Posted by ks55 > 2019-12-30 01:19 | Report Abuse

Posted by ks55 > Sep 19, 2016 9:28 PM | Report Abuse X

In case you do not know, TTB bought 9m Parkson shares from 01.06.2008 to 31.05.2009. What was the average price paid? Carrying cost 44.1 million. Check for your self.

As at 31 May 2009, your Fund invested RM156.441 million in Parkson, Petronas Dagangan, Fraser & Neave, Padini, Kuala Lumpur Kepong, PIE and Astro.

http://www.bursamalaysia.com/market/listed-companies/company-announcem...

http://trade.affinhwang.com/gcAF/html5/TTchart.jsp?exchg=KL&Code=5...=R

Posted by ahhuat56 > 2019-12-31 18:51 | Report Abuse

Tan Teng Boo is a fund manager licensed by the Securities Commission of Malaysia. He is also licensed in many other countries. I bet most people do not know what it means to be licensed and are not qualified as one because by spreading lies, they are not fit and proper persons.

Posted by ahhuat56 > 2019-12-31 18:56 | Report Abuse

Why is it that when a fund manager buys a stock that does not perform makes him a conman ? Weird logic and a serious accusation. Tan Teng Boo should sue ks55 for deformation.

Posted by ahhuat56 > 2019-12-31 19:00 | Report Abuse

No fund manager can pick winners all the time. It simply does not exist. Just like Lee Chong Wei did not win every game he played. Not all stocks that Warren Buffett bought are winners.

Posted by ahhuat56 > 2019-12-31 19:03 | Report Abuse

To whoever is reading this forum. Please be careful. There are many unreasonable people here who are abusing the freedom of speech. They spread lies and conduct online bullying. Don't fall into their traps. Be wise.

Posted by iPilot50 > 2020-01-01 17:42 | Report Abuse

One problem that people always forget is the hindsight bias. Suppose I buy stock A 10 years ago and it turns out that I gained a lot. People will think that I am very smart, when in fact I just got lucky buying the lottery of the decade. So what I am saying is regardless of how much research you do, stock market is still a gambling den: your predictions do not always turn out right. Perhaps 10 years ago stocks A and B have equal prospect, but it just turned out unlucky for stock B down the road.

For TTB's case people will always talk about his loses from Parkson but people never point out his earnings from Padini, though Padini is not doing well this year. However people still focus on the bad and not the good. If you want to be fair, look at all his stocks and then judge yourself.

The stylised fact of iCapital's investing style is this: they overwhelmingly focus on not making loses so they have a high margin of safety. You might not think that it's a good way for you to invest because it takes too long but some people are very risk averse, even when they like to invest in the stock market which is a very risky endeavor. I'm not saying that this is the best way to invest. In fact I myself don't invest this way. But you would need to know that this is the way the company invests and like it or not if you had invested in iCapital then you had agreed to comply to his investment style. So it sucked when you don't get what you want since you don't do enough research about the company in the first place.

Posted by Quincy > 2020-01-02 11:02 | Report Abuse

It is eye-opening that many investors in iCap actually like TTB's investor education. In fact, many investors take the initiative to attend the AGM annually for exactly that. It is also puzzling that it is always the same shareholders that voice out the same unnecessary complains i.e. no dividend for many years instead of selling their holdings. Although I attended the AGMs with my wife (who uses iCap to diversify our family's hard-earned savings), I can't comprehend as to why he has an unwavering believe in Parkson and BHIC. Nonetheless, I think TTB deserves credit anyway since the iCap NAV grew substantially (>9% NAV growth since inception) and that this metric alone prevents all the cherry-picking most commentators did here.

