https://klse.i3investor.com/web/blog/detail/www.eaglevisioninvest.com/231180?_gl=1*gy5l7f*_ga*ODM5NjIyNjQuMTY5NTY1Nzc4MQ..*_ga_MNBHX2J50S*MTcwNDM1NzI2OS42LjEuMTcwNDM1OTQxOC41NS4wLjA.

Looks like KYY has a check list he uses for stock selection. Even then, this did not prevent him from some big mistakes. From my observation of his past actions, it was not easy for him to stick to his check list strategy. At times, he deviated, perhaps even carried away. In any case, these aren't important.

Protecting the downsides, ensures that the upsides take care of themselves.

KYY, thanks for sharing.

Happy New Year.

>>>
Posted by Sslee > 2 days ago | Report Abuse

By the way do nothing is not an option. You have to monitor internal and external factor, the macro and micro economic factor that will impact the forward earning of the company.


>>>

I spent many hours listening to Bloomberg and CNBC over many years. Did this influence or help in my long term investing? Not really. The macroeconomic and the microeconomic issues and the talking heads mattered little, if at all, in my investing. Over the long term, keeping investing simple and sticking to a good philosophy and method are all that mattered.

Keep it simple:

Know the company you invest in.
The business must have economic moat, preferably with a long runway.
The management must be trustworthy.
Buy at a fair price or bargain price.

Hold and hold for the very, very, very long term.

https://apollowealth.com/wp-content/uploads/DJIA-1896-2016.jpg?fbclid=IwAR3eYQ9MgFQ6vLqAqoK5K1dwFaXrD08TTKmQX6zQb_dNLEnF7C-d6RClcaM


Click here for the chart

120 Years of stock market history in one chart

Here are 15 things I learned from 120 years of stock market history:

Lesson 1: Invest for the long term. In the short run, stock returns can be very volatile, but they are very robust in the long run.

Lesson 2: On average, you double your money in the stock market every 10 years.

Lesson 3: In the long run, stocks are less risky than bonds. For 20-year holding periods, stock returns have never fallen below inflation.

Lesson 4: Don’t try to time the market. Time in the market is way more important than timing the market.

Lesson 5: Our world continuously changes. Avoid companies who are highly exposed to rapid changing industry dynamics.

Lesson 6: This time it’s not different. History doesn't repeat itself. But it often rhymes.

Lesson 7: Let your winners run. Selling your winners and holding your losers is like cutting the flowers and watering the weeds.

Lesson 8: Low stock prices are great for investors.

Lesson 9: Invest in companies that translate most earnings into free cash flow. Earnings are an opinion, cash is a fact.

Lesson 10: In the long term stock prices always follow earnings growth.

Lesson 11: Look at the equity premium. Over the past 200 years, the equity premium (the spread between the return of stocks and return of government bonds) has averaged between 3% and 3.5%.

Lesson 12: In general, small cap stocks outperform. Smaller stocks generate a higher return on the stock market. Between 1926 and 2006, the smallest decile stocks compounded at a CAGR of 14.0% compared to 10.3% for the S&P500.

Lesson 13: Cheaper stocks outperform the market. Based on the price-earnings ratio, the 20% cheapest stocks outperformed the S&P500 by 3.2% between 1957 and 2006.

Lesson 14: Do not invest in IPOs. From 1968 through 2000, a buy-and-hold strategy on IPOs underperformed the index in 29 out of 33 years that were studied.

Lesson 15: The stock market is a leading indicator for the economy. On average, the lead time between what happens on the stock market and what happens in our economy is equal to 6 months.
__

<<

The same applies to Capital Dynamics Asset Management (HK) Pte Ltd which obtained a retail Type 9 (Asset Management) license in Hong Kong - the first ASEAN fund manager to do so. Capital Dynamics Sdn Bhd is the first independent Investment Adviser to be licensed in Malaysia. These are in line with his focus on serving and helping individual investors."

<<<


It is only obvious that fund manager wishes to grow the AUM; thus the creation of many funds. Of course, "focus on serving and helping individual investors" is an alternate way justifying the fund.


John Bogle, the founder of Vanguard S&P 500 index fund is truly the hero of the small individual investors, especially in keeping the costs low and delivering long term market return.

Closure of STOCKBASE Platform


Dear subscriber,


We regret to inform you that Dynaquest will be closing down our STOCKBASE platform on 1st January 2024 as we are unable to comply with the Securities Commission (SC)’s latest guidelines on investment advice (GUIDELINES ON MARKET CONDUCT AND BUSINESS PRACTICES FOR INVESTMENT ANALYSTS AND THEIR ANALYSTS).

