Posted by Icon8888 > 2015-09-21 15:23 | Report Abuse

This fellow useless

How can it be that he cannot find anything to buy throughout the year ?

We bought export stocks and are now sitting on tonnes of profit. That was not luck. That was mathematics - weak RM is good for export

The fact that he cannot sieze the opportunity tell u that there is something wrong with him

Posted by cola > 2015-09-21 15:44 | Report Abuse

He is probably one of very few "value investors" that trying to time the market.........

Posted by Icon8888 > 2015-09-21 15:56 | Report Abuse

I can forgive him for wanting to wait for nestle to come down to 30

But I cannot forgive him for not buying pohuat at 1.30, Liihen at 2.75, Hevea at 2.50

That was simply poor judgement

Posted by MG9231 > 2015-09-21 16:02 | Report Abuse

He is growing his personal fund management business, spreading to Australia ,Singapore, and currently concentrating china. where as Icap Bhd is limited to Malaysia Market, He is also lone ranger and decision is made by him alone. Unless he is superman, he has lost his focus in Malaysia Market, that is why he didn't buying those export oriented counters.

Posted by crocodile1980 > 2015-09-21 16:12 | Report Abuse

He seem to be more like a speculator that predict or forecast the market that will crash below 1000 points. He is waiting an opportunity that even monkey can simply pick a profitable stock. I used to buy some Icap but eventually I found it is not so promising to get someone to manage your investment portfolio because the money is still yours while the fund manager can still keep piling their wealthy through saving your cash. I only believe a fund manager that totally stand at the same side with investor. Eg. some fund manager that only take 20% of your profit that more that 6% per annum. This makes more sense to me.

Posted by Icon8888 > 2015-09-21 16:14 | Report Abuse

U r right, he is trying to speculate on the timing

That explains everything

Posted by murali > 2015-09-21 16:30 | Report Abuse

I beg to differ, TTB is as good as God, he oredi see the bear coming as early as Mac/Apr 2011...Can u do this?

Posted by murali > 2015-09-21 16:32 | Report Abuse

He has the vision and patience, he can hold 50-60% cash for years while waiting for the bear to come....At the meantime TTB collects his annual fee of RM6-RM7 million without fail....Can you?

Posted by Icon8888 > 2015-09-21 16:38 | Report Abuse

Ha ha

Posted by profit profits > 2015-09-21 17:32 | Report Abuse

I am confused, when was Nestle sold around 30 ?

Posted by Icon8888 > 2015-09-21 17:51 | Report Abuse

Ha ha must be when I was wearing diapers

Posted by murali > 2015-09-21 17:55 | Report Abuse

During early 2011 he wanted to wait for CI to touch 1000....now 2015,still waiting patiently for klci at 1000

Posted by Icon8888 > 2015-09-21 17:57 | Report Abuse

If he so bearish, should Sai Lang put warrants, right ?

Posted by Icon8888 > 2015-09-21 17:58 | Report Abuse

Oh my god, don't tell me Fund_Manager is Tan Teng Boo !?

Posted by JN88 > 2015-09-21 18:03 | Report Abuse

My friend told me he put 100k into bank .....suddenly his cash value become 80k (-20k).....another one put 1000k into bank, he laughing those who invest in stock and loss in stock....but once he start to use his money ...mana tau only worth 800k... put ur cash at bank without do anything also go holland ...wakakakaka

Posted by KAQ4468 > 2015-09-21 19:13 | Report Abuse

Aiyooooo

Tan Teng Boo ???

Posted by setia2u > 2015-09-21 22:08 | Report Abuse

Who is TTB? Someone holding others' money and keep it as cash instead of inveesting it, instead of paying interest, he collects management fees without fail every year? At the same time keep telling the general investors that market is going to touch 1000 points, hopefully it really come down!!! so that he can buy at cheap price? If CI still not 1000 yet, keep telling some more then, every year in September, yea ... so many years already. In fact, I am fed up now, every year the same companies are featured, SURIA, BSTEAD, PETGAS... no other company are doing well in BURSA? I wonder!!! Pleasssse enlighten me.....

