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What date will Vivo release next quarterly result?

He who fancies himself a super investor rarely stays one for long.

Nicely done article. One more thing, if you look at the sensitivity analysis, you will see a huge loss also if THB depreciates against USD. To date, I think THB is down about 8.2% to USD, so it is a double hit for Tong Herr.

One thing I'm curious, the quantum of loss for 10% decline in THB is almost as much as for 10% decline in RM vs USD. This is strange given that THB denominated loan amount and external revenues from export to Thailand are both very small.

The correct term is "ARBITRAGE" play, not "ARBITRATION". If you don't even know the proper term, I doubt you will know what it entails. No real fund manager would make such a noob mistake, let alone a so-called "top notch" one.

Anything that comes from malaysiafinance blog you should ignore as a rule. That guy is a pretender who knows nuts. Previously, I commented on one of his top picks saying he made a fundamental valuation error. Instead of acknowledging my comment or addressing it, he had quietly deleted it by the next morning. Then shortly after, he also quietly dropped that counter from his top pick list, giving some other BS reason. In actual fact, he had overlooked a simple accounting/valuation adjustment which vastly overstated that company's future maintainable earnings. Readers follow him at your own peril.

Another joker... as if he himself knows anything about "speaking plainly"... hypocrite.

Kian Leong Lim: "During IPO, the company issued shares totalling 140 million at price of RM1 per share, this implies that your initial capital is 140 million.
Retained earnings at 31st Aug 2014 stood at 204 million. If you minus the two, what is left after the initial capital is 204 million - 140 million = RM 64 million. What does this tell you? After spending 140 million in 2005 during IPO, the company only retains 64 million of profits right now over a life span of 9 years. This means profit per year made after dividends is 9 million".

What kind of accounting is this? I suggest you don't try to manage your own money.

I have no problem understanding the writer. If your focus is perfect English instead of making money, feel free to go to BBC website.

Part of being a good fund manager is also knowing when to sit tight. It is not only buying and selling constantly to feel like you are doing something or worse, to show that you are doing something.

iCap is meant to be a long-term fund. Since TTB is the designated fund manager, it is his prerogative to feel that the general market is overvalued and to wait for a better opportunity to get better value. Just because he has been slowly moving to cash doesn't mean he has been "doing nothing". Even great value and contrarian investors like Steven Romick and Joel Greenblatt say that sitting patiently is the hardest part, while all the time behind-the-scenes work is still going on identifying and keeping abreast of stocks to be scooped up when a major correction comes and "value" returns.

If TTB has been moving into cash, it means he is expecting a major correction. iCap was set up to invest in undervalued stocks. Not to buy up its own shares. If he did share buybacks constantly, commenters here would then accuse him of taking the lazy way out.

In a falling general market, all stocks will be affected. If spare cash is used up now to buy back its own shares at RM2.40 and it falls to for eg. RM2.00 when market tanks, everyone will then start blaming him for doing share buybacks. Worse, cash which would otherwise have been available to capitalise on cheaper stocks which have returned to value would not be available anymore due to those confounded buybacks. Tell me, should a smart value fund manager do such a thing? Especially when you are expecting a major correction?

However, I do agree that he seems pretty arrogant sometimes. I don't know what happened at the AGM. I hope kcchong manages to get the answers he is seeking, but that is a separate matter. By the way kc, I respect your investment views and opinions. You are one of the best around.

MG9231, I don't know where you got the figure of 28 mil fees in total since 2011 from? I looked at the financials and management fees for 1 year up to 31 May, 2014 came up to RM3.1 mil. Can you let us know your source please?

This is an excellent article.. Thanks for posting.

Listen to him, he has no idea what he's talking about. Maybe some friends in investment banking, doesn't make one a stock expert. Now the deal is off - who made money? Him or you?

This fella is a bs artist