Business Sense in Fundamental Value Investing (FA) kcchongnz

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Business Sense in Fundamental Value Investing (FA) kcchongnz

kcchongnz

Publish date: Mon, 12 Dec 2016, 03:17 PM

In my article, “Dear Mr. Koon” below,

http://klse.i3investor.com/servlets/forum/600110836.jsp

Someone posted this comment, in fact, a number of other similar comments, in the thread.

[Posted by stockmanmy > Dec 4, 2016 02:15 PM | Report Abuse

and his FA alone can survive in the KLSE jungle...?....that is pure misleading]

In my article, I have used common FA business sense, and not a single financial ratio, and decided to sell off almost all the existing shares in a RM18.4m portfolio, and would save RM10m by doing so.

In fact, stockmanmy has written a number of articles, and many other comments in other threads, implying the same message, that fundamental analysis (FA) is of no use, has no business sense, and misleading, and only his vague “business sense” is the Holy Grail in investing. I still have no idea what his “business sense” is.

My FA alone cannot survive in the KLSE jungle? Well, I have rebutted him in my recent article here,

http://klse.i3investor.com/blogs/kcchongnz/111441.jsp

I have reminded him about my experience as published in i3investor four years ago, with this poser,

[“How did he conclude that I, “using FA in investing, can’t survive in the KLSE jungle”, despite I have given ample evidences with my two established portfolios which have yield more than 100% in the past three years, and another more than 40% now in the past one year?

http://klse.i3investor.com/blogs/kcchongnz/98798.jsp”]

Besides, I have also showed him our recent investing experience of earning an average of 10.5% in SGX and HKSE, using the same FA investing strategies and doing it at home, while the broad market in SGX have gone up by only 2.7%, and Bursa flat, during the same period.

http://klse.i3investor.com/blogs/kcchongnz/111441.jsp

FA alone cannot survive the KLSE jungle? Where is your evidence? In here, I will like to tell you that without FA, you can’t survive in Bursa. In fact, not only you can’t survive in KLSE, you will be slaughtered big time, with documented evidences I have been sharing publicly in i3investor since a few years ago.

Here, I would like also to tell you, proper FA is filled with common business sense!

FA treats investing in a stock as akin to investing in a part business

FA practitioners treat buying stock is akin to investing in part of a business. He must understand the language of business. To understand the business, he must know how to read financial statements and annual reports, which convey to him how the business is doing. Better still if he can use FA to carrying some valuations and compare the price and value of the companies.

FA practitioner has the business sense of investing in a business, rather than a share certificate. He understands the price and value relationship of a stock and the business it is in. He knows that the value of a company is the sum of all future cash flows discounted to the present value, and not overly excited about a quarterly report, whether there is more profit or less compared to other quarters.

Take for example, Hevea reported lower profit of RM20.27m in 1^st quarter results ended 31^st March 2016 compared to the preceding quarter of RM25.7m. Its profit dropped again in the subsequent quarter to RM15.16m. Its share price dropped to a low of RM1.05 on 30^th August 2016 from about RM1.20. It closed at RM1.44 on 9^th December 2016. With the 2.6 sen in dividend paid, speculators of chasing quarterly growth would have sold and missed a profit of 40% keeping Hevea for four months.

http://klse.i3investor.com/blogs/kcchongnz/104613.jsp

FA practitioners are attentive to cycles

True FA practitioners remember that just about everything is cyclical. Nothing goes in one direction forever. Trees don’t grow to the sky. Few things go to zero.

With this common business sense, one would not buy Latitude Tree at RM8.00 at the end of last year when it was heavily promoted. I have explained it in the link below,

http://klse.i3investor.com/blogs/kcchongnz/80034.jsp

And it may be unwise to sell it now at less than RM5.00 with its still excellent results as shown in the last four quarters, with EPS of 79 sen, a healthy balance sheet, and abundant cash flows.

With the common FA business sense of cyclical and mean reversion, one may not sell Haoi at about RM2.00 about a year ago. It is now trading at RM3.77.

http://klse.i3investor.com/blogs/stock_pick_challenge_2013_2h/34285.jsp

FA is indifferent to “Freebies”?

