kcchongnz blog
How to identify quality growth stock: A Case Study kcchongnz
This article is written for learning, sharing and discussion purpose. It does not constitute a buy or a sell call.
Let's face it, it's hard not to be thrilled by the prospect of growth. Many investors will only invest in fast growing companies and believe that they will produce the greatest share-price appreciation. Few of them think other methods besides growth investing can produce any meaningful return. Philip Fisher of “Common Stocks Uncommon Profit” is one of the pioneers of this growth investing strategy in modern investing time.
Is growth a sure win thing in investment?
Let us look at two examples of growth companies in Bursa which I happen to know quite well to see the proposition above is true; Pintaras Jaya and London Biscuits.
Pintaras Jaya A Glowing Growth Story
Growth in revenue and earnings
Pintaras Jaya specializes in heavy foundation and basement construction works. The revenue of Pintaras grew at a compounded annual growth rate (CAGR) of 8.7% for a ten year period from RM87.4m in 2004 to RM202m in 2014. This is not a bad rate of growth but it not that great too. However, except for the year 2009 just after the US sublime crisis, its net profit grew unabated at a very high CAGR of 18.5% from RM9.9m in 2004 to RM54.2m in 2014 as shown in Figure 1 below.
Figure 1: Growth in net profit of Pintaras
Identifying a consistent profit growth company is only the first level thinking. One needs to have a second level thinking; the ability to identify what is quality growth and what is not. For this, we have to look at its cash flows, and return on capitals.
Cash flows
Table 1 below shows that there has always been positive cash flow from operations.
Table 1: Cash flow
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
|
Net income |
54,237 |
52,317 |
42,149 |
25,682 |
20,737 |
16,053 |
26,314 |
20,399 |
10,004 |
|
CFFO |
63,299 |
49,089 |
52,883 |
35,352 |
12,846 |
33,298 |
21,160 |
18,557 |
19,575 |
|
Capex |
(34,253) |
(8,494) |
(20,298) |
(30,292) |
(10,137) |
(1,581) |
(10,146) |
(11,235) |
(6,679) |
|
FCF |
29,046 |
40,595 |
32,585 |
5,060 |
2,709 |
31,717 |
11,014 |
7,322 |
12,896 |
|
FCF per share |
0.36 |
0.51 |
0.41 |
0.06 |
0.03 |
0.40 |
0.14 |
0.09 |
0.16 |
The no. of shares in 2014 is not adjusted for the 1 for 1 bonus issues
On average CFFO is higher than net profit and it is growing in tandem with net profit from RM50m ten years ago to RM169m last financial year. After capital expenses, it has excess cash, or free cash flow every year, signifying the good quality of its earnings. In fact, despite its high capital expenses in recent years due to increase in job securement, it still has high free cash flow amounting to RM30m to RM40m in the last three years. It is from this free cash flow that the company is able to pay increasing dividends from 5 sen 10 years ago to 30 sen per share last year, and still has its cash and cash equivalent and equity growing impressively as shown in Figure 2 below.
Financial health
The high growth in equity of more than 10% CAGR, after accounting for a dividend yield of about 5% a year is internally generated through retained earnings, without any cash call from shareholders, nor was there any borrowings. Its cash holding has also grown by leaps and bounds to RM151.7m, or RM2.48 per share based on the before-adjustment 80m shares as shown in Figure 2 below.
The Measure of quality of growth of Pintaras
The very reason that Pintaras is able to grow its earnings internally without resorting to cash calls from shareholders and borrowings from banks is due to its high return on capitals. Figure 3 below shows the return on equity (ROE) has been always above 10% in recent years, or its cost of equity.
ROE in fact has been trending up and it is close to 20% in the most recent years. As Pintaras has plenty of excess cash in its balance sheet, its return on invested capital, which is a more appropriate measure of efficiency, shows a much higher return on capital of 30%, more than 3 times its cost of capital, and double that of its ROIC 10 years ago.
Pintaras is clearly a company with quality high growth in profit which has been maximizing shareholder value. Investing in this type of high growth company from say 5 years ago would provide a much higher return for investors compared with the broad market as shown in the share price movement below.