Speaking of the share price discount to NAV, it is indeed frustrating but I believe it is a matter of sentiment which I may be wrong. After all, iCap did trade at a premium to its NAV back then during its non-cash days. If you attend the most recent AGM or read the most recent annual report, TTB has started deploying its cash again into a few interesting picks that performed favorably YTD. Of course, he did not generate alpha in the past few years compared to i3 retail investors / speculators but many shareholders that attended the AGM prefers to check on their alpha in decades. It is something interesting to anticipate. For those who entered iCap in 2017 and 2018, I genuinely have no idea who to be blamed for the hardship they went through. After all, TTB was known to hold huge cash holdings for many years by then and these new shareholders should have known this before establishing a position.

Of course, it would be great if most retail investors would be disciplined enough to stick to long-term great companies like PBB, Petronas and all the others. Unfortunately, most of them are often misled into companies like Eversendai or even JAKS especially at the peak of wrong valuations. True enough, these companies can still generate returns for them but most of them are not disciplined enough to buy low and sit still until you can sell high. The opposite rings more truth for the average retail investor. In that case, iCap works for them with among the lowest transaction cost in the industry with a respectable performance that beats most of other alternative products available in the Malaysian market. Just my two cents.

Posted by ahbah > 2020-01-04 16:36 | Report Abuse

https://www.youtube.com/watch?v=2wQFaX83l1E&list=RD2wQFaX83l1E&start_radio=1

Posted by ahbah > 2020-01-04 17:10 | Report Abuse

We will got Rm30 given by Ah Eng if we use e-wallet.

We will got 30% angpow if we roll down Icap curtain.

Posted by JohnDough > 2020-01-05 18:59 | Report Abuse

First, Buffett has two “t’s” i.e. Buffett. Second, ICAP beats the KLCI hands down whether in NAV or share price terms (http://www.icapital.my/track-record/nav-price-performance/). Third, if you think you can invest sustainably and grow wealth by going on this forum then there should be a lot more millionaires than millionhairs in Malaysia and the world – this is certainly not the case.

Fourth, again, ICAP’s prospectus clearly states that the cash can be 0 to 100% and as Warren Buffett said, cash is like a call option with no exercise date – meaning it is priceless. Added with what I have explained in previous post about what ICAP investors want, if you still don’t get it, then nevermind. Fifth, Warren Buffett dissolved his fund not because it didn’t perform. This was in the 1960s when he used the fund, including his own wealth, to acquire majority shares in Berkshire Hathaway – this is genesis.

Sixth, as I have said, Parkson and Boustead were sold for huge profits in the past – I will repeat what I wrote: “Whilst people point out Boustead and Parkson, they forget that in 2012/13 both were up by 50-100%+ (see ICAP’s 2013 annual report). Seem to also forget that the fund grew to RM450 mln because great returns were made over the years – Petdag, VADS, Lion Diversified, PIE, UMW, F&N, Integrax, Hai-O, Astro, United Malacca, PIE, Vitrox etc. were all sold at multiples over time. Selangor Properties is the most recent example“. Seventh, the fund is a capital appreciation fund – never has it said it would pay out dividend. Again, if you do not like it, there are other products out there.

Lastly, as I have said, why is ICAP the only CEF on the market for this long? Because it is not a product you would launch if you want to make lots and lots of money. Your management fee only goes up if your fund performs i.e. the wealth grows. In an open end, you can keep raising funds from people and not necessarily need to perform – make the fund bigger by marketing, and take the clip from loading fees when new money goes in and old money goes out. ICAP doesn’t charge performance fee and it doesn’t even make money from buying in and selling out. Malaysia is lucky to have a product such as this – those wise enough keep buying. What the wise do in the beginning, the fools do in the end.

Posted by Philip Greta > 2020-01-06 10:27 | Report Abuse

Sounds very believable until you look at the figures

If your goal is to be a fund manager then better to be invested in stock market otherwise what is the point?

If your goal is to hold cash, then you are not doing your job.

If you are not doing your job in finding alpha, so you think you should be taking millions of dollars of professional fees as Charlie munger likes to put it " sitting on your ass" doing nothing for the investors.

Posted by ahbah > 2020-01-06 13:57 | Report Abuse

Fool investors are lucky to have Icap in out mkt. They can make 30%

profit by simply just rolling down the curtain of Icap !