FA practitioner possesses the common business sense that there is nothing free in this world. Nothing can be created from the sky. Hence, he finds nothing exciting about all those corporate exercises such as bonus issues, share split and “free” warrants. It is just like a whole cake cut into 10, 20, or 30 pieces, it is still one cake. In fact, these corporate exercises can even be viewed as shareholder value destroyers, as companies spend money engaging investment bankers to carry out those exercises.

Just look at EAH, and Vivocom, these two serial culprits carrying out those exercises, 6 corporate exercises in 4 years, and retail investors and speculators chased the stock prices sky high, and dropped badly subsequently, and most lost huge amount of money in short period.

http://klse.i3investor.com/blogs/kcchongnz/106438.jsp

Recently victims include Gadang, with its share price closed at 91 sen on 9^th December 2016, or a pre-adjusted price of RM2.40. Speculators without FA common business sense lost 27% in less than a month chasing to buy it at RM3.30 after the announcement of bonus, share split and free warrants.

FA emphasizes on Cash flows and free cash flows

In fact, FA practitioners have good business sense would not be too simplistic just looking at Gadang’s earnings which appeared to be very good. He would become cautious and unlikely to chase the share price above RM3.00 when seeing its negative cash flows from operations for the same period.

Looking at cash flows, which many speculators and investors alike have no interest on, makes huge amount of business sense for most FA practitioners. It is in fact, common sense. What is the purpose of investing in part of a business, if not for getting real cash in return, rather than accounting earnings?

If you focus on this common business sense of cash flows, you would had avoided buying KNM, a high flyer, with many institutional investors, local and foreign caught big time. Its share price has dropped from over RM10 per share less than 10 years ago, to just 33.5 sen now. with simple FA business sense, one wouldn’t be touted by professional analyst to buy this lemon at 55 sen a year ago.

http://klse.i3investor.com/blogs/kcchongnz/89007.jsp

If you have the common business sense and realize that despite London Biscuits consistent and increased profit, but also consistent negative free cash flows, you would never had bought it at its peak of RM2.57, and suffered heavy losses now at 72 sen.

http://klse.i3investor.com/blogs/kcchongnz/60180.jsp

Same for Guan Chong Berhad,

http://klse.i3investor.com/blogs/kcchongnz/45373.jsp

FA avoids Hypes, rumours, fads and hopes

FA practitioner, with business sense, would never invest based on hopes, hypes, rumours and fades. He would never invest in a company like Hibiscus; hope of the opportunity to strike oil big while other bigger international companies are denied of that opportunity. Shareholders of Hibiscus who have bought the share at its peak at RM2.70 less than three years ago would have lost their pants and underwear when its share price dropped to 16 sen at the beginning of this year.

http://klse.i3investor.com/blogs/kcchongnz/86227.jsp

Its share price spike up again recently due to its “big profit” of RM80.3m in the recent quarter. You know what? RM11m is “Unrealized foreign exchange gain”, and RM72.8m in “Taxation” make up the illusionary “profit”.

A FA practitioner would understand what those “profits” are and would never have chased those stocks from 16 sen to 31 sen now. Only those with no cow sense will.

FA practitioner would never invest in other hopes rumours and hypes like Smartrack, MP Corp and Asia Media Group which have lost more than 90% of their values.

http://klse.i3investor.com/blogs/kcchongnz/45373.jsp

FA focus on the right thing, return on capitals

Many speculators laugh at FA practitioner about focussing on return on capital, of course without having the basic business sense in investing. They only emphasize on earnings growth and propagate this as the Holy Grail in investing. First of all, growth is only an expectation, and will the future outcome the same as expectation? Most research has shown that the outcome was way below expectations.

What is the point of chasing growth, by issuing more shares and borrowing more every year, when the return on capitals is consistently below the costs of capital? FA practitioner knows that is a shareholder destroyer, because they have the simple business sense.

Just look at the faith of these companies with high expected growth, or “hope of growth”, which were darlings of the market a few years ago; KNM, London Biscuits, Guan Chong, Asia Media, Smartrack, Hibiscus, etc.

http://klse.i3investor.com/blogs/kcchongnz/63777.jsp

Almost all of them have lost more than 80% since three years ago when I wrote about them. Having FA knowledge, and hence business sense would have saved you huge amount of money not to invest in them, when everyone, analysts and investment bankers included, asking you to buy.

Why do they continue to ridicule FA practitioner of not having business sense?