Pintaras of course is not the only quality growth company which provided extra-ordinary return for investors. Others growth stocks in my portfolios like Scientex, Prestariang, CBIP, Jobstreet, Willowglen, SKP Resources, etc also provided superior return in relation to the broad market. They all have similar attributes as shown in another quality growth stock in the appended link below.
http://klse.i3investor.com/blogs/kcchongnz/56316.jsp
Other attributes of quality growth stocks are management focus on managing the companies well, rather than always appearing in the media telling the investing public how undervalued are their stocks, how they wanted to take the companies private because of the gross undervaluation etc. Most quality growth stocks also were not noticed by the investment bankers and analysts when they were small and growing. This presents good investment opportunities for savvy investors.
But are all fast growth stocks provide high price appreciation? I don’t think so. Number 1, not unless they possess some of the attributes of those quality growth stocks above. Number 2 is what the price you pay for growth is. That is the third level thinking which we will leave it to the next chapter.
London Biscuits
London Biscuits revenue grew at about 20% CAGR for the last 10 years. This growth is one of the fastest for a Bursa company. What happen to its share price performance for the last ten years?
Its share price dropped by 69% from RM2.43 ten years ago to just 76 sen at the close before this Chinese New Year. The chart above which shows its long-term return in relation to the broad market of KLSE paints a thousand words. In the last 5 years, the total return of KLSE was about 65%, but the return of LonBis was of the same magnitude, only it was the reverse, or negative return.
If you were attracted by the high growth of LonBis and its low single digit price-to-earnings ratio and bought its shares 5 years ago and hold it until now, you would have been crying all these years.
London Biscuits’ net profit did not drop but also grow. Profit growth in the last 10 years was 83% as shown in Table 2 in the Appendix. But why did the share price dropped that badly when there was a high growth in revenue and also profit growth? The answer is found in its poor return on capital.
The return on equity
Figure 4 below shows the ROE of LonBis for last 8 years. One can see the clear trend of deteriorating ROE from 13% in 2006 to just 4% the last financial year. This latest ROE is less than the cost of equity. This is a serious shareholder value destroying. How would you as an investor feel when you require a return of say 15% investing in this company with RM100000, but only made an earnings of RM4000 a year? Don’t you think you have better use of your money somewhere else?
How else do you feel when this RM4000 the share you suppose to earn from your RM100000 capital, the management tells you that it is just an accounting number, and you have to foot in more capital to buy more and more plant and machineries for the business?
I am not kidding here. Let us look at what happens to its balance sheet and cash flow the last ten years when the company is growing at that fast pace, but with such low ROEs.
Cash flows
If one looks at the cash flow from operations (CFFO) for London biscuits, he may fall in love as its cash flows appears to be more than its net earnings most of the time as shown in Figure 5 below. This seems to signify the good quality of its earnings. What is the catch?
Pay attention to its free cash flows (FCF) as shown in Table 3 in the Appendix. LonBis spent tens of millions buying plant and equipment (PPE) every year without fail. There is no cash left every year after spending on PPE. The seemingly good CFFO each year was the write back from non-cash item in depreciations of PPE; high expense in PPE resulting in high depreciation.
A thorough study of its cash flow statement also shows that the management has been focussing buying and selling of PPE, buying shares of other companies such as Lay Hong and TPC at inflated prices, and sold them subsequently at a huge loss; buying Khee San at RM1.50 and still incurring heavy losses after holding for years, all in the name of growth.
Imagine, there was already persistent negative FCF in its ordinary operations, and yet throwing tons of money making acquisitions at inflated prices and incurring huge losses.
What was the results of this poor FCF? Where to find money for paying down its debts, or to give dividends? LonBis still gives dividend, although dividend has reduced from 15 sen a share 8 years ago to just 1 sen for the last 4 years. But where did the money come from as there is no FCF?
The Balance Sheet
Figure 6 again paints a thousand words. The share capital of London Biscuits has increased by 1.4 times to RM164m from RM68m since ten years ago, and its net borrowings has also increased by 164% as shown in Figure 6 below. Yes, the meagre 1 sen dividend is your own money you had to put in to subscribe to the rights issues. How do you like to put in RM1.00 per share in rights issues and get 1 sen back as dividend? I don’t know about you, if I were a shareholder of LonBis, I would be very furious.
Is Growth a Sure Thing?
