Posted by dumbMoney > 2022-04-28 22:11 | Report Abuse

@Integrity - As long as shareholders can only receive market price and not NAV when they want to realise their investments, shouldn't share price be more important than NAV as a measurement of fund performance? NAV is only realisable upon liquidation of the fund, otherwise, it is just an nice to know number, you can't take it to the bank.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2022-04-30 10:28 | Report Abuse

iCap's performance has been lacklustre in recent years.

iCap prides itself in its superior strategy in its investing. An obvious strategy employed by iCap has been asset allocation based on its perception of the market overall valuation. In recent years, it has kept a lot of cash in its asset allocation presumably the market was overpriced. In fact, iCap organized many meetings a few years back to inform its investors of this based on their analysis.

Even such simple strategy of moving to cash and out of cash based on the valuation of the overall market is not easy. The market can remain irrational for longer period than the investor can remain solvent.

Still pricing the market is safer than a strategy using timing the market.

A fund's performance is better measured by its absolute annual performance. Based on this, iCap has disappointed many long term investors who did not get into this fund at its inception. The original investors who bought the fund and hold on to it till now remain rewarded, but how many of these remain in this fund to date? Perhaps, still a majority. (?)

Posted by JohnDough > 2022-05-01 13:03 | Report Abuse

“The US inflationary situation is getting to a deeply worrying state amidst the Ukrainian Crisis that is continuing with no resolution in sight. For Malaysians, the imminent GE15 is creating another level of uncertainty. What should you as an investor do given the prevailing circumstances?

icapital.biz Berhad has always been managed in such a way that its shareowners can sleep soundly at night, knowing their hard earned savings are in good hands. I have also managed icapital.biz Berhad in such a way that in times of crisis or dire need, icapital.biz Berhad is there for its share owners, witness the special RM28 million Covid Relief dividend.

Not only have I achieved all of the above, icapital.biz Berhad has also delivered superior returns to its shareowners and is still boasting a substantial cash-laden war chest. A well-managed closed-end fund like icapital.biz Berhad is an excellent investment product for individual investors, especially during tumultuous times like now.

However, after so many decades, there is still only one listed closed-end fund on Bursa Malaysia. The London, Sydney and New York stock exchanges abound with closed-end funds. For Bursa Malaysia to have the same percentage as London for example, the Malaysian stock market should see more than a hundred and thirty closed- end funds listed, instead of just one.

icapital.biz Berhad is without doubt a precious investment. Do not let any investor who refuses to be a share owner destroy such a rare gem.”

icapital.biz Berhad 3Q22 report – commentary by fund manager

Posted by dumbMoney > 2022-05-01 16:51 | Report Abuse

@Integrity - According to the latest 2021 30 largest shareholders list, the local investors have 25 million shares, foreign shareholders have 29 million shares, so the swing votes depend on the smaller shareholders out there.

Posted by stockraider > 2022-05-01 17:05 | Report Abuse

Remember Icap is not a work of art like mona lisa loh!

Even when there is less close end fund....that does not mean icap should be precious loh!

Icap will be very precious if it is well managed and outperform the mkt sustainably over many years loh!

However Icap failed to outperformed the mkt and for the past 3 years did even outperformed against fixed deposits mah!

Posted by dumbMoney > 2022-05-02 10:42 | Report Abuse

In more developed markets, passive funds have overtaken active funds in market share because the latter have not outperformed the former after costs. Singapore used to have 4 CEF managed by the Big 4 Banks (reduced to 3 later following the merger between OUB and UOB), but one after another, they all went into voluntary delisting because they have no solutions to persistent price discount to NAV. Same for Amanah Small Cap Fund and the two AHP property trusts here. iCap will be the last of the Mohicans, once foreign vulture funds smell blood in the water.

Posted by dumbMoney > 2022-05-02 12:05 | Report Abuse

After persistent 'harassments' by foreign fund Laxey Partners over price discount, UIS, the last of the Singapore big bank managed CEF finally threw in the towel and went for self liquidation. https://links.sgx.com/FileOpen/UIS-ANN-ConveningofEGM-11Dec2013.ashx?A...

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 2022-05-03 10:23 | Report Abuse

>>>>
And this was how the whole self liquidation movement of CEF's in Singapore started https://1drv.ms/b/s!AgLvGZpm89YslnanZSYxH-UUabGT
>>>>>


iCap may/will suffer the same fate.

