Posted by bsngpg > 2015-05-05 23:01 | Report Abuse

Great article. Worth a read, pause and think.

Posted by kcchongnz > 2015-05-06 04:48 | Report Abuse

Yeah, really good article, and worthy of thinking over it.

Posted by apini > 2015-05-06 09:39 | Report Abuse

I like this statement: "價值投資就只是這麼簡單的一個概念，買入「抵買」 的，持有貨超所值的東西，再配合時間值的威力。重點是怎樣能看出資產的價值，這才是高下之分野。

It is just that simple as I always say, "investing is just like fishing, get a right spot, set your hook and wait for the big fish to get hooked".
the problem is not many people can wait , not many are that well disciplined and able to pick stocks based on a set of preset criteria. what they want is to win big and fast. so their game need more luck than skill.
not many people know that to win big, you must dare to lose big. of course affordable loss so that even though you lose all your money , you still have food to eat. so do away the greed, then money is just figure in the bank or market.
how to do away the greed? this is a big problem. more difficult than investing

Posted by tkp1 > 2015-05-06 10:13 | Report Abuse

"還有絕大部份的富豪，都是運用價值投資的，甚至是非常集中到單一企業，即他們擁有的企業。在富豪之中，有多少個在玩弄技術分析呢？有多少個在計算什麼beta值、牛熊分界線、黃金交叉之類呢？我不常發現。"

Strongly agree with the above statement. For me, I like to just focus on 1 or 2 counters, and I am perfectly ok to put 100% of my capital in this 1 counter if I find that the counter is very under value, and buy a big sum of it during the low price, and just keep it until it hit my TP without bother the price fluctuation in between. I start to make more than 60-70% by using this strategy this year, as compared to lose last year where I like to jump in and out and focus on too many counters. The key point is how do you know which are the counter? If you don't spend too much time in too many counters and trade frequently/daily, you will have time to do a lot research, reading, slowly you will be able to develop that kind sense when you see an opportunity, you will feel so strongly about it, that's the opportunity you can go all in.

Also, for me, every opportunity, you don't have to wait 5-10 years lah, when if hit you TP, you can move on and focus on searching for the next opportunity. Value investing can be flexible in timing.

Read the below from other blog yesterday, and I find it very match with my trading strategy:

"我无意中发现当我赚到钱的一个规律，要想赚到钱，“必须要敢重仓”。我一般是在底部看好一只股票基本上就重仓，如果不是，顺势加码持股也就逐步达到重仓了。这样，一拨行情下来赚个20%——40%很容易。
　　但是，过去是见到大盘上涨明朗后才开始敢大买，而涨了点就卖，大盘继续涨，就在热点板块跳来蹦去频繁地买卖赚点差价操作忙个不休，或者手中分散持股几只，这样到最后一般是赚了指数不赚钱。
　　应该是在底部区域看准机会，必须重仓，敢于重仓这是改变自己的收益的关键问题。这就是看对时要有赚大钱的豪情，看错时要有及时止损的果断。"

You really need to know how to win big in order to survive in the market, because you never know when the market is going to take it back from you big time. So for me, win big a few times, reserve those profits to make sure that you will be able to continue to survive in the market.

Posted by iloveyou > 2015-05-06 12:17 | Report Abuse

Successful entrepreneur other than accumulate valuable asset in low price, most of the time they built valuable asset that generate income.
like sunway built pyramid, then built hospital, then built university making the land more valuable, selling houses in higher price. they are building value. They are not value investing, they are value creating.

Posted by contemplator > 2015-05-06 16:36 | Report Abuse

INVESTMENT IS MOST SUCCESSFUL WHEN IT IS MOST BUSINESS LIKE-- BEN GRAHAM

Posted by Kevin Wong > 2015-05-06 18:47 | Report Abuse

When one's capital is small, its worth the risk to put all your eggs in one or two basket. But once your capital isn't so small anymore...

Posted by optimusprime > 2015-05-06 23:21 | Report Abuse

3 types of ppls

1. dont have to bet. (rich ppls)
2. cannot bet. (middle class)
3. Must bet. (poor ppls or limited fund ppls)

if u r (3) , welcome to bursa. its a betting paradise.

Posted by sengkee > 2015-05-06 23:36 | Report Abuse

4. Naturally like to bet

Posted by tkp1 > 2015-05-07 10:25 | Report Abuse

5. Don't know how to bet (Optimouse)

Posted by tkp1 > 2015-05-07 10:27 | Report Abuse

Kevin, agree, have to consider the liquidity of that particular counter, don't all in in low liquidity counter when you can't run immediately if there is something wrong.

Posted by Kevin Wong > 2015-05-07 10:56 | Report Abuse

Good luck tp1, and everybody else too!

Posted by contemplator > 2015-05-07 15:46 | Report Abuse

apini: agree with you, discipline or temperament control perhaps is the most difficult part of investment.