This golden opportunity may not come back again in future !

Posted by ahbah > 2020-01-06 14:01 | Report Abuse

On behalf of the Board of Directors of icapital.biz Berhad, we wish to

announce that the Net Asset Value per share of icapital.biz Berhad as

at 31 December 2019 was 3.14.

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-01-08 15:02 | Report Abuse

Buy at 2.34, few weeks later sell at 2.40+ also not bad. (for traders)
For me, wait for few more years is no problem, I have faith in TTB.

Posted by ahhuat56 > 2020-01-08 20:22 | Report Abuse

A TRUE fund manager will invest only when it is the right time to do so. A foolish fund manager will invest anytime even when the stock price is overvalue for being kiasu or fear of being attacked in forums for not doing his job.

Posted by ahhuat56 > 2020-01-08 20:24 | Report Abuse

When the price is not right, why buy ? Only a person without a sound mind would do it.

Posted by ahhuat56 > 2020-01-08 20:28 | Report Abuse

A shrewd fund manger will carefully do his research and keep his cash for the best purchase. Not only it is the right thing to do, it is also the wise thing to do.

Posted by ahhuat56 > 2020-01-08 20:33 | Report Abuse

Blaming the fund manager for keeping cash per se without knowing the rationale is unreasonable.

Posted by JohnDough > 2020-01-12 17:36 | Report Abuse

Funny that you quoted Munger and sit on your ass investing in the same sentence, because Munger is the ultimate practitioner of sit on your ass investing. As I have said in a previous post, Munger’s approach to investing makes ICAP look like it engages in one night stands. Munger goes for years without buying anything, only striking when the odds are overwhelmingly in his favor. This is why he is a billionaire. Read Poor Charlie’s Almanack (highly recommended!) and you’ll know what I am talking about.

A conventional fund manager will be under pressure to remain fully invested in the stock market in fear of falling behind, and if he/she fails, its okay, because everyone else was fully invested too. It takes a gutsy fund manager to look after the clients’ interests first. After all, behaving like everyone else is easy but standing out in doing the right thing is hard. This is what integrity is all about. You need to stick to your objective, which at the end of the day, is the most important rule to building long-term sustainable wealth: avoiding capital loss.

Posted by ramada > 2020-01-13 17:49 | Report Abuse

0.29 sen.
https://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5108

Posted by ramada > 2020-01-13 17:50 | Report Abuse

Less than 1/3 sen.

Posted by cheoky > 2020-01-13 20:55 | Report Abuse

Useless icap. No managing fund, come i3 so low and make poor prospect commentary. Call dynaquest Dr neoh and learn from him la.

Or get ready to wind up.

Very poor performance.

Posted by cheoky > 2020-01-13 20:55 | Report Abuse

Loss mongering to cover poor manager skill. That what I see

Posted by jeydan89 > 2020-01-15 11:12 | Report Abuse

Since listing in Oct 2005 to 31.12.2019, over 14 years (from icap website):

Compound return of NAV : 9%

Compound return of share price : 7%

RM100 invested since listing in Oct 2005, will now be approx. RM330 (NAV), RM250 (share price)

ICAP invests in listed equities, no risky assets, no borrowings, no short selling - most importantly, ICAP is consistently following its investment objectives and policies which allow the portfolio to hold up to 90% in cash if the market is overvalued with minimal investment opportunities. Please read the IPO Prospectus.

The facts speaks for itself, ICAP has helped many investors, especially the longer-term investors to create wealth from investing in the stock market in an honest and trustworthy manner.

Posted by perangbrown > 2020-01-15 14:41 | Report Abuse

"The board is of the view that CLIM had exceeded the 20% maximum shareholding limit stipulated by Securities Commission Guidelines for public offerings of securities of closed-end funds, the Main Market listing requirements and the constitution of the fund," it said.

Posted by stockraider > 2020-01-15 14:52 | Report Abuse

Latest qtr result again lose monies loh....!!

NAV drop mah......!!