Posted by stockraider > 2022-05-03 11:40 | Report Abuse

Totally agreed

Icap should be liquidated loh!

Bcos of many recent yrs of poor performance loh!

Posted by dumbMoney > 2022-05-03 15:30 | Report Abuse

A lot of shareholders are now locked in involuntary bondage because of the deep price discount. They are not happy with holding the shares, but to leave now means giving up on more than $1 in NAV at the current market price, so have no choice but to stay and hope for things to improve. Do the BOD care? They pass the buck to the manager. Like in the present political situation, if voters keep voting for the incumbents, they only have themselves to blame. These shareholders are TTB's safe deposits, just like immigrant workers, with their passports held by the agent/management, in bondage.

Posted by dumbMoney > 2022-05-03 22:11 | Report Abuse

Another thing that shareholders may not realise is that while the 1.5% p.a. management fee is based on NAV, the value to shareholders is based on market price, and with the current discount at around 40%, the effective cost of the management fee is around 1.5 times the nominal amount, or 2.25% p.a. So the price discount has a double whammy effect on shareholders.

Posted by WingsOfMercy2 > 2022-05-04 07:02 | Report Abuse

Capital Dynamics has a notorious reputation as a terrible workplace, with a 2.6/5 rating on Glassdoor, with strong indications of poor talent retention.
https://www.glassdoor.com/Reviews/Capital-Dynamics-Reviews-E1525505.ht...

Lesser known to most, the performance of the privately managed funds are piss poor as well.
https://funds.icapital.biz/iccf/performance/index.html
https://funds.icapital.biz/icgf/performance/index.html
https://funds.icapital.biz/icivf/performance/index.html

TTB is a clown at best, I'd think twice before letting this fella manage my money.

Posted by stockraider > 2022-05-04 11:08 | Report Abuse

Correctloh....it is imperative Icap must be liquidated loh!

Just imagine placing so much money in Fixed deposits & getting return close to 2.2% pa when the management fees effectively 2.25% pa mah!

Posted by dumbMoney > 12 hours ago | Report Abuse

Another thing that shareholders may not realise is that while the 1.5% p.a. management fee is based on NAV, the value to shareholders is based on market price, and with the current discount at around 40%, the effective cost of the management fee is around 1.5 times the nominal amount, or 2.25% p.a. So the price discount has a double whammy effect on shareholders.

Posted by dumbMoney > 2022-05-05 01:49 | Report Abuse

This is how upside potentials are calculated from price discount to NAV:
A 30% discount means 70% cost, 30% discount = 43% upside
A 35% discount means 65% cost, 35% discount = 54% upside
A 40% discount means 60% cost, 40% discount = 67% upside.
At $2.17 market price and 3.37 NAV, price discount = 35.6%

Posted by JohnDough > 2022-05-08 13:01 | Report Abuse

“The world has undergone another tumultuous period since my last quarterly commentary for the period ending 30th November 2021. Besides the ongoing global COVID-19 pandemic, the Ukrainian Crisis and the current pandemic outbreak and lockdowns in China, the world has been moving from one crisis to the next.

Layered on this complex situation is surging inflation in the United States, the UK, the EU and many other countries. Due to a serious misjudgement of the current inflation trend, the US Federal Reserve is now in a panicky mode and has to aggressively tighten US monetary policy which will most likely push the US economy into a recession.

Despite such turbulent times, icapital.biz Berhad has performed exceptionally well. As at 13 April 2022, your Fund’s NAV achieved solid 1-year, 2-year, and 3-year returns of 9.13%, 28.94%, and 6.46% respectively. The same goes for its share price, which generated superior returns of 21.50%, 18.50%, and 2.37% respectively.

Both your Fund’s NAV and share price have outperformed Bursa Malaysia, which returned only - 0.03%, 17.78%, and -2.02% over the said three time periods.”


icapital.biz Berhad 3Q22 report – commentary by fund manager

Posted by DickyMe > 2022-05-08 13:05 |

Post removed.Why?