Posted by gkheng > 2015-09-21 22:51 | Report Abuse

no matter how, he managed to gather other ppl money for his own management. that explained how the world rotates. U dun need to be good at anything, only good in taking money from other ppl's pocket will do

Posted by xiaoji > 2015-09-21 23:55 | Report Abuse

if nestle drop to RM30, i think that time only warren buffet dare to invest.

Posted by murali > 2015-09-22 08:42 | Report Abuse

The Star interviewed TTB in 2011

Your 10 questions with Tan Teng Boo

1.What is your investment philosophy?

Value investing but in an eclectic manner and with an Asian perspective. It has elements of Warren Buffett, Philip Fisher, Benjamin Graham, John Templeton and my own elements as well and these are best described and understood by comparing them to the remarkable qualities of a bamboo. Maybe my investing style can be termed “Bamboo Value Investing”.

2.Is there an investor you admire greatly and why?

Can I say, myself? If yes, the reason isthis: Other fund managers need only focus on managing their funds. In my case, besides managing funds over RM1bil on a local and global basis, I have a number of companies and a fast growing business to manage at the same time. Yet, I have consistently beaten all the benchmark indices, whether Malaysian or globally based. Hard to find another parallel, really.

3.Why are there no more close end funds like yours on Bursa Malaysia?

Unless the fund manager has an excellent track record, it is very hard to promote and list a close-end fund like icapital.biz Bhd on Bursa Malaysia. It has to go through an IPO process. Most importantly, it is not so profitable for fund management companies to promote and list close-end funds because there are no entry fees or front-end loadings or commissions or bid/offer spreads. Also, investors in Malaysia are not familiar with closed-end funds.

4.What is your opinion of the state of equities and when will be a good time to go in?

Since April/May 2011, I have been bearish on equities globally, including that of Bursa Malaysia. My bearish views have not changed one iota. The best times are when there are screaming buys. The stocks are so undervalued that they actually scream at you to buy them. I am patiently waiting for these.


5.How did you get into the investment business?

Performance in this business is very easy and objective to appraise either you beat the market or you don't. No politics, no rationalising. I find the cold objective appraisal close to finding absolute truth. I am a truth seeker.

Also, there are many investors losing money in the stock market. In 1989, I started i Capital, our weekly investment publication, with investment education in mind.

6.What are your concerns about the Malaysian economy?

Poor productivity, efficiency and competitiveness and that there are no policies to tackle these urgent problems.

The New Economic Model would have been a great solution but self-interested Malaysians have shot it down.

7.You started investing in Malaysia and now have branched out globally. How do you balance between Malaysia and the rest of the world?

With some difficulties. I rely a lot on SIA and have to use Changi as my hub. If only KLIA and MAS can be really world-class and the KLIA is not the furthest airport in the world from a city. Imagine, the KLIA is even further than Narita is from Tokyo (that is why Haneda Airport is becoming more popular than Narita). With the availability of the Internet, with our operations in KL, Singapore and Sydney, these help.

Also, as a value investor, I am not an active investor and do not need to sit in front of the Bloomberg, etc. And with lots of practice and strong support from my wonderful and committed staff, being a global citizen can actually be fun, educational and very meaningful.

Tan: Performance in this business is very easy and objective to appraise – either you beat the market or you don’t.
You once said you made more money investing in Malaysian shares than Buffett did from 1998 to March 2009. Can you still make more money from Malaysian shares or is there more profit elsewhere?

Yes, my returns are higher than Warren Buffett's and also higher than John Paulson's flagship fund. There are great investing opportunities to be found on Bursa Malaysia, as there are some great companies listed there. However, based on sheer numbers, you cannot beat the investing opportunities available from the 40,000 plus listed companies globally.

Posted by murali > 2015-09-22 08:43 | Report Abuse

8.Any advice to young people wanting to buy stocks or grow their savings?

At Capital Dynamics, our training focuses on developing the right attitude and character and focuses on the long-term. For example, our investment analysts do stuff that are superficially not related to investment research or analysis. Many quit. So, why such an approach? The technical skills like financial modelling are easy to acquire but the right mind set and the right character are not taught in universities.