Dividends and DRIP

Who, among the many players of iCap, will benefit the most from this?

Maybe a very good idea to liquidate icap closed end fund st the end of the tenure.

It is a long time since 2005, especially for its initial investors who are also older, just like Mr. Ttb.

Those wishing to continue investing can still park their money in the many other funds that Mr. TTB has created.

The innovative idea of distributing dividends and reinvesting via DRIP for those who wish to, was not the original intention of this fund. Its main aim is and should be to con⁰⁰tinue increase its NAV at a high rate of return.

https://youtu.be/r3_41Whvr1I?si=KVuhYd8LeFl75eeh

https://klse.i3investor.com/web/forum/forum-thread/905882234

DavidTan08

Your thread just confirmed how dishonest calvintaneng's posts were in i3investor. He is just another "manipulator .

KUALA LUMPUR (Nov 30): Padini Holdings Bhd's net profit for the first quarter ended Sept 30, 2023 (1QFY2024) fell 45.4% to RM26.67 million, from RM48.86 million a year earlier, due to a drop in the gross profit margin from 39% to 36%.

In a bourse filing on Thursday, the company said that in addition, the drop in profit before tax was also partly attributed to rising staff cost.

It said revenue for the quarter rose to RM388.19 million, from RM379.09 million previously, due to an increase in sales volume.

Earnings per share slipped to 4.05 sen from 7.43 sen.

Padini declared an interim dividend of 2.5 sen per share to be paid on Dec 29.

Reviewing its performance, Padini said the drop in net profit was partly due to a drop in the gross profit margin from 39% to 36%.

“In addition, the drop in profit before tax was also partly attributed to the rising staff cost,” it said.

On its prospects, Padini said the retail business in general remains challenging, due to the deterioration in purchasing power, arising potentially from rising cost, trade tensions, and rising inflation and interest rates.

“However, supply chain issues, material costs and freight charges seem to have stabilised, although there may still be some further increases in the short term,” it said.

At the midday break on Thursday, Padini had gained 0.26% or one sen to RM3.79, with 19,300 shares traded.

Good latest quarterly results.

Latest qtrly results are encouraging.

Salutica was involved in ear phones and appeared to have the edge over other competitors. Alas, for that particular Christmas, its product did not sell as much as expected. This happened a few years ago. It also supplied to Apple.

Its share price started to drop in tandem with its poor business performance. Now it is in legal tussle over infringement of patency rights with Apple.

Out of the blue and rather unexpectedly too, its share price rose to above 1.20 and 1.40 a couple of months ago. What led to this sudden rise then? For those who sold out during the price surges during that period, bravo to them indeed.

https://www.livemint.com/market/stock-market-news/retail-investors-should-avoid-trading-in-derivatives-says-nse-chief-ashish-chauhan-11699850600865.html


Trade in derivatives by retail investors should be avoided because of the high risk involved in derivatives. Be a long-term player. This is the best way to participate.

https://www.livemint.com/market/stock-market-news/retail-investors-should-avoid-trading-in-derivatives-says-nse-chief-ashish-chauhan-11699850600865.html


Trade in derivatives by retail investors should be avoided because of the high risk involved in derivatives. Be a long-term player. This is the best way to participate.

Very useful and valuable life lessons. Nice of KYY sharing these. Thanks.

https://myinvestingnotes.blogspot.com/2012/06/investors-checklist-banks.html?m=1

The ROE of PBB is 10%+.
It's P/B is just below 2×.

It is a bank. Banks in the financial sector enjoy many economic moats and also some challenges, eg Fintech.

Over the long term. We can expect growth in banking business in line with growth in GDP.

The valuation of PBB todsy, for those with a 5 to 10 years investing time horizon, is undemanding. The potential future upside should be many times that of its potential downside, over the long term. Don't predict its price over the next 1 to 3 years, the vissicitude of the stock prices in any market, creates opportunities for investors like the story shared in previous post.

>>>>

Posted by BlackDiamond > 6 days ago | Report Abuse

Remember you guys, l predicted that it be unlikely that it fall. It has all the qualities of a good counter. You will never go wrong if you go long term. But at the same time l will have to stress that its dividends are essential. This reminds the advise given by head master in his 80s. He started buying PBB in the early 60s when he was a young teacher.He worked as teacher in school and followed by tuitions everyday. He accumulated as frequently as he could. In the process he educated 3 of his children abroad. Today he has a comfortable home, a good car, 3 highly educated kids and lots of PBB shares at his disposal. His advise, keep buying and only sell on essential duties like education, health or parental assistance. He still buyes! So long term investors will never go wrong but also expect good dividends not only to boost their morals but also to keep reinvesting. Good Day! Sorry to bore you guys with old grandfathers stories.