Posted by dumbMoney > 2022-05-08 18:10 | Report Abuse

For any other listed company, shareholders' returns are measured by share price difference plus dividends received, if any. NAV is an academic number as long as it cannot be cashed in. Why keep comparing against the market index which excludes dividends declared by the component stocks? That's around 4.31% for the KLCI and 3.77% for the Emas index, which if added back, will prove the fallacy of superior iCap share price performance against the index.
Index Characteristics
Attributes FTSE Bursa Malaysia KLCI FTSE Bursa Malaysia EMAS
Number of constituents 30 312
Net MCap (MYRm) 492,360 700,485
Dividend Yield % 4.31 3.77
Constituent Sizes (Net MCap MYRm)
Average 16,412 2,245
Largest 66,532 66,532
Smallest 3,444 15
Median 11,170 310
Weight of Largest Constituent (%) 13.51 9.50
Top 10 Holdings (% Index MCap) 62.64 44.03

Posted by dumbMoney > 2022-05-08 18:12 | Report Abuse

The numbers above don't line up properly when cut and pasted. They are under two columns, KLCI and the Emas Index. The link is here https://research.ftserussell.com/Analytics/Factsheets/Home/DownloadSin...

Posted by dumbMoney > 2022-05-08 20:22 | Report Abuse

KLCI only adjusts for capital changes of the component stocks, i.e. bonus, splits, rights etc, while a total returns index also include reinvested income, i.e. dividends. There is no easily available total returns index for Bursa, but for a while, there is the Dow Jones Malaysia Total stock market total returns index for the period up to July 2017. This computes the total returns of the total market, instead of just the selected index component stocks, both capital changes and reinvested dividends. A comparison gainst the iCap NAV and KLCI has been graphed here https://1drv.ms/b/s!AgLvGZpm89YslnheH4Pml_EpVbmN?e=fIjVkA

Posted by dumbMoney > 2022-05-08 20:42 | Report Abuse

Just to make it clearer, iCap share price is added here, in brown https://1drv.ms/b/s!AgLvGZpm89YslnnPbk3lijgSid-G

Posted by dumbMoney > 2022-05-08 20:45 | Report Abuse

The comparisons are made for this specific period solely because that is the only time the Dow Jones data are available readily on line, so it is entirely incidental, not on purpose. For different time periods, the comparisons will be and can be quite different.

Posted by JohnDough > 2022-05-15 17:18 | Report Abuse

“In 2014, I asked Irving Kahn to share the most important lessons of his extraordinarily long career. By then, he was 108 years old and had worked on Wall Street since 1928. Nobody in the investment business had survived more turmoil, so I regarded him as the living embodiment of financial (and biological) resilience!

Kahn became Graham's teaching assistant at Columbia in the 1920s, and they remained friends for decades. I wanted to know what he'd learned from Graham that had helped him to prosper during his eighty-six years in the financial markets.

Kahn's answer: "Investing is about preserving more than anything. That must be your first thought, not looking for large gains. If you achieve only reasonable returns and suffer minimal losses, you will become a wealthy man and will surpass any gambler friends you may have.

This is also a good way to cure your sleeping problems.”


Richer, Wiser, Happier – How the World’s Greatest Investors Win in Markets and Life by William Green

Posted by JohnDough > 2 months ago | Report Abuse

“At RM2.05, ICAP is capitalized at RM287 mln. What do investors get in return?

Investors get to benefit from the hard work of a highly experienced fund manager, one who has experienced all the bear markets on the KLSE, right from the one in 1973.

In addition, investors get assets worth more than RM476 mln, comprising RM165 mln in cash holdings and a portfolio worth more than RM311 mln as at 28 Feb 2022. This portfolio is poised to appreciate significantly. Why? The answer is simple.

Private consumption growth, the main driver of Malaysia’s economic recovery, is set to normalize after 2 years of disruption. Tourist arrivals to Malaysia are set to follow this same trajectory. As such, many companies ICAP invested in should benefit handsomely.

ICAP’s portfolio will get another big boost skyward when CDAM, its fund manager, invests its RM165 mln cash holdings in undervalued stocks. When ICAP’s assets reach the RM1.0 bln or RM7.14 per share mark, will you be a beneficiary? Since May 2021, CDAM and related parties have bought 260,200 additional shares in ICAP.

As ICAP is a low-risk, high-return fund, the reasons for its appeal are obvious. Without any hesitation, i Capital is retaining its rating on i Capital.biz Berhad as a Buy for the long term, although, as the last 1 to 2 years have shown, its performance in the shorter term could be very attractive too.”


i Capital Newsletter Volume 33 Issue 36

Posted by TheContrarian > 2 months ago | Report Abuse

Hahaha, haven't you people realize that JohnDough is TTB?

Posted by dumbMoney > 2 months ago | Report Abuse

@TheContrarian, of course, we all do. The question is, if iCap is so good and management is buying, why not let the company buy back its own shares too? So many other listed companies are doing that.