FA shun the deadly red chips

FA practitioner read annual reports and analyse financial performance of companies before investing. However, they just ignore any red chip company, because he has the strong business sense that those reports were just unreliable, and filled with financial shenanigans.

http://klse.i3investor.com/blogs/kcchongnz/45373.jsp

CSL, a red chip, lost more than 90% of its share price since I discussed about it in the above thread three years ago. XingQuan is also a classic example as shown in the thread below,

http://klse.i3investor.com/blogs/kcchongnz/110836.jsp

FA practitioner has huge amount of business sense, as you can see.

FA is mindful about analysts’ reports

This was a recommendation of an analyst/fund manager to buy KNM at 57 sen on August 3 2015.

“Dear Investor

With legacy issues resolved, KNM is now on a stronger footing to bid for bigger projects. We are sanguine on KNM's plan to go big into renewable energy where the recurring earnings have better visibility. KNM is currently trading at FY16 PER of 7.7x, at 41% discount to average Malaysia O&G PER of 13x. KNM share price has retraced to a bargain hunting level. Hence, we have a Trading Buy call.”

Its share price has dropped further by 41% to 33.5 sen now, from an already very low level, in just over a year. How low more the share price can go down? Likely some more.

Have all the “legacy issues” resolved, by the same management? Wasn’t this “renewable energy” a hype? Wasn’t that earnings in the PER an illusion and the wrong thing to focus on? Isn’t comparable industrial PER also a wrong thing to focus on when the capital structure of KNM is so different, with huge amount of debts and poor quality assets?

True FA practitioner with good business sense would also have avoided buying London Biscuits as touted by an investment bank here, “LonBis has registered 12 consecutive years of profitability”

http://klse.i3investor.com/blogs/kcchongnz/60180.jsp

FA practitioner would know this “profitability” was shareholder destroyer with continuous issuance of shares and increased borrowings and earned return much lower than the costs of capital, with a return on equity of about 4%, consistently over the last few years.

On November 18, 2015 CIMB Research published a 26-page very bullish report about Vivocom ("Unleashing the Giant"), and fixed its target price at RM 0.72, or an adjusted price of RM0.25. It “accidentally” released another recommendation to buy Vivocom with a target price of 62 sen just a couple of weeks ago,

http://klse.i3investor.com/blogs/kianweiaritcles/110342.jsp

Wow, unleashing the giant!

MIDF Research also produced a rosy report of Vivocom less than two weeks ago, like this,

[Recommendation. We reaffirm our BUY recommendation with an adjusted TP of RM0.40 (from RM0.63) per share based on discounted cash flow (DCF) with WACC of 7.4% and share split.

Source: MIDF Research - 30 Nov 2016]

http://klse.i3investor.com/blogs/midfresearch/110536.jsp

Vivocom’s share price closed at 15.5 sen on 9^th December 2016. When can it rise to 60 sen, or 40 sen?

Clearly a true FA practitioner with business sense, won’t buy those stories. It is common sense; Heads of Agreements are not secured contracts.

http://klse.i3investor.com/blogs/purelysharing/107442.jsp

And what, a WACC of only 7.4% for a company with no record of profitability? for me, I may use 15%.

I would like to add that even if Vivocom has the huge secured contracts, a margin of 15% as suggested by someone is way too optimistic in a dog-eat-dog construction world. Tell me, who would promise you huge contracts when the construction company has no proven track record in execution, and if your price cannot match others? Got Santa Claus in Bursa ke?

A FA practitioner with business sense would just avoid a management who, instead of focussing on the business, play around with its shares and try to jack it up. It has nothing to do with business.

http://klse.i3investor.com/blogs/kcchongnz/106438.jsp

FA and the common sense of “If something too good to be true, it probably is.”

FA practitioner thrives by searching for value versus price in his investment. With good business sense, he is also wary about a big fat frog jumping around (same meaning as above).

http://klse.i3investor.com/blogs/kcchongnz/80930.jsp

With FA knowledge in how to read the financial statement of Asideon with consistent losses every year, he could see Asideon warrant, selling huge discount to the underlying share, present clear and present danger, and would not engage in this risky game of risk arbitrage of Asideon warrant.

Punters, without any business sense, lost their underwear by doing so.

Conclusion

Many people ridicule FA practitioners, saying they have no business sense. What is their basis of saying so? I have shown you documented records how FA practitioners can make extra-ordinary returns over mid to long-term, and even in short-term. Most of all, I have just shown you using the business sense in FA, one can avoid losing big time in the stock market, with all the documented records.