The above example on LonBis obviously doesn’t seem to show that investing in growth stocks is a sure thing. But is London Biscuits an isolated case? Not all at if you refer to some of the high growth stocks as shown in the appended link below.
http://klse.i3investor.com/blogs/kcchongnz/63777.jsp
These low quality growth companies all demonstrate the same attributes; high growth in revenue, poor cash flow, worsening balance sheet, and poor return on capitals, and management focussing on other priorities other than the interest of shareholders. There is no coincidence at all.
In a 2002 study of more than 2,000 public companies, California State University finance professor Cyrus Ramezani analyzed the relationship between growth and shareholder value. His surprising conclusion was that the companies with the fastest revenue growth showed, over the period studied, worse share price performance than slower growing firms. In other words, the hotshot companies could not maintain their growth rates, and their stocks suffered.
However, I believe if one can find a company with the quality growth attributes of some of the stocks in my portfolios such as Pintaras, Scientex, Prestariang, CBIP, Willoglen, Jobstreet etc as described above, and buys them when their share prices are not high, I see no reasons one cannot earn extra-ordinary return in the long term.
How can you identify and differentiate a quality growth stock and a shareholder-destroying growth stock? And how do you separate the chaff from the wheat? How to acquire the fundamental investing knowledge from scratch up to second level and third level thinking to profit from investing in the stock market?
If you are interested because you wish to have a good return from the stock market, please contact me at the following email address for information for a fee-based online investment course.
ckc15training2@gmail.com
K C Chong (On the 4th Day of Chinese New Year 2015)
Appendix
Table 2: Financial performance of London Biscuits
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
|
Revenue, m |
360.0 |
290.0 |
253.5 |
259.3 |
223.4 |
184.3 |
138.2 |
117.2 |
107.7 |
82.0 |
65.5 |
|
Net Income, m |
17.2 |
15.1 |
13.8 |
17.4 |
17.6 |
17.1 |
9.3 |
11.9 |
14.7 |
11.7 |
9.4 |
|
EPS, sen |
8.7 |
8.7 |
8.4 |
14.2 |
15.2 |
20.5 |
13.5 |
16.3 |
20.0 |
16.9 |
14.6 |
|
DPS, sen |
1.0 |
1.0 |
1.0 |
0.0 |
4.5 |
3.0 |
5.0 |
13.0 |
15.0 |
5.0 |
5.0 |
Table 3: Cash flow of London Biscuits
|
Year |
2014 |
2013 |
2012 |
2011 |
2010 |
2009 |
2008 |
2007 |
2006 |
|
Revenue 000 |
359995 |
289979 |
253520 |
232743 |
223434 |
184302 |
138163 |
117171 |
107740 |
|
Net Income 000 |
17312 |
15079 |
13764 |
16104 |
18066 |
17121 |
10503 |
11816 |
14686 |
|
Net CFFO |
12128 |
18452 |
50211 |
-19566 |
39043 |
27692 |
24950 |
7311 |
13764 |
|
Net Capital Expenses |
-36984 |
-13512 |
-91679 |
-13039 |
-32164 |
-13289 |
-13382 |
-30527 |
-15197 |
|
Free cash flow |
-24856 |
4940 |
-41468 |
-32605 |
6879 |
14403 |
11568 |
-23216 |
-1433 |
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Discussions
5 people like this. Showing 30 of 30 comments
can write something new ? it is Lonbisc, Pintaras.... AGAIN...
a bit sian already...
2015-02-23 17:32
anyway, give you a like, just to show that i am trying to give constructive comments..
2015-02-23 17:33
This article is a discussion about how to identify a quality growth stock and a shareholder value destroying growth stock. This is what I have mentioned in the article,
"Is growth a sure win thing in investment?
Let us look at two examples of growth companies in Bursa which I happen to know quite well to see the proposition above is true; Pintaras Jaya and London Biscuits."
So if you have feel so "sian" and you have any stock which can be better examples, provide their analysis here. Then only we can discuss about the merits of your "constructive criticisms"
Posted by fortunecheat > Feb 23, 2015 05:32 PM | Report Abuse
can write something new ? it is Lonbisc, Pintaras.... AGAIN...
a bit sian already...
Posted by fortunecheat > Feb 23, 2015 05:33 PM | Report Abuse
anyway, give you a like, just to show that i am trying to give constructive comments..
2015-02-23 22:42
Mr. KCCHONGNZ,
"人在做天在看",the fundamentals, 這就是一間公司的基本面,我認為你終於寫出投資最好的方法,這是我很久以來讀到的最好的一篇文章,感謝你對投資人不斷不斷的慈悲,不斷不斷的分享你的智慧,祝你在新的一年裡:快樂健康,洋洋得意,恭喜發財!