I m afraid the compound return has fallen to 8% pa loh due to the poor showing of icap mah....!!


Posted by jeydan89 > Jan 15, 2020 11:12 AM | Report Abuse

Since listing in Oct 2005 to 31.12.2019, over 14 years (from icap website):

Compound return of NAV : 9%

Compound return of share price : 7%

RM100 invested since listing in Oct 2005, will now be approx. RM330 (NAV), RM250 (share price)

ICAP invests in listed equities, no risky assets, no borrowings, no short selling - most importantly, ICAP is consistently following its investment objectives and policies which allow the portfolio to hold up to 90% in cash if the market is overvalued with minimal investment opportunities. Please read the IPO Prospectus.

The facts speaks for itself, ICAP has helped many investors, especially the longer-term investors to create wealth from investing in the stock market in an honest and trustworthy manner.

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-01-15 14:54 | Report Abuse

ICAP performance is not by reference to QR, smartass

Posted by stockraider > 2020-01-15 14:59 |

Post removed.Why?

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-01-15 17:39 | Report Abuse

I'm amazed by your constant trolling.
The fact is, the astounding growth of Padini & F&N have sufficiently covered the Parkson losses.
Parkson losses had already been counted as impairment losses previously.

Posted by FlyHigh123 > 2020-01-16 20:09 | Report Abuse

wah ppl still listen to stockraider a? every forum he go he'll kena flag lol. if i want to listen to a clown talk, i'll go to a circus, not i3

Posted by FlyHigh123 > 2020-01-16 20:15 | Report Abuse

stockraider you think like you never lose money from stock market like that. Ppl still run a business, while you talk cock day in day out in i3

Posted by stockraider > 2020-01-16 20:19 | Report Abuse

I m saying the string of losses of parkson is similiar to the string of 5 year of losses of icap loh...!!

Just that parkson performance is due change of business environment whereas icap is due to fund manager TTB no balls to invest, just putting its investable monies n collecting fat management fees loh...!!

2020 year is the year to vote to kick out TTB , a very poor fund manager, pls do not be conned to extent the fund manager term loh...!!

Please support the foreign fund to kick TTB out and liquidate Icap be for damages are done by TTB loh...!!


Posted by enigmatic ¯\_(ツ)_/¯ > Jan 15, 2020 5:39 PM | Report Abuse

I'm amazed by your constant trolling.
The fact is, the astounding growth of Padini & F&N have sufficiently covered the Parkson losses.
Parkson losses had already been counted as impairment losses previously.

Posted by FoolsGold > 2020-01-16 20:24 | Report Abuse

One can have a good idea about the trustworthiness of forumer's words by the company he keeps and the stks he advocate in I3.
Are they are in stks just to make a quick buck at others expense or sincere in giving honest, reliable opinions that is helpful.

for example, look at the gang of self-interested forumers in junk stk, NETX, who without any shame, promote it as a big winner soon, a must have stk, what have they been drinking ??, hahahaha..

Posted by stockraider > 2020-01-16 20:31 | Report Abuse

Of course everyone, want to make monies loh....!!

USE your brain to think lah....TTB are given 5 long year to show performance....and he disappoint investor by putting monies to FD for 5 long years with negative performance are u happy ??

Do u want to extent icap & allow TTB continue to put in FD for another 5 to 10 long years loh...!!

The Rational man will say NO loh....!!

Just support CITY of London to bungkus ICAP in 2020 & along the way make some monies and end long term investor suffering loh....!!

Posted by FoolsGold > Jan 16, 2020 8:24 PM | Report Abuse

One can have a good idea about the trustworthiness of forumer's words by the company he keeps and the stks he advocate in I3.
Are they are in stks just to make a quick buck at others expense or sincere in giving honest, reliable opinions that is helpful.

for example, look at the gang of self-interested forumers in junk stk, NETX, who without any shame, promote it as a big winner soon, a must have stk, what have they been drinking ??, hahahaha..