>>>>

Your teacher has a strong investing philosophy. Truly, hope the young investors in this forum benefit from your story.

<<<
Posted by calvintaneng > 46 minutes ago | Report Abuse

Dear all

We bought Jtiasa 63 sen and Tsh Resources at Rm1.09

Today Jtiasa is up at 93.5 sen while Tsh languished at 97.5 sen
>>>>


More credible should calvin be is he said he bought TSH from 1.78 to today's price.

Not trustworthy.

"It is more honest to say I don't know and that my past predictions were sometimes very wrong."

Be wise to never trust wholesomely target price or market prediction by analysts

By FocusM
24 hours ago
in Featured, Markets, Top

VETERAN business journalist and blogger Datuk A. Kadir Jasin has hit out at the slew of overly optimistic projection of the Malaysian stock market and the ringgit exchange rate as 2023 is drawing to a close.


Referring to the latest market view by Capital Dynamics Sdn Bhd managing director Tan Teng Boo that the Malaysian stock market will return to strength soon, Kadir described such view as merely “talking up the market” or to inject enthusiasm in the market.

“I wonder if market view of this veteran analyst can become a reality or if he is a fortune teller with magical binoculars. Likewise, MIDF Research had on Oct 3 predicted that our ringgit would strengthen to close at RM4.30 by end-2023,” penned the national journalism laureate on his Facebook page.

Lim Khai Woon, welcome.

DLady

Adj EPS (Sen) - Prosp FY 120.00
Adj DPS (Sen) - 2023 50.00
CF/Share (Sen) 174.06
ROE - Latest FY 11.66
Latest YR D/E 0.02
Latest PX / NAB 3.64


Summary:
Profitable
Positive FCF
Pricing power
High ROE (was higher in past)

.. like when TSH was at 1.78 :-)

ROE 3.81%

Calvintaneng quotes Peter Lynch but his performance is anything but ....

He is so tunneled vision now and at times, hypomania on many stocks.

Track record is the best assessment of his behaviour. Recommending a loss making company at 2 sen and promoting that it will rise to 40 sen is typical of a reckless speculator.

Learn of him but be careful not to follow without doing your own studies.

Invest in and stay with a company possessing these characteristics:
1. Profitable.
2. Positive free cash flow
3. Pricing power.
4. Powerful (High) ROE.

Just confirmed by the above post:

Many manipulators, promoters and shorters in i3.

The biggest conman I know was the promoter of Netx. Very glad only a few were hurt by his promotion.

What is the 5 10 rule in investing?

Though there are no guaranteed returns for mutual funds, as per this rule, one should expect 10 percent returns from long term equity investment, 5 percent returns from debt instruments.

American airline stocks dropped last night. Some prices are lower than during the pandemic. Why?

>>>
JohnD0ugh

Since its inception in 2005, ICAP has been trading at a premium to NAV in the first 3 years, as almost 100% of its share owners were individuals.

The share price subsequently traded at a persistent discount due to the irresponsible behavior of a few large parties, who want to wreck ICAP for their own short-term gains.

>>>

Many indivdual investors are novices. They do not know the difference between price and value.

The price of iCAP started to trade at a discount following the 2008 Global Financial Crisis. It continues to trade at a discount since that time. This is not unexpected.

What pained the shareholders of iCAP was the very steep discount of its share price to its NAV for a long period of time.

Will Ukraine finally come to the negotiating table with Russia to talk peace and long term solution?

The Middle East crisis is fluid and can easily escalates. US is deploying more resources to the Middle East to deter this escalation and to intervene, if it must.

No winners in continuing fighting. All wars end and peace achieved through negotiation over the table.

The joy of investing in company with great economic moat: you can sleep while your money is working for you.

The worries when investing in companies with challenging businesses: one "fire-fighting" episode after another.

Harmful behaviour of "investors":

FOMO
Buy high, sell low

>>>>

3gambler

stockraider

So, INSAS is also kind of Closed End Fund. 😀😀

Check at Yahoo Finance, INSAS Adjusted Close on 19.10.2005 = 0.2123,
Current Price = 0.88,
Cumulative Return = 0.88/0.2123-1= 315%,
Beat ICAP in both NAV and Price Performance for the last 18 years.

>>>>


It is often interesting to read such a post.

How many were able to acquire Insas at its lowest price? Very few.

How many hold on to Insas for 18 years, excluding the major shareholders?

For the majority of small players in Insas who have held for a reasonably long time, I guess most would have bought around 50 sen/share. Today it is 88 sen/ share.