Posted by dumbMoney > 2 months ago | Report Abuse

Or better still, stop wasting time and money fighting COL in court, just let the funds buy to their heart's content. The SC and the court so far has decided that no one has breached the 20% individual shareholding limit.

Posted by JohnDough > 2 months ago | Report Abuse

“On 9 Sep 2016, Capital Dynamics Sdn Bhd, Capital Dynamics Asset Management Sdn Bhd and Tan Teng Boo (Plaintiffs) instituted legal proceedings against a Cindy Yeap, a senior editor from The Edge, for authoring and publishing an article titled 'icapital.biz largest shareholder says fund fees high, to vote down director reappointments' on 14 Sep 2015, which contained multiple misleading, false and deceptive statements about the Plaintiffs.

The High Court ruled on 7 Dec 2018 that the said article is defamatory of the Plaintiffs (WA-23NCVC-46-09/2016 (CDAM & Ors v Cindy Yeap). Cindy Yeap appealed against the decision on 28 Dec 2018.

Capital Dynamics is pleased to announce that the Honourable Court of Appeal of Malaysia (Court of Appeal) has concluded this matter in its favour (Court of Appeal Civil Appeal W-01(NCVC)(W)-10-01/201)

On 11 May 2022, the Court of Appeal unanimously agreed with the High Court decision and held that the said 2015 article is defamatory of the Plaintiffs.

The 3 Court of Appeal judges echoed the decision of the High Court in holding that all elements of defamation had been successfully proven by the Plaintiffs, and rejecting Cindy Yeap's defences of justification, qualified privilege and reportage and/or Reynolds defence.

Further, they noted that the timing of the said article was very close to the Annual General Meeting of ICAP on 19 Sep 2015 and hence could amount to incitement of the shareholders to remove the Plaintiffs from their respective positions.

They concluded by saying that Cindy Yeap was irresponsible in her reporting which had the effect of lowering the Plaintiffs' reputation with the public.

Why is the defamation suit by Capital Dynamics Sdn Bhd, Capital Dynamics Asset Management Sdn Bhd and Tan Teng Boo and the decision of the High Court and Court of Appeal important ?

i Capital Newsletter Volume 33 Issue 37 (1 of 4)

Posted by JohnDough > 2 months ago | Report Abuse

An article can be useful, harmful or inconsequential. A defamatory article is unjust, unfair and harmful. In ICAP's case, it is harmful to the Plaintiffs and to the existing thousands of ICAP's shareowners as well as many more potential owners. Reputation attack is one of the toolkits used by activist investors especially in the developed markets.

Activist investors typically mount aggressive or hidden and sophisticated public relations campaigns in order to undermine shareholder confidence in a target company's performance and leadership, whether through social media, online forums or by using the more traditional media and public relation channels.

When seen in the context of Part V of the Capital Markets and Services Act 2007, the said article about ICAP and the Plaintiffs can be more than just causing defamatory harm. The Plaintiffs decided to take the court action to protect the interests of the thousands of shareowners of ICAP and make the stock market a less dangerous place for investors.

City of London Investment Management Company Ltd, a substantial shareholder of ICAP loves to complain publicly and loudly about the discount of ICAP. On the surface, nothing wrong about making such a complaint.

Except that City of London Investment Management Company Ltd was at the same time quietly accumulating millions of ICAP shares while it was giving the false and misleading impression to the KLSE that investors should not invest in ICAP because of the discount.

This London "colonial" investor actually bought so many shares that it has now exceeded the shareholding limit set by the regulators. City of London Investment Management Company Ltd bought millions of ICAP shares because of its discount, an attractive feature of a closed-end fund that it was exploiting when it was actually making all kinds of negative noises about the discount. Why? To allow it to keep buying at a discount?


i Capital Newsletter Volume 33 Issue 37 (2 of 4)

Posted by JohnDough > 2 months ago | Report Abuse

The contents in the 2015 article in the said defamation case contained a lot of materials about ICAP originally written by City of London Investment Management Company Ltd, and published in RNS, a web service of the London Stock Exchange.

Investors who bought ICAP shares at a discount in the last few years have made solid returns, much better than the MSCI Malaysia benchmark index.