Posted by FoolsGold > 2020-01-16 21:19 | Report Abuse

@stockraider Your way of making money in stks is now very clear for all to see, based on your persistent strong advocate for junk stk NETX
the most charitable words to describe your style, is you are a gambler, who dont mind risk everything to gain big, you dont understand the meaning of risks, as long as you can make a fast buck, it is fine with you, doesnt matter if it is junk. You practice the greater fool theory of investing, ethics is foreign to you and you have zero credibility to any sensible forumers.

TTB may be high opinionated but his credibility is proven, he has proven expertise in minmum risk value investing, as seen by the spectacular growth of ICAP in the early years and current NTA of 3.18.
Every fund manager goes thru difficult patch, this year could be the start of a resurgence in ICAP's performance, let's wait and see.

Posted by Quincy > 2020-01-17 10:19 | Report Abuse

@stockraider stop being ridiculous. Please examine your own thought process before you criticized others. I am not saying Tan Teng Boo is the best but on a relative basis compared to you, I have no other options than to say exactly that.

Padini, a business with more than 40 years experience operating in the Malaysian retail industry. Also a retail business with strong brand awareness on Vincci, Seed and Padini, and today has 141 retail stores all over Malaysia, 3x the number of stores Uniqlo has. Think of another homegrown fashion brand with that kind of distribution density in Malaysia. Adheres to what the Chinese say i.e. cheap, beautiful and decent quality. Currently consolidating its distribution presence into concept stores to serve as a one-stop fashion solution for fellow Malaysians while reducing its rental per square feet, pointing towards margin expansions as it scales up more intelligently. Revenue grew 16.2% on a compounded basis from FY2015 to FY2019 while profit after tax and net asset value doubled in the same time period. Managed by a team that has the drive to even expand out of Malaysia.

SAM, i3 probably knows this well enough. Revenue grew 13.71% on a compounded basis from 2015 until 2019. Profit after taxes grew more than revenue did, at 23% compounded basis for the same time period. Net profit margin of 10% for a manufacturing company. Managed by world-class Singaporean management team. Catering to the needs of Airbus and Boeing, which is in an industry that is highly regulated with high barriers of entry both from regulators and buyers as the latter would prefer not to have any changes in their supply chain that has already been stabilized. Over the next 20 years, there will be demand for close to 40,000 new passenger and freight aircraft with 70% of the demands coming from traffic growth. Order backlog for Airbus and Boeing can last for 9.2 years and 7.3 years based on 2018 production rates. The combined order backlog of both as of February 2019 was 13,300 units. You do the calculation and feel the earnings visibility yourself.

Suria Capital, monopoly port operator in Sabah. Involved in logistics and bunkering services, which is a very important part of any economy and an increasingly integrated world especially in the ASEAN region. True enough, its net profit remained stagnant although revenue grew 5.6% on a compounded basis from 2009 until 2018 but bear in mind the net margin is 13% and this would not disappear over night given its market position. Fundamentally safe proxy to track economic ASEAN prospect.

APM, prominent automotive parts supplier in Southeast Asia with businesses in Indonesia, Thailand, Vietnam, Myanmar and even Australia. Purchased and constructed plants in Thailand and Australia. How many Malaysian businesses can construct a plant in Australia? NETX? Strong OEM clientele base, which again is not a market anyone can enter. True that profit fell while revenue showed a meager growth of 1.16% compounded over five years from 2013 until 2018. But the balance sheet is strong and its main products namely suspensions and interior & plastic parts are exactly what most Malaysian drivers will have to frequently change given the prevalence of potholes and the scorching heat from the sun. Aggressively building its presence in the domestic replacement market with its network of 463 dealers across Malaysia.

Guess I don't have to talk about Carlsberg Brewery Malaysia as I believe you are probably an avid consumer of alcohol after your string of losses.