The price of a closed-ended fund is tied to the market value of the underlying securities. But it doesn't match NAV exactly. There is NO process to peg the price to the NAV daily.

Instead, the price is set by the market, based on supply and demand for the shares of the fund.

In a sense, a closed-ended fund is a set of securities within a security - a basket of fluctuating stocks trading inside a traded stock shell.

Munger once stated, "The big money is not in the buying and the selling but in the waiting." This sentiment, though perhaps not as widely cited as some of Buffett's lines, holds tremendous weight in the investment world for several reasons.

The Power Of Compounding: Patience Pays Off

Munger's statement highlights the magic of compounding. Time is a powerful factor in the growth of investments. As investments begin to yield returns, those returns can be reinvested, potentially leading to exponential growth over time. This concept isn't just mathematical — it requires the discipline of patience. As the saying goes, good things come to those who wait, and in the investment realm, waiting can be quite profitable.

There are 2 ways to make money and 2 ways to lose money when investing in closed end funds. You must learn them.

Using closed-ended funds

iCap closed ended fund is structured for those investors who are seeking maximum portfolio gain and who are not interested in income. The dividends and the realised capital gains in iCap are reinvested to achieve the objective of maximising capital or portfolio gain. It is not hard to see that iCap closed ended funds should be considered a long-term investment.

Should iCap be trading at a premium? It is presently trading at a discount. Well, let not the manager of the fund pleads on this, let the investors decide. The manager should stay focus on just improving the qualityof the fund's portfolio and returns.

When selecting a closed-ended fund, investors must determine the reasonthe fund is trading at a discount and whether the discount is significant enought to be attractive. A discount may be justified by:

1. uncertainty,
2. popularity or perceptions of the fund, and
3. the underlying asset base.



These are the most important factors.

Closed-ended funds: Why a discount, anyway?
Most closed-ended funds sell at a discount.

A recent sampling showed that more than 2/3rds of equity funds trade at a discount, and more than 90% of international equity funds trade at a discount. Many discounts are modest (5 to 10%), but many are 30% or more.

There is much research and speculation about why discounts happen. The debate isn't nearly as important as understanding a few of the most common reasons.

When selecting a closed-ended fund, investors must determine the reasonthe fund is trading at a discount and whether the discount is significant enought to be attractive. A discount may be justified by

uncertainty,
popularity or perceptions of the fund, and
the underlying asset base.

All 3 factors can work to cause a fund based on securities in Russia or Turkey, for example, to sell at a discount.

Likewise, during the heyday of the Asian Tigers, many funds based in Asia sold at a premium. The reason? Popularity and the perception of future growth and gains.
.
2012

Fees for managing funds have been trending downwards over the last decade. The rewards to fund manager's compares to the fund holders have been asymmetrical for many years, for most actively managed funds. This is neither healthy nor sustainable.

Asset Management Accounting 101 (A Conceptual Overview)
The single biggest metric to watch for any company in this industry is assets under management (AUM), the sum of all the money that customers have entrusted to the firm.

An asset manager derives its revenue as a percentage of assets under management, AUM is a good indication of how well -or how badly - a firm is doing.

Unlike a bank or insurer, where big losses can cause the firm to become insolvent, big losses in asset management portfolios are borne by customers.

Big losses will affect fee income by reducing AUM, but an asset manager could lose well over half the value of its assets under management and still remain in business.

In a worst-case scenario, customers could withdraw their remaining dollars and the firm could fold if its fee income became inadequate to support its operations.

But because asset management requires almost no capital investment, these companies can pare back to the bone to remain in business.



Additional notes:
Asset management firms run money for their customers and demand a small chunk of the assets as a fee in return.

This is lucrative work and requires very little capital investment.

The real assets of the firm are its investment managers, so typically compensation is the firm's main expense.

Even better, it doesn't take twice as many people to run twice as much money so economies of scale are excellent.

This means that increases in assets under management - and therefore, in advisory fees - will drop almost completely to the bottom line.

All this adds up to stellar operating margins, which are usually in the 30% to 40% range - something you won't see in many industries.

Closed-End Investment Fund Discounts

Several studies have shown that closed-end funds tend to trade at a discount (sometimes exceeding 50%) to their per share NAVs.

Theoretically, investors could purchase all the shares in the fund, liquidate the fund, and make a profit by selling the constituent securities at their market prices.

However, after accounting for management fees, unrealized capital gain taxes, liquidity and transactions costs, any profit potential is eliminated.

How to profit from this investor sentiment variability?

The strategy of buying the closed-end funds with the biggest discounts earned superior returns (a strategy also advocated by Benjamin Graham). Burton Malkiel, author of A Random Walk Down Wall Street, has also advocated such a strategy.