We are trying to put together Part V, Market misconduct and other prohibited conduct of the Capital Markets and Services Act 2007, the said 2015 article and the behaviour of City of London
Investment Management Company Ltd in regularly deceiving Malaysian retail investors, most of whom are not familiar with a closed-end fund like ICAP. On the surface, nothing seems to be wrong but have we missed something?

i Capital Newsletter Volume 33 Issue 37 (3 of 4)

Posted by JohnDough > 2 months ago | Report Abuse

Capital Dynamics Sdn Bhd, Capital Dynamics Asset Management Sdn Bhd and Tan Teng Boo (Plaintiffs) and ICAP were organising the annual Investor Day for many years with the aim of educating Malaysian retail investors about value investing and a closed- end fund like ICAP. City of London Investment Management Company Ltd was against this educational campaign.

Scottish Mortgage Investment Trust (Scottish Mortgage) is a publicly traded investment trust aka closed-end fund. It invests globally looking for strong businesses with above-average returns and Scottish Mortgage is listed on the London Stock Exchange.

For many years, Scottish Mortgage was trading at a discount despite endless share buyback (an inappropriate tactic but loved by City of London Investment Management Company Ltd) and dividend payout.

In the end, Scottish Mortgage got rid of its discount by marketing to the British retail investors and in the process, reduced the portions held by institutional investors.

We now know why City of London Investment Management Company Ltd objected to our Investor Day. Perhaps we also know why the 2015 defamatory article was written.”

i Capital Newsletter Volume 33 Issue 37 (4 of 4)

Posted by dumbMoney > 2 months ago | Report Abuse

Both the SC and the courts so far have ruled that COL per se is not a shareholder of the company, hence the question of exceeding the individual shareholding limit did not arise. If 'control' can be deemed ownership, then all the GLCs and government institutional investment funds like EPF, Khazanah, PNB, Tabung Haji, LTAT are also owned by a single shareholder, i.e. the Government, and the same rules on ownership will apply.

Posted by dumbMoney > 2 months ago | Report Abuse

For transparency, just publish the full court judgment on the injunction application and let shareholders understand the basis of the rulings.

Posted by cnman53 > 2 months ago | Report Abuse

Yes, I agree with Mr dumbMoney, ICAP should publish the full court judgment for dismissing the injunction application by ICAP and may be explain why ICAP Management think they have valid reason to think otherwise.

Posted by Nepo > 2 months ago | Report Abuse

For long term value investors – please read this section.
icapital.biz Berhad is a Malaysia-focused fund, with an objective of long-term capital appreciation
based on the Bamboo value investing philosophy of Capital Dynamics. icapital.biz Berhad is not
allowed to sell short, invest in derivatives or undertake any borrowings.
A Rare Gem
The US inflationary situation is getting to a deeply worrying state amidst the Ukrainian Crisis that is
continuing with no resolution in sight. For Malaysians, the imminent GE15 is creating another level of
uncertainty. What should you as an investor do given the prevailing circumstances ?
icapital.biz Berhad has always been managed in such a way that its shareowners can sleep soundly at
night, knowing their hard earned savings are in good hands. I have also managed icapital.biz Berhad in
such a way that in times of crisis or dire need, icapital.biz Berhad is there for its share owners, witness
the special RM28 million Covid Relief dividend. Not only have I achieved all of the above, icapital.biz
Berhad has also delivered superior returns to its shareowners and is still boasting a substantial cashladen war chest.
A well-managed closed-end fund like icapital.biz Berhad is an excellent investment product for
individual investors, especially during tumultuous times like now. However, after so many decades,
there is still only one listed closed-end fund on Bursa Malaysia. The London, Sydney and New York
stock exchanges abound with closed-end funds. For Bursa Malaysia to have the same percentage as
London for example, the Malaysian stock market should see more than a hundred and thirty closedend funds listed, instead of just one. icapital.biz Berhad is without doubt a precious investment. Do not
let any investor who refuses to be a share owner destroy such a rare gem.

Posted by Nepo > 2 months ago | Report Abuse

Cash per share=RM 165million/140 million shares = RM 1.18
downside limited, Now is a good time to buy icap.
that is y conservative strategy is the best strategy during uncertainty time, and Icap is one of them

Posted by dumbMoney > 2 months ago | Report Abuse

@Nepo The irony is that COL wants to buy more shares for its funds and it is the company that is refusing to allow it.

Posted by cnman53 > 2 months ago | Report Abuse

With the management fighting against its shareowners, I am afraid not many new investors will be interested to invest in ICAP.