MKH, property developer with strong presence in Kajang / Semenyih area. Go travel around Kajang now when you have time, strongly recommended. Ongoing and future projects all closely located to transportation infrastructure but is able to price its project competitively yet with a fair amount of profitability given its management shrewdness in land-banking activities. Plantation in East Kalimantan, Indonesia with good age profile. Revenue grew at 7.6% compounded between 2014 and 2018. While it is true that profit fell in the same time period, it is still consistently profitable when many property developers are suffering in this down-cycle.

Posted by Quincy > 2020-01-17 10:23 | Report Abuse

Let's look at Stockraider's NETX, revenue of RM17.57 million...loss after taxation of RM11.46 million. LAT margin of 65.2%. Reasons for losses? Share-based compensation expenses of RM4.27 million for the offering of share options to eligible employees. Offering share options before substantial successes have been achieved? Offering share options that was 25% of the revenue when the company is loss-making? And you are complaining about TTB's fees... Loss on fair value adjustment of RM3.96 million in Mlabs System Berhad. They invested RM7.2 million in Mlabs System Berhad in September 2017 and in two years they lost close to half of the value. Can't even develop their own technology, needing to partner with Guangzhou based firm for the provision of services in territories of Cambodia, Malaysia and Thailand. What long-term prospect can you get out of this? Partnering with your competitor who is handsomer, richer, better shape and personality than you to go and court the girls you like, hmm... do you know how high the capex requirements are to enter the payment business? Why are they even prioritizing marketing and promotion expenses for the electronic payment service when they are not even capable of devising a strong infrastructure to support their value proposition? Gifting a house to a potential spouse before you even make sure you have the steady foundation to make him / her to fall in love with you? Adios bro

Posted by stockraider > 2020-01-17 14:40 | Report Abuse

How could TTB be good last year icap registered negative return whereas Raider register a positive gain of 40% for the year loh....!!

Posted by stockraider > 2020-01-17 14:55 | Report Abuse

netx HAS HUGE NET CASH & DO NOT BORROW MUCH LEH

THE REASON WHY NETX MANAGE TO RAISE HUGE FUND THRU PRIVATE PLACEMENT BCOS THESE SAVVY INVESTORS BELIEVE IN THE WORKS DONE BY NETX MAH...!!

SO THEY INVEST LOH....GREAT COMPANY ARE BORN THIS WAY MAH...FACEBOOK, TWITTER, AMAZON, GOOGLE, GRAB... MOST TECHNOLOGY COMPANY HAS GONE THRU THIS PHASE OF DEVELOPMENT MAH....!!

LIKEWISE NETX IS GOING THRU THIS PHASE LIKE ALL THE GREAT COMPANY ABOVE DID MAH....!!

investing in netx is strategic mah.....bcos it own many disruptive technology and some can be blockbuster eventually mah...!!

The price u pay 1.5 to 2 sen not expensive considering it has large cash position and all its losses earlier are fully reflected in the share price mah....!!

Remember raider has never ask u to overpay on netx loh...

U lose little bit in Netx but if u win will be very very big mah....!!


Quincy Let's look at Stockraider's NETX, revenue of RM17.57 million...loss after taxation of RM11.46 million. LAT margin of 65.2%. Reasons for losses? Share-based compensation expenses of RM4.27 million for the offering of share options to eligible employees. Offering share options before substantial successes have been achieved? Offering share options that was 25% of the revenue when the company is loss-making? And you are complaining about TTB's fees... Loss on fair value adjustment of RM3.96 million in Mlabs System Berhad. They invested RM7.2 million in Mlabs System Berhad in September 2017 and in two years they lost close to half of the value. Can't even develop their own technology, needing to partner with Guangzhou based firm for the provision of services in territories of Cambodia, Malaysia and Thailand. What long-term prospect can you get out of this? Partnering with your competitor who is handsomer, richer, better shape and personality than you to go and court the girls you like, hmm... do you know how high the capex requirements are to enter the payment business? Why are they even prioritizing marketing and promotion expenses for the electronic payment service when they are not even capable of devising a strong infrastructure to support their value proposition? Gifting a house to a potential spouse before you even make sure you have the steady foundation to make him / her to fall in love with you? Adios bro