2015-02-24 18:38
Same old story
Leftover rice goreng again and served to you. Yummy meh ?
2015-02-24 20:22
Please read and try to understand this article is written to discuss about how to identify high quality growth stock (Pintaras)and poor quality growth (in debts and share capital)trash (London Biscuits).
These two stocks are perfect stocks which I happen to know more about to compare and contrast.
Do you have better stocks to compare and contrast with? Please show your new piping hot stocks and the analysis to compare and contrast.
Posted by fortunecheat > Feb 24, 2015 08:22 PM | Report Abuse
Same old story
Leftover rice goreng again and served to you. Yummy meh ?
2015-02-24 21:40
ks55,
I have to say that you made a right call as you have already made a decent gain from buying London Biscuits at 56.5 sen. That is the some kind of behavioral finance, or psychological investing. It is like a musical chair, the one who can guess correctly when the music will stop will make money, but the majority will be caught.
Most investors are attracted by anything "free" and easily deceived by those "private placement" at price higher than the market price. These are all mirages. There is nothing free in investment. A cake cut into 10 pieces is still the same cake of the same value.
If the value of the stock is 60 sen and I buy equal amount more from private placement at RM1, and jack it up to 90 sen, I still make money. It is easy to jack the share up from 60 sen to 90 sen as someone bought it at RM1.00. But this is a game controlled by big boys and small time retail investors as a whole group, have no chance to win. You should know some of these games.
London Biscuits doesn't worth anything. It only has a corporation option value, a value = Min (0, X). This option has no intrinsic value but a time value. My estimate of its time value is definitely far below its price of 78.5 sen now. It is even far below your cost of 50+sen. so enjoy your gain while you can.
Try use some kind of absolute valuation method such as the discount free cash flow method to value London Biscuits you will know what I mean,even if you use very liberal assumptions.
You do appear to have great trading skill though.
2015-02-25 00:37
Khee San?
Do you know about its value? I guess you don't need to as you have proven your trading skill in London Biscuits. You can make money just knowing its price.
Just looked at Khee San as highly recommended by you. This animal exhibit very very similar characteristics of London Biscuits.
Return on equity = 4%, the same rubbish as LonBis.
Return on invested capital = 2.1%, much worse than that trash LonBis. Are you happy if you put in RM1000 in a risky business and earn RM20 a year? Not me.
Cash flow from operations, ok positive but it is an illusion, the same as LonBis as Free cash flow is again negative. Always very high capital expenses, yeah, buying and selling of PPE, same modus operandi as LonBis. Same thing as LonBis, debt is the only increasing item, some more faster than that trash.
At 54 sen appeared to be cheap with PE of 7.4 but that is not the right metric to use. The right metric is EV/ebit for the firm. It has high debt and EV is ridiculously high at 28 times its earnings before interest and tax!
As a value investor, I won't touch it with a ten feet pole!
But again you may be right in its price. i don't know.
2015-02-25 00:53
LIKE. The above are very educational comments from kcchongnz with live examples from other forumer. I recommend you to read. Thks.
2015-02-25 07:21
Posted by ks55 > Feb 25, 2015 09:16 AM | Report Abuse
No harm taking small portion of your cash to polish up your trading skill at the same time making some pocket money. I always believe 買股是為了增加生活情趣, 小賭怡情, 大賭傷身
Other than making some pocket money, I love to enjoy a little bit of thrill.
ks55, I fully agree with your above statement. I do that too.
