider.

He changed his avatar a few times over the years. His initial profitable recommendations eventually soon faded and his performances were lack-lustre, even disastrous subsequently. Soon, he disappeared from the forum.

In one of his earliest post, he posted to his "friends": "I was a newbie and I lost money then. Now I am smarter. We will earn money from the newbies in this forum." Not exactly those words, but the meaning is clear.
21/05/2019 8:17 AM
calvintaneng 3iii is the joke in investlah

NO use telling those gamblers in invest lah about your grandma dutchlady at rm46. 00 bought years ago with only a few lots

What people need is undervalue Dutch baby at rm4. 00

Not Dutch lady overpriced above rm46. 00

So outdated that invest lah forum is now permanently damaged

Investlah in 5 years has dropped from 1000 to over 1 million position now with almost no business left

Now you are doing your damnable old overvalued recommendations of fossilised stocks with nothing good or new

Calvin gave out chun chun buy calls


Carimin at 39.5 sen
Naim at 50 sen
Azrb at 34.5 sen
Lafarge cement at Rm2. 25. Now taken private

What we need is not past glory. We need good recommendations now.

We live in the present, not in the past.
21/05/2019 8:45 AM
calvintaneng This month only some good oil and gas company will report good good results
21/05/2019 11:30 AM
calvintaneng Howard Marks is concerned for the present status and result only

Not the past
Not even future results

It is the present performance that counts!!
21/05/2019 11:31 AM
calvintaneng For this month of May 2019

All shares will give poor results with some exceptions

Only 2 classes of shares might give better results are

1. Oil and gas companies
2. Export furniture stocks that have operations in Vietnam

THE rest will be weak or mediocre at best
21/05/2019 2:16 PM
10bagger10 Calvin sifu, why need to have operation in vietnam?
21/05/2019 3:12 PM
calvintaneng 10baggar10

Pohuat expanded furniture manufacturing to Vietnam for 2 reasons:

1. There is still lots of forest in Vietnam for good quality timber

2. Vietnam workers are highly skilled with lower cost. So Pohuat makes higher quality export furniture in Vietnam compared to cheap furniture in Malaysia

3. As US-China trade war going on in earnest more furniture importers from USA has gone to Vietnam to source their supply

So Pohuat's profits will be exceptional compared to jaycorp, liihen, latitude and others

Pohuat will be the no. Champion for exporting furniture company in Malaysia
21/05/2019 5:05 PM
calvintaneng Losing money, as Graham noted, can also be psychologically unsettling. Anxiety from the financial damaged caused by recently experienced loss or the fear of further loss can significantly impede our ability to take advantage of the next opportunity that comes along. If an undervalued stock falls by half while the fundamentals – after checking and rechecking – are confirmed to be unchanged, we should relish the opportunity to buy significantly more ‘on sale’. But if our net worth has tumbled along with the share price, it may be psychologically difficult to add to the position.
Seth Klarman
24/05/2019 1:32 AM


 

357  292  521  747 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 HSI-C5P 0.34-0.035 
 HSI-C5J 0.255-0.045 
 HSI-H6Q 0.30+0.035 
 ARMADA 0.210.00 
 SUMATEC 0.010.00 
 FOCUS 0.16+0.015 
 SAPNRG 0.315+0.005 
 LAMBO 0.065+0.005 
 BJLAND 0.195+0.005 
 REACH 0.195-0.015 
Partners & Brokers