“If you don't lose money, most of the remaining alternatives are good ones.” Joel Greenblatt

For individual investors, it is best to take care of the downside first and let the upside takes care of itself. Guard yourself against risks. Using some common business sense in FA, this should be the golden rule in investing. Without the common business sense in FA, I doubt one can survive in Bursa, or in any stock market.

KC Chong (ckc13invest@gmail.com)

Discussions

19 people like this. Showing 50 of 216 comments

sostupid

I know what is a business sense: non of you have not stated the real answer to what is Mr. KYY's kind of business sense, he is a Genius who made a lot of money from the kind of business sense he is talking about. Let KCCHONG tries to understand Mr. KYY's kind of business sense by explaining it himself. What is the business sense KCCHONG for example for Mr. KYY? Can you explain it. Just like we already understand your business sense from the standpoint of a customer: we have business sense when we understand that you are trying to sell FA learning to your customers. A customer can have business sense too so does the seller or so call FA promoted by understanding the buyer's motive. Do you have business sense by understanding what Mr. KYY wants and what is Mr. KYY's business sense, can you explain it. He knows you want his money by giving him poor advice, so did he do, he gives you money to teach you by giving you back good advice to the person who want to use him. ok! Can you explain what is Mr. KYY's business sense right now? Could you please explain it for everyone of us?

A business sense for a seller is to understand the buyer's motive?
What is Mr. KYY's motive? Can you explain it for us all?

2016-12-14 11:27

3iii

<<<<Posted by tksw > Dec 14, 2016 09:17 AM | Report Abuse

KLCI King, if I were to choose a sifu for my son, one of them will be KCChong sifu. by the way, you got any published articles or not? Let me read read, see can be a real sifu or not?>>> Yes, agree totally. :-)

2016-12-14 11:34

tksw

sostupid sifu, common sense tell me KYY tok this sense that sense to drive down Gadang. Why not tok Xing Quan as this is a far more educational for wha he so call stupid losers in stock market.

2016-12-14 11:35

kcchongnz

Posted by KLCI King > Dec 14, 2016 12:48 AM | Report Abuse
Agreed with Risk Rider, too much talking & KC is now busy showing off his writing skill & trying to prove he is the one should be regarded as the best SIFU in i3, and how he is far superior than anyone else, in writing articleS.

Writing to share my investment philosophy, methodologies and strategies is "busy showing off his writing skill & trying to prove he is the one should be regarded as the best SIFU in i3, and how he is far superior than anyone else, in writing articleS."?

Really ah? So free and have nothing else to do?

Listen to what this gentleman said,

Posted by tksw > Dec 14, 2016 09:17 AM | Report Abuse
KLCI King, if I were to choose a sifu for my son, one of them will be KCChong sifu. by the way, you got any published articles or not? Let me read read, see can be a real sifu or not?

2016-12-14 11:37

tksw

what he has is not "business sense", he is privy to certain information by virtue of his richness/posisition/connection/relationship that are not normally avaiable to the public.

2016-12-14 11:38

KLCI King

When you write an article for free, what can you expect? All praises? All positive comments? More subscribers for your services?

What is the basic qualification/rules to comment?

Only those give praise do not need any, but those give negative comments must have written few articles then only can comment? What a world!

2016-12-14 11:39

tksw

he knows the business risk of a construction business, why not emphasize on it when challenged ppl to buy Gadang?

2016-12-14 11:40

KLCI King

That's why KC never replied my comment until someone else do it, so he can refer to what others said & he can claim he never said it.

2016-12-14 11:42

tksw

FA dun study business risks meh? FA dun think about business prospect meh? FA dun check competitiveness of a business meh? FA totally dun analyse strength and weaknesses of a company and its management meh?

2016-12-14 11:43

KLCI King

For tksw, he knows only "TRADING" in Gadang, nothing else, what else he knows about value investment? Everyday ding dong at Gadang only. And yet KC you refer his comment.

2016-12-14 11:44

3iii

Post removed.Why?

2016-12-14 11:44

sostupid

KLCI King: This is the first time I am seeing people writing the smartest comments that I have ever read in my life, what do you always do, so that you can create such heavenly intelligence.

2016-12-14 11:46

KLCI King

KC, you write articles for your own business purposes, that's your choice, please don't try to say you do it for free.