2015-02-25 09:24
Let us discuss Khee San, I go look at it and tell you what I think of this company later on. Of course, Mr. KCCHONGNZ,probably state LonBIsc and Kheesan as examples for a good reason. The market is short of money, foreigner withdrawing, future interest rate is sure to rise, just waiting for the US to do it! In my personal opinion, he probably thought that it may be good thing to look for something cheap and consumer, well it makes sense because the only thing that is good now is falling oil prices, which is giving a boost to consumer spending, well, people still need to eat biscuits especially when the economy is not so "healthy" to stay "healthy" themselves. I also strongly agree with him, we should look for smaller capital stock that are consumer related. Look at PBA, shot up very fast, can still go further, why? houses increase in Penange and technology companies propering need more water, and water is very cheap to sell, just like biscuits, which is even better, low capital commitment, fast turnover. Looking for value is based on looking for future prospect due to present development (like oil price fall and tech boom). The companies like LonBIsc and Keeshan are not new are a good thing because than we can have the opportunity to gather more information about their capabilities. But the trend to look for cheap and consumer stocks is new (whether interest rate rise or not you must still eat). Also, furniture companies might be a good buy, US real estate thriving, home-depo is reporting good results. It is also quite relevent for this year. What is relevant for this year, the direction is important, not the companies, I believe can maintain this status quote of 買股是為了增加生活情趣, 小賭怡情, 大賭傷身. Sorry for my broken english. If there is anything I express badly, it is not my intention, it is only my English fault.
2015-02-25 09:38
I banyak profit from BDB... I think will get more
As for LonBisc tu... it is now banyak beli plant and machinery itu ini... invest invest invest... so won't it one day hit its optimum level and start untung banyak???
KC, ada tak kemungkinan ni??
2015-02-25 09:53
Generally for retail investors without proven trading skill, avoid London Biscuits, Khee San, KNM, GCB etc. Read the article below and keep it for future reflection, seriously.
http://klse.i3investor.com/blogs/kcchongnz/67199.jsp
It becomes more risky now for novice investors when a reputable magazine such as The Edge starts to recommend to buy London Biscuits.
I can understand ordinary investor writing about how good is London Biscuits as many may not have not gone into details but just base on simplistic PE ratio, P/B etc, and looking into its cash flow and return on capitals and management actions etc.
But for The Edge? Quite difficult to comprehend!
2015-02-25 10:12
Posted by kcchongnz > Feb 25, 2015 10:12 AM | Report Abuse
Generally for retail investors without proven trading skill, avoid London Biscuits, Khee San, KNM, GCB etc. Read the article below and keep it for future reflection, seriously.
http://klse.i3investor.com/blogs/kcchongnz/67199.jsp
It becomes more risky now for novice investors when a reputable magazine such as The Edge starts to recommend to buy London Biscuits.
I can understand ordinary investor writing about how good is London Biscuits as many may not have not gone into details but just base on simplistic PE ratio, P/B etc, and looking into its cash flow and return on capitals and management actions etc.
But for The Edge? Quite difficult to comprehend!
Which issue was this ? To be fair, I have benefited from their insider asia stock picks or under Tong Value Investing portfolio. Most of their stock picks (value ones) are under-researched counters (some not covered by any research houses). I normally dont pay much attention to their momentum portfolio as that is all based on TA and short term. Perhaps LONDBIS falls under the latter.
2015-02-25 10:32
Noby,
Yeah it is in their momentum portfolio in the latest daily free magazine.
You notice that when you talked about Willowglen, it was just 30-40 sen. When another of our course participant Teck Chuan talked about Homeritz, it was 40+ sen. And when I started to talk about Pintaras, it was just about the adjusted price of RM1.00. When I talked about London Biscuits, it was RM1.00+.
They are all in The Edge Value Stock Portfolio recently when Homeritz is RM1.14, Pintaras RM4.30 and Willow 78.5 sen. And LonBis is 78 sen.
Who says fundamental investing doesn't work?
2015-02-25 10:44
KC,
You and I know that fundamental investing is the only way to invest. The problem is that people are easily swayed by short term returns prospects (included myself). If you ask me 2 years back, whether these stocks can reach these prices, I wouldnt have guessed it. In fact, I have bought and sold HOMERIZ and WILLOW a few times. Although it seemed like a smart move in the short term, when I look back at the bigger picture of those transactions, I realize that I would have been much better just holding those stocks from the beginning.
2015-02-25 10:54
The fact is very few people know how to calculate return. Many buy a stock, sell in short term and make some profit. Like you they repeat this process, and each time make or lose a bit. As long as the winning appears to be more than losing, they think they have done it correctly and very well. Why hold?
If they know some mathematics and finance and calculate the total internal rate of return, they will discover what you had discovered below.
"In fact, I have bought and sold HOMERIZ and WILLOW a few times. Although it seemed like a smart move in the short term, when I look back at the bigger picture of those transactions, I realize that I would have been much better just holding those stocks from the beginning."