Posted by dumbMoney > 2 months ago | Report Abuse

@Nepo If iCapital is such a bargain, why aren't local investors increasing their shareholdings, as shown in this analysis of the 30 largest shareholders' movements over the years. Only major buyers are foreign funds, which now have overtaken the locals in the latest top shareholders list, and this is why the company is going to court to injunct them. https://1drv.ms/x/s!AgLvGZpm89Ysly1THGRIwnoteTOz?e=DFeF86

Posted by cnman53 > 1 month ago | Report Abuse

No update by ICAP on
Originating Summons No. WA-24NCC-517-11/2021 ICAP v. City of London Investment Management Limited
which was supposed to be heard by the High Court on 30 May 2022.

Posted by Integrity. Intelligent. Industrious. 3iii (iiinvestsmart)$€£¥ > 1 month ago | Report Abuse

dumbMoney

>>>>For transparency, just publish the full court judgment on the injunction application and let shareholders understand the basis of the rulings.
>>>>>

Has anyone here contacted COL directly for their version of the story in the court?

Posted by dumbMoney > 1 month ago | Report Abuse

@Integrity There is no need to contact COL as the company's announcement to the exchange itself clearly provided the grounds of the High Court judgement:
(1) The High Court finds that the Defendant is not a member of the Plaintiff and is therefore not caught under Clause 21(1) and 8(y) of the Plaintiff’s Constitution. The Plaintiff’s Constitution provides a clear meaning of “member” and thus, the High Court found that the mischief rule ought not be applied.

(2) The High Court takes note of the Plaintiff’s concern that the ultimate control in the shares of the Plaintiff is with the Defendant. However, the Court is not prepared to go beyond the four corners of the Plaintiff’s Constitution or to imply any term under the circumstances as this will cause confusion in the meaning of the word “shareholder”.
In plain English, the court has found that COL is not a shareholder of the company as defined by its own constitution, which is the main point of contention in the company's action. As I have mentioned before, COL is not in the list of the substantial shareholders of the company, as per the annual reports. So if this now disputed by the company, then it has been publishing a false list of shareholders all this while. Is the company arguing that all of a sudden, COL becomes a shareholder, from zero to above 20% overnight?

Posted by Loh Kok Wai W > 3 weeks ago | Report Abuse

Sleeping counter...non active counter....Management talk many,many....can't do anyting...better seld this counter.

Posted by Nepo > 2 weeks ago | Report Abuse

ok is a right time to buy icap@ RM 2.05

Posted by Nepo > 1 week ago | Report Abuse

can buy lor
time wait for no man..
i only admire hero to buy in now @ RM 2.03
what are you waiting for..? wait for RM 1?

Posted by dumbMoney > 1 week ago | Report Abuse

COL wanted to buy more shares but is prevented by the company's injunction. So if share price goes up in the meantime, and the company loses on the injunction bid, damages may be payable to COL for missed bargains.

Posted by fong7 > 3 days ago | Report Abuse

@Nepo do you know what a value trap is? I'm sure you know. But, like most retail "investors," knowing is very different from actually doing what they already know. This is the main difference between professional and amateur. TTB has behaved like a typical "Chinese glue" (中華膠) in recent years, which undoubtedly affected his investment judgment. He has been stubbornly waiting for a tedious world recession for at least four years, and it has yet to come. For this reason, TTB refuses to put cash to work. On the other hand, we see many masters doing the opposite. During market downturns, they either buy stocks or buy back their own shares. Warren Buffett has also been pouring in huge amounts of cash. Over the past 4 years, Buffett's BRK shares have risen 44.7%, while iCap has fallen 28.6%. It's not that iCap has been overlooked, it's that iCap has become the quintessential value trap stock. Its copious amounts of cash are useless because the TTB is not using this weapon. He's too stubborn to accept his own lapses in judgment, and he's a classic megalomaniac.

Posted by Nepo > 18 hours ago | Report Abuse

From i3 Gambler,
Extract:-
"In May 2020, I bought some ICAP hoping for liquidation in August 2020.

"However, I did not realize that an amendment had been made in year 2016, passed with 98.71% rate, the tabling of liquidation would happen only in August 2025."
=====================..==================

Worse come to worst, wait for liquidation in August 2025. that time not easy for ttb to pass the resolution..

Posted by dumbMoney > 4 hours ago | Report Abuse

@Nepo, if you want to liquidate the fund, no need to wait till 2025 that long. All you need to do is to vote in a new Board of Directors and TTB will quit and close down the fund and take back the name with him.