To be successful, having the right attitude and character are the two most important qualities. Building a successful career is like successful investing. Patience, determination and discipline are three very important qualities. By tasking our investment analysts to do supposedly unrelated stuff, we are developing them to have patience, determination and discipline. Many young people lack these, do not realise it and learn about it too late.

9.How do you see the global problems playing out and what advice can you give people to protect their money in such turbulent times?

The problems facing the global economy are not easy to deal with. Europe and America are just so eager to blame everyone else except themselves. They work 40-hour week but want to have wages equal to 80 hours plus all the generous benefits from the government.

10.When work-life balance tilts so much to life instead of work, who foots the bill and how can the economies expand?

The bearish turbulence globally would still continue for some time to come but in such volatile times, there are also wonderful investing opportunities. Investing in our low risk, high return funds would be perfect.

Posted by murali > 2015-09-22 08:46 | Report Abuse

All TTB's critics please take note on Q4. TTB has the vision (KLCI at 1000) and patience since 2011.

And dont forget about his persistence too...he will come out to repeat the same every time when market came down for the last few years....

This makes him Malaysian Warrent Buffet,and not you....


4.What is your opinion of the state of equities and when will be a good time to go in?

Since April/May 2011, I have been bearish on equities globally, including that of Bursa Malaysia. My bearish views have not changed one iota. The best times are when there are screaming buys. The stocks are so undervalued that they actually scream at you to buy them. I am patiently waiting for these.

Posted by murali > 2015-09-22 08:49 | Report Abuse

2015-09-14 11:08

資本投資（ICAP,5108,主板封閉式基金組）創辦人兼董事經理陳鼎武即將在本周舉行的投資者日（Investor Day）開講，在這之前先與《投資致富》進行一段熱身訪問，為讀者分析目前各種市場狀況。

資本投資（ICAP,5108,主板封閉式基金組）創辦人兼董事經理陳鼎武即將在本周舉行的投資者日（Investor Day）開講。（圖：星洲日報）


訪問一開始，他已事先言明，可以作任何高低預測，但不保證所有預測都準確，建議讀者在作任何投資決策前，先想一想本身可享有的安全邊際（Margin of safety），以免得不償失。