2016-12-14 11:47

sostupid

tksw: may I ask you and could you please tell what do you prefer: to be screwed or to screw by FA or something silly funny looking like a oster?

2016-12-14 11:49

KLCI King

To be fair to you, Mr KC, the following will be my comments for newbies:

I do think that many newbies who have NO or LITTLE knowledge about accounting & financial reporting, it is advisable to learn FA.

Business owners will only want to know how much cash in hand & how much cash can be generated later. None of them will look at stock price charts to make business decision.

Think investment as business, not instrument to make quick cash.

2016-12-14 11:55

kcchongnz

Posted by KLCI King > Dec 14, 2016 11:44 AM | Report Abuse
For tksw, he knows only "TRADING" in Gadang, nothing else, what else he knows about value investment? Everyday ding dong at Gadang only. And yet KC you refer his comment.

Don't you find tksw's comments here very logical and full of common sense?

It is not because his comments agree with me. It is just a coincidence.

And look at your comments, and that so stupid fellow comments. Do you use any facts to back up your comments.

Don't get me wrong. I never yearn for positive comments. I am very happy with constructive criticisms, with facts.

2016-12-14 11:56

sostupid

A business sense for a seller is to understand the buyer's motive? So what is it?

My uncle's common sense and this is surely not from 3iii's common sense because he treated everyone of us like his kids to force us to learn FA.

Find out what the buyer is good at doing and sell him that something so that he the buyer can do what he (the buyer) is good at doing.

Seller has to make buyer feeling "the buyer is smarter than the seller" for the buyer to eat the bait.

How can KCCHONG sell anything to uncle? of course he can't.

KC only sells to kindagarten students as a matter of fact or totally innocent virgin men and women. You all are virgin men's and women's and thank God and my uncle for their good advice that is because I am not.

2016-12-14 11:57

KLCI King

KC, do you know how old is tksw? do you see a big "IF"

Posted by tksw > Dec 14, 2016 09:17 AM | Report Abuse
KLCI King, if I were to choose a sifu for my son, one of them will be KCChong sifu. by the way, you got any published articles or not? Let me read read, see can be a real sifu or not?

Posted by kcchongnz > Dec 14, 2016 11:56 AM | Report Abuse
Don't you find tksw's comments here very logical and full of common sense?

2016-12-14 12:02

KLCI King

You may overlook my comment, I reproduce again here:

Posted by KLCI King > Dec 14, 2016 11:39 AM | Report Abuse X
When you write an article for free, what can you expect? All praises? All positive comments? More subscribers for your services?

What is the basic qualification/rules to comment?

Only those give praise do not need any, but those give negative comments must have written few articles then only can comment? What a world!

2016-12-14 12:03

KLCI King

A young boy was saying if I were to choose a sifu for my son, one of them will be KCChong sifu.

Sound like a poor beggar declaring if I have 10 million, I will surely give you 1 million.

KC, you called it "very logical and full of common sense?"

Posted by kcchongnz > Dec 14, 2016 11:56 AM | Report Abuse
Don't you find tksw's comments here very logical and full of common sense?

2016-12-14 12:06

kcchongnz

Posted by 3iii > Dec 14, 2016 11:44 AM | Report Abuse
SYNOPSIS OF THIS LONG ARTICLE
COMMENT: Very sound advice.

Thank you 3iii, you make my day and provide me with the urge to continue writing and educating the general public in this jungle of investing.

Same for the below comment, thanks KLCI King

Posted by KLCI King > Dec 14, 2016 11:55 AM | Report Abuse
To be fair to you, Mr KC, the following will be my comments for newbies:
I do think that many newbies who have NO or LITTLE knowledge about accounting & financial reporting, it is advisable to learn FA.
Business owners will only want to know how much cash in hand & how much cash can be generated later. None of them will look at stock price charts to make business decision.
Think investment as business, not instrument to make quick cash.

2016-12-14 12:09

KLCI King

KC, I rather advise those newbies to spent money to learn the basic of FA instead of spent money joining groups & waiting for news.

2016-12-14 12:11

kcchongnz

Posted by KLCI King > Dec 14, 2016 12:11 PM | Report Abuse
KC, I rather advise those newbies to spent money to learn the basic of FA instead of spent money joining groups & waiting for news.

