ckleow79

we always can find a egg which can turn to golden egg in the capital market even the PE of current market are high.

2013-10-23 20:09

kcchongnz

Tan KW has posted another good article, one written by a good independent analyst 陈金阙

Posted by ckleow79 > Oct 23, 2013 08:09 PM | Report Abuse
we always can find a egg which can turn to golden egg in the capital market even the PE of current market are high.

Questions:

1) Is the present market with PE 15-16 really high? Or may be a more appropriate description is "not cheap"? I mean this is equivalent to an earnings yield of 6-7%, which is twice you can get from the fixed income investment, albeit with some risks.

2) If ckleow79 can find a good egg, why can't Tan Teng Boo, the oracle of Bursa whose job is to do value investing and earns fat fees? I am sure there are many investors like ckleow79 who have found some many good eggs and many of these eggs have turned to golden eggs already.


3) TTB has been holding 1/3 to 1/2 of the total assets in cash for the last 5 years. Its portfolio is largely unchanged for the last 5 years. Couldn't find anything worth buying for the last 5 years? Tell me how many true value investors have made how much return for the last 5 years?

4) If one looks at the performance of NAV of icap since listing, the great performance icap in NAV happened before and up to early 2008. Since then it has been under-performing the market and the average performance of unit trusts until now. Of course we should also considered that early days great performance of TTB. But could it be some kind of temporary hot streak?

I cannot forget how capital dynamic carried out its campaign and went to the extent of putting down a major shareholder Lexey Partners last year who was trying to do something good for all the shareholders, instead of trying to look for some good eggs for icap.

One year has passed. Have the promises of capital Dynamic to icap shareholders fulfilled? This article by 陈金阙 clearly explained all.

2013-10-24 06:45

bsngpg

Where our good value has gone these days?

“陈金阙 专业财务规划师: 资本投资上市至今8年，根据今年年报所言，基金净资产值平均年成长约15%， 现在手握2亿令吉现金，端的是了不起的成绩. 不过，本人对基金经理近来频频上报，表示马股市本益比相当昂贵，希望在11-12倍本益比才出手之说法有所保留. 毕竟我们是对物有所值的公司选来买，不是买一篮子贵的市场或其指数股，而且价值投资贵在随时随地做好准备，不是等大箫条之后捡便宜货。我这属野人之见，想来陈鼎武经验丰富，必不以为然，但可一笑置之。我等也不妄想挑战天威，以标奇立异，哗众取宠。”

You claimed yourself a professional CFP, can you achieve 15% growth per annum on NAV for the last 8 years?

One can disagree with the statement but definitely should not give sarcastic remark (暗暗讽刺) to the view of people who can deliver 15% per annum for the last 8 years. You said you purchase those selected value company at anytime instead of great recession, so how is your return so far ? 15 % per year?

I am quite disappointed that when somebody with weight(you can disagree) such as Mr TTB gave free advice for the greater benefit of the public, many people do not appreciate but launching sarcastic remark or personal attach on him. Where our good value has gone these days?

2013-10-24 19:12