“我在過去12至15個月前已持保守及謹慎看法，不只預測馬股將跌至1千點以下，也對所有類型的資產感到擔心，包括房產、金價、油價。”
半年前，他已預測油價將跌至每桶40美元，並認為國內油氣股太貴及估值過高，目前不會投資這個領域，因為始終相信投資管理必須通過“價值投資”。
“投資不可過度依賴市場預測，因為它不一定準確，一旦不自我思考及運用邏輯分析市場狀況，作出明智決定，反而會令你成為賭徒或投機者，而非真正的投資者，就如早前的金玉華投資案，很多人參與是因為它可預測及給予很好的回酬，但他們不知道回酬從哪裡來，才會導致許多人面臨虧損，所以投資不必給予預測，而是教導他們學會思考，尋求真相及事實。”
經濟風暴時期
現金最具增長潛能
陳鼎武為大馬唯一上市的關閉式基金創辦人，奉行“價值投資”主義，目前該基金持有2億7千萬令吉現金，現金佔總資產的65%。
當被詢及會如何運用這筆現金時，他說只有一個策略：等待最好的時機！因為看好經濟風暴時期，現金最具增長潛能。
難以想像市場
如何應對美國升息
“不急於運用公司現金，對比2008年，公司現金僅佔資產35%，目前持有比2008年高兩倍的現金，原因是在2008年市場崩潰時，美國及日本等國家可以下調利率及採取擴張財政政策，可是，若紐約股市跌30%，在美國利率已在0%水平的狀況下，美國聯儲局將採取甚麼措施救市，這才是我最害怕擔心的事情。”
去年他已預測，在美國升息前，美股一旦跌30至40%，將導致馬股跌至1千點以下水平；新加坡股市料跌至3千點以下；日本股市已到頂點，即將迎來大跌，美國若確定9月升息，難以想像市場會作何反應。
針對目前股匯齊跌狀況是否為經濟風暴的前兆，他不排除這股低氣壓已形成，正朝亞洲國家呼嘯而來。
股市頹勢才剛開始
“目前股市表現糟糕，但這才是開始，最糟的結果還未顯現，不排除這已是經濟風暴形成的跡象，就如我兩年前預測般，一直建議市場買進美元。”
他指出，一個月前，美國蘋果公司及微軟的總值已超過德國股市規模；單是蘋果公司規模已超過俄羅斯股市，這些正是股市估值過高所發出的預警，提醒人們狀況很危險。
但是，在知道市場已估值過高，並獲知各種警告訊息後還持續在危險環境下投資，就必須承受其風險，因為在這個階段，投資者已無法享有安全邊際。
“這一切只需一個負面事故發生，市場就會跌不休，因為它的估值已過高，如早前人民幣無預警貶值2%，市場反應已如此激烈，若人民幣再跌5至10%，估計將迎來另一波全球經濟風暴。”
亞洲經濟風暴逼近
“2008年金融風暴影響歐美及日本市場，預計2015及2016年將迎來另一波以亞洲及發展中國家為主的經濟風暴，而這個風暴才剛開始，故建議還未購買產業者，別在現階段出手，因風暴過後可以買到更便宜的，若打算脫售產業，則趕快行動。”
他指出，一旦發生經濟風暴，最擔心的是美國聯儲局將採取甚麼措施救市，因為目前美國利率已處於零水平，再下調的話只剩負利率。
匯率走跌聯儲局是罪魁禍首
另外，對於馬幣下跌，他認為大馬人不該只怪罪一馬發展公司（1MDB），而是先瞭解其他匯率也走跌的原因，因為這一切的罪魁禍首是美國聯儲局。
“美國讓全球等升息等太久，升息日期遲遲未有定案，導致新興國家貨幣波動，經濟受影響，逼使中國不得不出手，自貶過於強勢的人民幣，參與全球貨幣競貶行列來捍衛已走低的出口數據。”
他說，因人民幣巨貶，如今不只馬幣走跌，還有印尼盾、泰銖、印度盧比、日圓也在跌，大馬人不應該只尋求捷徑及簡單的答案，認為領導人下台後就可解決目前經濟問題，而是成為更精明的投資者或選民，懂得邏輯思考及分析。
大馬股神開講：何謂“價值投資”？
以低於資產的價值投資，讓投資更安全，甚至無懼於經濟風暴的影響。
例子：當賣方被逼以200萬令吉脫售價值500萬令吉的產業時，買家將享有安全邊際，即使在經濟風暴期間，產業價值跌至300萬令吉，也可免於虧損。
揪出拖累經濟元兇
看局勢要看全面
陳鼎武認為，目前該關注的問題不只是匯率，還有其他更重要的課題去探討，如果執政者真的下台，國內政局將變得不穩定，在缺乏可掌控局勢及群龍無首的狀態下，事情演變得更糟糕時，一旦軍人介入，成立軍政府將導致情況更惡劣。
2013年大選前，陳鼎武已開始擔心大馬將發生政治問題，當時1MDB課題還未浮現。
“大馬政治局勢出現亂局，是因為沒有真正有效掌權的政黨，導致大馬政治圈出現真空狀態，這將很危險，若經濟狀況理想，政治群龍無首將不會對國家造成太大影響，但是，若國內外經濟下滑，再加上國內政治領域陷入真空狀態，政經局勢將會很險峻，社會也將湧現許多極端事故。”
1MDB虧20多億
交通阻塞導致GDP每年損失200億因此他奉勸投資者，必須尋求真相及事實求證，從大馬出口走跌、教育系統、環境破壞、交通阻塞對國內生產總值的影響等問題揪出拖累經濟的元兇，而非一直關注1MDB的新聞。
陳鼎武指出，世界銀行關於大馬的經濟報告保守預測，交通阻塞每年造成1.1%至2.2%的國內生產總值（GDP）損失，但這個預測並未獲市場極度關注。
“以目前大馬GDP總值約1兆令吉估計，2.2%意味大馬每年因交通阻塞問題損失約200億令吉，可是無論是市場還是媒體，卻沒人關注這個課題的嚴重性，反而不停報道1MDB課題，但是對比1MDB的20多億令吉虧損，我認為交通阻塞造成的經濟損失更嚴重，因不只吉隆坡，檳城及柔佛也每天面對此問題。”
國民素質沒進步
將淪為次等國
為此，他苦口婆心的勸導投資者，如果要讓國家變得更好，就必須成為真正的投資者，而非走捷徑的投機者，國民素質沒進步，國家也將淪為次等國。
由於經常造訪新加坡，他親眼見證大馬及新加坡國民素質的高低。
“以搭手扶梯為例子，新加坡人除了非常自律的靠邊站，遇到有人擋住走道就會出聲提醒，這才是讓新加坡成功的因素之一；反觀大馬人，目前只針對聳人聽聞的報道情緒化，過後在被抄牌時，又作出賄賂行為，這樣大馬要如何進步？”
他認為，就如世界自然基金會所說，停止買賣及食用魚翅，獵鯊也將停止，只要停止給予，收賄也將停止，大馬人不能怪罪收賄的人，因大馬人才是這個罪惡的源頭。
“但大馬人何曾反省過，卻一直在怪罪領導人，要求改變，奈何領導人來來去去，人民卻未曾自我改善素質，到頭來還是面對相同問題，重複以往的錯誤。”
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陳鼎武將在9月19日週六下午2時30分至5時30分主講，週日活動則從上午9時至5時，3位主講人包括莫實得控股（BSTEAD,2771,主板貿服組）董事經理丹斯里洛丁、曙光資本（S U R I A，6521，主板貿服組）代首席執行員黃潔敏及偉特機構（VITROX,0097,主板科技組）執行董事兼高級副總裁蕭國棟。
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Posted by murali > 2015-09-22 08:51 | Report Abuse

