This is a typical situation where market illiquidity is a double edge sword. It can cause significant (>20%) over valuation (which is a moving target) or under valuation as against the fundamental (also a moving target depends on the economic conditions).
The company involved cannot control either one of them (unless they are the major shareholder & the stock is illiquid and they control the price movements - which can be done) or fundamental has changed drastically due to the current currency issue effecting some of the companies and the investors (especially foreign ones).
So, it is impossible to compare iCap with anything or anyone (although it can be used as reference) because there is only one closed end fund in Bursa. Unless, one fine day, they decide to stop the biz, and distribute all the capital gain back to all the shareholders, that, can only be answered by the major shareholders. We can say whatever we like, what has happen, happened, no matter how much noise we make.
Investing is a very difficult job. It is true for small retail investors, true for so-called super investor, and it is also hard for fund manager. I don’t care if you claim that you are the Warren Buffett of Malaysia or what. Investing is not easy. So it is acceptable, and excusable even if a fund manager doesn’t perform, because investing is not easy. But look at the statement from the annual report from the fund manager of icap.
I really surrender to the hubris of the fund manager like what Arv18 have said.
The statement is:
[icap “continued” to deliver “good performance”]
What “good performance”? “Continued” from when?
If I have bought icap 5 years ago thinking of investing for my retirement, what did I get? Less than 30% return in 5 years, while I have been reading how those guys in i3investor making a few hundred percent from their investment during the same period, many of them, while the fund manager has collected more than RM10 m in fund management expenses. How would I feel? Yet in the Annual General Meeting, he is regarded as a saviour of those shareholders of icap.
Taking a swipe at the shareholders, the very persons paying your management fees, in an annual report? Oh my God. If that Lexey Partners have succeeded in liquidating the fund and distributed the money to the shareholders at about RM3 a share three years ago, they would more than 30% more money pocketed then than now, and that money would have made some additional handsome return from then on.
How could shareholders stand that kind of Fund manager nonsense report? It makes me puke. If Warren Buffett were the fund manager, he would have tell in details all the mistakes made candidly and apologize profusely to his shareholders. Nobody would blame him anything.
Surprised how so many shareholders, even outsiders, still treat the fund manager of icap like an investment God.
I thought I could retire comfortably by investing in icap because of the good track record of the fund manager but to my deep disappointment the fund has only performed in the first few years. I sold everything when I retire. Although I did not lose money but the underperformance is really disappointing. I cannot believe there is no company worth to invest in the past few years in Malaysia. There are some good companies making profits year after year.
TTB not only going to survive... he gonna makes tonnes of money too... but that is none of the ICAP minority shareholders' business and as murali said the fella will talk big cock again.. compare with WB and BH...bla bla bla
Can buy some now, but dont treat it as a long term investment, say 5-10 years loh....TTB will always think about his own pocket first, not the small shareholders....Just check with his shareholders then u will know
What did he do with the shareholder's money for the past 4-5 years? He kept most of the cash in FD and used the FD interest for his big fat gaji buta while waiting for durian runtuh....now finally after a long wait, it seems to come...he got nothing to lose but everything to gain...as for you, u eat roti kosong n drink air kosong during these period of time...
Paying RM2.15 now for a share which owns cash of RM1.84 per share n with NTA Rm2.90 seems to be a no brainer investment, somemore can see Msia WB giving few hours talk cock show every year....does it sound good?
TTB was a great investor, I still remember those days where he would appear on "Money Matters" on TV3. However he got badly burnt during the 2008 crisis where he was bullish when the whole market was collapsing. He probably never recovered from the trauma. Nowadays not willing to take any risk anymore.
Given enough time, most investors can claim to have got right. A dead clock can still tell the correct time once every 12 hours. What matters is how much more one could have made by a different approach.
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New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 4502 views | 4 d ago
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New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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....
saltedflsh
123 posts
Posted by saltedflsh > 2015-08-16 23:41 | Report Abuse
One of worst stock to invest now! Avoid!