Posted by Quincy > 2020-01-17 18:18 | Report Abuse

@stockraider They did share issuance to raise RM56.886 million in 2018 and you are saying they are great and net cash. Strong companies would instead borrow from banks with lower cost of capital, and this would be especially easy if their prospects are indeed that great. Raised RM56.886 million, put RM11.34 million and RM8.20 million into intangible assets and other investments without proper justification. RM18 million in trade receivables but RM14 million more than 90 days past due, that's 20% of the market capitalization if it indeed gets impaired. Calls itself disruptive but out of RM6 million in property, plant and equipment, carries RM5.0 million in leasehold building and RM500k in POS terminals. Intend to put so much capital into Fujian First United Technology Co Ltd under the plan that this entity will do software development, e-commerce and warehousing activities, and provision of marketing, supply chain management, import and export services in China. Have you ever wondered why? Small loss big gains? If it drops by 0.5 sen, investors will lose 25%. This is what gamblers like you who disguise under "margin-of-safety" tries to con people to Holland.

For the same amount of capital assuming I am desperate for "disruptive" exposure, there's Revenue Group that is also net cash. More importantly, it looks more disruptive with one-third of its property, plant and equipment being EDC terminals and that the management team actually has long-standing working experience in the electronic payment industry. Holds a merchant acquisition license except the total EDC terminals deployed is 22x larger than NetX's 1,550 units. Plus, Revenue has strategic collaboration with the owner and operator of Boost e-wallet, Merchantrade and Touch n' Go for e-wallet acceptance on revPAY platform. On top of that, it also established collaboration with AirAsia Big Point loyalty to facilitate point issuance and redemption. Most importantly, it has proven to be profitable.

Compared to your gamble on NetX, I think it is a no-brainer TTB's top picks are much more intelligent. Don't resort to Carlsberg when you incur a string of losses again, else TTB will laugh all the way to the bank.

Posted by stockraider > 2020-01-18 12:33 | Report Abuse

Finally u talk about REVENUE Group, but did TTB bought into it, the answer is NO loh...!!

But fyi raider bought into it & reaping good profit mah...!!

Netx is a disruptive technology stock at a very affordable price and very reasonably value with huge net cash too mah...!!

No harm having some exposure loh....!!

Posted by Quincy > 2020-01-18 13:46 | Report Abuse

Did you buy Hartalega? Nestle? Press Metal? Stone Co? Visa? Tencent? Alibaba? Can I say you are incompetent because you never made money through these? Your logic. Using net cash to justify the value in a "disruptive" company? If the company is really disruptive, it would be draining the cash holdings anyway to disrupt via becoming the pioneer in its operating technologies, opening new market frontiers and leapfrogging everyone in the industry. Yours went to someone else, borrow their expertise to run business in a market where it is not the largest player by a wide margin. Your DGSB was "disruptive" too, bravo ( ͡° ͜ʖ ͡°) Don't dictate someone managing few hundred million Ringgit on how to invest when you are handling thousands of Ringgit.

Posted by cheoky > 2020-01-18 17:52 | Report Abuse

icap is poor fund to have.

Posted by JohnDough > 2020-01-19 17:28 | Report Abuse

“A wise man told me not to argue with fools, because people from a distance don’t know who is who”. As per iCAP’s 2Q20 Note Commentary (Note B3):

“Linked to value investing is some simple arithmetic of investing principles. Probability is about chances. What are the chances of you getting a head when you toss a coin? What are the chances of you making a right or wrong investment when you buy ABC Berhad? Investing is about earning a superior rate of compound return. If you invest RM1 mln now and earned a compound return of 20% per annum, you would have RM15.4 mln after 15 years. If you aim at a 30% compound return, you would get RM51.18 mln after 15 years. And if you are a bit greedier and aim at a 99% annual compound return, you would be worth RM30.39 bln after 15 years.