“我在過去12至15個月前已持保守及謹慎看法，不只預測馬股將跌至1千點以下，也對所有類型的資產感到擔心，包括房產、金價、油價。”

Hmmm....it shoud be read as “我在過去45至48個月前 (early 2011)已持保守及謹慎看法，不只預測馬股將跌至1千點以下，也對所有類型的資產感到擔心，包括房產、金價、油價。”

TTB has seen this coming 4 YEARS AGO....Geng....

Posted by Blowj0b62 > 2015-09-22 08:53 |

Post removed.Why?

Posted by murali > 2015-09-22 09:06 | Report Abuse

Investments 145,596,798 (2015) 185,731,507 (2014)
Short-term deposits 257,433,655 (2015) 239,709,214 (2014)

Interest income 7,396,822 (2015) 5,941,654 (2014)
Fund management fee 3,187,354 (2015) 3,109,491 (2014)
Investment advisory fee 3,187,354 (2015) 3,109,491 (2014)

Out of their interest income earned on their hugh cash pile in 2015 (RM7.396M), 86% (RM6.374M) went into TTB's pocket...

What has TTB done in 2015 to earn his fee?

(i) Investment portfolio
There were no purchases made since 31 May 2014 and the
current portfolio, ranked in terms of the market value of
each stock and the quantities held are shown in Charts 1
and 2 below.

(ii) Investments sold
For the financial year ended 31 May 2015, your Fund sold
800,000 shares of Fraser & Neave Holdings Bhd, 7,100
shares of Petronas Dagangan Berhad and 300,000 shares
of Suria Capital Holdings Berhad. These sales generated
realised gains of RM8.278 million with a cost of RM5.712
million.

As at 31 May 2015, your Fund invested RM95.687
million with a market value of RM145.597 million, giving
unrealised gains of RM52.816 million. Of your Fund’s
investments as at 31 May 2015, Padini Holdings Berhad,
P.I.E. Industrial Berhad and Suria Capital Holdings Bhd
have substantial unrealised gains.

(iii) Investments made
For the financial year ended 31 May 2015, your Fund
received 979,907 shares as share dividend from Parkson
Holdings Berhad and 621,440 shares as bonus share from
P.I.E. Industrial Berhad.

Posted by kakashit > 2015-09-22 12:51 | Report Abuse

收皮啦，麻烦你gel头，穿西装打tie才像个基金经理

Posted by cherry88 > 2015-09-22 14:33 | Report Abuse

He should invest in Put Warrants ....haha