2015-02-25 11:15
Hi KC. So for stocks like Homeriz, Pintaras, Willow which have gone up significantly, what's the right price to sell? Is there a reliable financial measuring tool(are you suggesting to use IRR?) on whether the stock is overvalued? Also does this mean that we do not sell when the stock price has gone up substantially in a very short time say due to a rerating and is in overbought position and hope to buy back when the price has retreated to a lower level?
thanks
2015-02-25 12:20
Posted by zenny > Feb 25, 2015 12:20 PM | Report Abuse
Hi KC. So for stocks like Homeriz, Pintaras, Willow which have gone up significantly, what's the right price to sell? Is there a reliable financial measuring tool(are you suggesting to use IRR?) on whether the stock is overvalued? Also does this mean that we do not sell when the stock price has gone up substantially in a very short time say due to a rerating and is in overbought position and hope to buy back when the price has retreated to a lower level?
thanks
Zenny,
Good question. Please read the link below if you are interested in my opinion.
http://klse.i3investor.com/blogs/kcchongnz/56937.jsp
2015-02-25 12:44
Hi KC, personally I like to read financial news daily mainly to keep track on any changes in business direction especially on counters that i have invested (mainly using Google search).
The reasons of selling them are:
a>The future direction of the business does not meet my original objective of buying it in the first. For example, I have bought YTLPOWR in 2006 purely for its good dividend yield. However, in 2010 the management has decided to venture into telecommunication business. I sold all my holdings around 2.40. Knowing very well telco business incurred high capex upfront and this will undoubtedly affect its ability to continue the generous dividend payout.
b>Unusual uptrend in market price within a short period without valid catalyst. Examples are Zhulian, Coastal Contracts and Marco which i have sold when share price shot up abnormally.
2015-02-25 15:59
Alphabeta,
Good points. I will add them to my list of when to sell.
Your point B is very valid in Bursa. Some syndicates may have bought the share at cheap price and they will jack up the price by all means to entice you to buy, and at the back, they harvest.
But for value investors, if they find the price has not reached or near their estimated intrinsic value, they may not sell too. That doesn't mean lost opportunity if you read Noby's experience above.
2015-02-25 16:49
Don't trust anyone here is my advise. Do they tell you when they sell when you do the buying at high price?
2015-02-25 17:14
Alphabeta, you have same view as mine. I sell YTLPower also. As for me FRancis start doing things out of his own core competency.
Then I buy YTL.....for dividend
2015-02-25 17:19
Of course there will be looser in my portfolio, like CIMB which i have bought over a period of time and my average cost is 6.24. I am not selling because company fundamental is still alright with decent dividend payout. It is a temporary setback because of lower loan growth and higher provision of NPL (still manageable). Its exposure in Indonesia which contribution significantly to its bottom-line.
Another one is Padini, which i bought recently at 1.80, I have also bought at 1.45 to averaging down the cost. As long as they are fundamental strong and will not collapse.
Don't forget these looser still paying decent dividends.
As long as you are confidently the company financial health can withstand the crisis and will not turn into PN17 status.
I am not selling but will continue to buy if the price drop to an attractive level. In the meantime, just collect dividend.
2015-02-25 17:57
Posted by donfollowblindly > Feb 25, 2015 05:14 PM | Report Abuse
Don't trust anyone here is my advise. Do they tell you when they sell when you do the buying at high price?
Anyone owes you something?
2015-02-25 18:03
I don't mind telling you that a big portion of my portfolio are currently in the REIT counter, mainly Sunreit, CMMT and YTLREIT.
My first block of Sunreit is 1 sen below IPO price of 90 sen. I continue to buy due to the fact that the promoter Sunway is a reputable developer with good track record. My average cost now is 1.15.
My favourite possessions are Uchitec and CScenic which i am still keeping till today. Uchitec is an exporter with strong R&D, customer relationship and most of all able to get pioneer status for its new product. It has gaining ground in the biotech sphere.
Value investing is like joining a marathon, the objective is not finishing the race before others, the aim is to complete the race with your objective intact. Just like a golfer challenging oneself to improve his/her handicap over time.
Wishing you all a happy and prosperous Chinese New Year, "Gong Xi Fatt Cai"!!!
2015-02-25 19:50
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
AyamTua
good for newbies start to learn.. recommended reading.
additional notes: only invest when have spare money as to not pressured to sell when things didnt happen immediately..
2015-02-23 00:40