If you think you can achieve a compound return of 99% or just 20%, ask yourself this simple but vital question: what is the probability of you getting that rate of return? Compound return has a twin brother that people always ignore – compound loss. Sadly, many investors actually experience compound loss instead of compound return. At a compound loss of 20% each time, your RM1 mln will be worth only RM209K after 8 times of such losses. In recent time, there are many counters on KLSE that have lost more than 20%. What is the probability or chance that you will get hit by these stocks?

That is why many investors have lost money in the last 5 years or so. Say you read some blogs or analyst’s report and invested in Inari on 8 Jan 2018 at RM2.53. By 4 Jan 2019, Inari plunged 51.38% to RM1.23. For you to recover your losses, you have to earn a return of more than 105%. Even then, you have only recovered your losses; you have not earned any positive return. It only takes a 50% loss to wipe out your 100% gain. It only takes a 67% loss to wipe out your entire 200% gain. Think about this – what are the chances of you making a 50% loss versus making a 100% gain?

Investing is not symmetrical, and that is why it can be very unfair and why over a long period, most investors do not make any money from the stock market. Thanks to finance textbooks, investors are convinced that they need to take high risk to earn high return. Capital Dynamics looks for low risk, high return – why? Whenever an investor follows the high risk high return principle, the investor ends up getting no return; or worse, negative return. An investor does not get higher reward for taking higher risk. This brings us back to Warren Buffett’s two rules. The first rule is not to lose money. Why?

Because if an investor really understands probability, grasps the difficulties in getting a sustained rate of compound return and accepts the unfairness of the stock market, not losing money in the stock market is already an achievement. With the above, 2019 was another year of significant achievement for icapital.biz Berhad. In 2019, the NAV of icaptial.biz Berhad fell 1.26% and its share price fell 2.63%. In the same period, the KLCI dived 6.02%. Investors may not be aware that since 2014, the NAV and share price of icapital.biz Berhad have significant outperformed the KLCI except in 2018” - end.

It is true, what the wise do in the beginning, fools do in the end.

Posted by JohnDough > 2020-01-26 21:08 | Report Abuse

On page 52 of Poor Charlie’s Almanack – The Wit and Wisdom of Charles T. Munger (Expanded Third Edition): “Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical things, will often dramatically improve the financial results of that lifetime… a few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables… and then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past”

Posted by ahbah > 2020-01-26 22:04 | Report Abuse

mkt price of Icap = rm2.34

NTA of Icap = rm3.20

Close Icap, all shareholders make rm0.86 or 36% profit !

The odds are extremely favorable for closing Icap !

Posted by cheoky > 2020-01-26 22:20 | Report Abuse

Sei johnny is worse than a fool like me if you imply fool is me.

1st you don't make defense against a fool comment unless you are a fool yourself.

If you are seeing a train running toward you you bail out. Don't be a sitting duck just like some fund being a sitting fool in boustead and parkson. No wonder you can imagine oneself lose 60%. Just like some of the stocks you are holding.

Your neighbour biz lose money in 2019, you don't celebrate just because you lose less. Plain and simply logic. You celebrate and show off if you are able to make profit in 2019. What a fool preaching you are giving and showing? You thought all visitor in i3 is a fool?

Johnny eating sugar telling lie, only children will believe, daddy will give you a kick out of your ass.

Posted by cheoky > 2020-01-26 22:29 | Report Abuse

Thief already stolen your valuable time and money if you invest with it. But don't let him steal your analytical and independent thought. Go figure.

What did you get since inception? Forgot my rhetoric, forgot Johnny Johnny papa rhetoric. Ask the most practical question. What did you get at 2020? If you instead invest with other fund, what you get?

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-01-31 16:26 | Report Abuse

I just remembered that ICAP holds a substantial amount of Boustead Holdings.

I hope ICAP has cut loss promptly on it.

It would be too late if ICAP allows BSTEAD to become another PARKSON.

Posted by FoolsGold > 2020-02-02 10:11 | Report Abuse

ICAP , your game is here, Go get them, Sleeping Tiger !