It doesn't matter where one learns FA. He can also learn through internet if he is able to,totally free. Yeah, no need to spend money and wait for news.

Oh yeah, I don't spread news and rumours.

2016-12-14 12:20

sostupid

When the company has money (or plan to obtain money in the future) the boss do not have to push up share prices (right now). When company does not have money in the future he push up share prices (right now). because the buyer's they like to eat free lunch in the form of oxygen or they try to be stupid losers on their own. There has been no hard feeling done against or any intention to insult anyone if he (my uncle) told you you are "stupid losers" because he is trying very very very hard to tell you not to eat oxygen kind of free lunch.

Complete my educational purpose (in Gadang case).

sostupid (please don't thank me I hate insults as of matter of fact very deeply)

14/12/2016 12:19

2016-12-14 12:22

sostupid

Buyer's motive=free lunch
Seller=Mr. Ooi the salesman

My Uncle=the Genius

2016-12-14 12:24

KLCI King

Oh yeah, I knew that, that's the reason I said that, thank you.

2016-12-14 12:24

kcchongnz

KLCI King KC, do you know how old is tksw? do you see a big "IF"

Posted by tksw > Dec 14, 2016 09:17 AM | Report Abuse
KLCI King, if I were to choose a sifu for my son, one of them will be KCChong sifu. by the way, you got any published articles or not? Let me read read, see can be a real sifu or not?

Posted by kcchongnz > Dec 14, 2016 11:56 AM | Report Abuse
Don't you find tksw's comments here very logical and full of common sense?
14/12/2016 12:02

tksw read my my articles. He likes what I have been propagating in i3investors, and wish his son (future son?)to learn investing from me. I don't know who tksw is, how old is he, but taking the comment at face value, I find it logical and full of common sense.

More so if he is a young man, much better in common sense than some older ones.

2016-12-14 12:32

sostupid

This is a very meaningful article the author wrote and the article is not better or worst than old articles he wrote I am glad he wrote it now by using a lot of words with very sincerely and promising advices. FA is splendic and concentrate is FA. Class homework online is better to focus on company analysis. Sell FA don't sell company analysis in public forum but sell only learning of company analysis in online learning would be more inducive for people to enrol in your online learning. Good luck. See FA first don't sell company analysis. You are well read and gave good examples and sell FA with good examples of other people that does well in investing first. You need to advertise what you are good at and advertise what is useful to your students or those you are even better than what you are good at to your own customers in the online learning.

2016-12-14 12:56

sostupid

customers bring in new customers if you can first convince your old customers to like you even better than when they first met you.

2016-12-14 12:57

moneySIFU

True, many newbies expect magical formula or news by paying a sum to join certain news groups. That may work in short term, but not really helpful in long term. 学渔优于干等鱼，得渔将受用终生

2016-12-14 13:13

coolinvestor

moneysifu....the old saying works too

teach a man how to fish is better than just giving him fish

those who expects to keep getting fish will always lose out in the long run...even they do not know it themselves...sigh

2016-12-14 13:15

tksw

KLCI King sifu, actually I know nothing.

2016-12-14 14:32

tksw

Stock Market, Stock not for trade, for what?

2016-12-14 14:33

bracoli

Kc it has been long since ecs. When Will u write a new stock analysis for learning purposes

2016-12-14 19:59

kcchongnz

Posted by bracoli > Dec 14, 2016 07:59 PM | Report Abuse
Kc it has been long since ecs. When Will u write a new stock analysis for learning purposes

I have done that a lot in the last 4 years, haven't I?

The problem is when you give fish to others, they don't know how to cook, although the fish given generally were good, but they mess it up themselves.

So now what I do is if someone want a fish, he must learn how to cook well from me, then only it taste good. That is what I am doing now, teach FA and give stock pick analysis for learners to be able to think and analyze, and choose stocks themselves.

What do you think of this,

Posted by coolinvestor > Dec 14, 2016 01:15 PM | Report Abuse
moneysifu....the old saying works too
teach a man how to fish is better than just giving him fish
those who expects to keep getting fish will always lose out in the long run...even they do not know it themselves...sigh

2016-12-14 20:24

xuewen

tksw sifu,

now you talk like a real sifu
so different from the tksw I know in gadang thread

KC ,

let me share with you another Chinese saying

A WISE MAN NEVER MAKE HIMSELF LOOKS WISE UNNECESSARY
“ 大智若愚”

look at tksw sifu , then you can't diasagree
but the stupid group of people can not agree because they have not enough wisdom to agree

KLCI king

a sincere advice for you, do not be rude to sifu KC , he is your senior and everybody here can read that he is a better sifu than you , more contributions to the i3 public than you, you called yourself king , you want to be king ,then you should have exercised more humility than most people, if not where got people want to support you as king . or... you are very happy with the self proclaimed title ?

2016-12-14 21:19

KLCI King

2016-12-14 21:32

supersaiyan3

Well written, KC!

2016-12-15 00:39

xuewen

KLCI king
That doesn't prove anything
That only clearly show you keep all my record
My record is very valuable to you , you treasure it as much as your own
That mean I am a significant person to you
If not you would not have response to me
Do you see how the logic works ?
You still have a lot to learn from me , not only investment but also logic and I think you must start from the most basic.
Do not get disheartened, the first harder of learning is always the most difficult to cross but God never exhaust one will to success, tell yourself there is always a day you will learn .
First lesson you must learn now is humility ..
So do not be rude to others . We can always learn something from others. Have you not heard before that Confucious said you can always find a teacher from those people you get together .
Next lesson , do not try to prove other people mistake , it is meaningless , there is a day they will see their their own mistake and grateful to us to have saved their skin.
Understand ?
Don't understand? Never mind. One day you will learn

2016-12-15 01:10

xuewen

KC,
Do not waste your time on KLCI king
He is not your worthy oponent
Any value in his comments?
Learn anything ?
NONE!
You know , I know , everybody knows he is not that "king" as he is dreaming of himself
We big people don't kira so much with small people
Carry on educate the investing public here
You will gain more respect if you set your focus right
Pardon me to say , from the bottom of my heart , from the hearts of many readers here, our great sifu KC not is very much different from our greatly respected sifu KC long long ago . More an OTB ,no more great sifu like icon8888 and sifu felicity .....

2016-12-15 09:28

xuewen

Many of us come to i3 are hunger riden
We come here to get fish and learn fishing
You give fish we get fish
You give fishing we may not get fish
Fish and fishing is parenting education
Share market need sentiment more than education
So this theory does not exactly work right here and now
Why not sometimes now and then give us some fish before we die of starvation
Hope you read my comments with a more positive inclined mind

2016-12-15 09:39

xuewen

CalvinTaneng,
You are different. You mustn't give
I find most if not all the fishes given by you are near rotten
So giving fishing not fish
Do you not aware more and more people shouting at you now a days
God bless you

2016-12-15 09:50

xuewen

Calvin mustn't give fish .
Learn the theory "the beauty of silence "

2016-12-15 09:52

xuewen

Sostupid,

You must learn English
Learn how to express yourself explicitly
Many people complain kepala pusing reading your comments

2016-12-15 09:55

KLCI King

2016-12-15 10:43

joekit

Xuewen = KLCI King = sostupid = a woman = crazy

2016-12-15 10:51

KLCI King

This joekit must be idiot

2016-12-15 10:53

KLCI King

joekit, is your mother a woman or a guy?

2016-12-15 10:56

xuewen

Posted by KLCI King > Dec 15, 2016 10:43 AM | Report Abuse

Xuewen, wile everyone, including me, have ONE ID only, why you have so many & yet all got banned?

KLCI king，

please do not mislead the readers here about my many ID and abnned account

1. to ban one's account here you do not need the i3 admin to do for you you can do it yourself if you know the trick . my account is banned by you not i3 admin

2. account and ID are 2 different entities
I have many accounts but all same ID "xuewen"
you said I have many ID that show you still have a lot to learn

Posted by joekit > Dec 15, 2016 10:51 AM | Report Abuse

Xuewen = KLCI King = sostupid = a woman = crazy

are you jealous because I did not pay attention to you
or,
are you so crazy so desperate wanting wise man like me to scold you
do you know how to read chinese ?
know what is the meaning "欠骂" ?
or
joekit = sostupid = STUPID = idiot

2016-12-15 12:10

xuewen

if you are a gentleman , a real hero as you claim
do not flag me , keep my comment here , let me carry on with the same account with the same ID. let the readers here be the judge who has value in their comments. who talks with wisdom who does not. not you to tell the reader here who is idiot , who is not . learn !!!!!

2016-12-15 12:14

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