Posted by JohnDough > 2020-02-02 13:21 | Report Abuse

“Intelligent investing is not complex, though that is far from saying that it is easy. What an investor needs is the ability to correctly evaluate selected businesses. Note that word "selected": You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.

Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock.

You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes” - Warren Buffett

Source: https://www.berkshirehathaway.com (1996 Annual Report)

Posted by stockraider > 2020-02-02 21:56 | Report Abuse

If u superimpose TTB v Warren Buffet....and use Icap as a benchmark....u can say TTB performance is stupid & a disaster as regards for icaps investing results for the past 5 years mah...!!

Better take this opportunity to vote for liquidation loh...!!

Posted by fong7 > 2020-02-07 19:26 | Report Abuse

i support liquidation. ICAP has been too disappointed in the past 5 years.

Posted by firehawk > 2020-02-07 21:02 | Report Abuse

ya log... vol is very illiquid, very hard to buy and sell, liquidation is an alternative!

Posted by fong7 > 2020-02-09 09:09 | Report Abuse

Unfortunately, the discount to book value is too steep. If the discount is around 10%, I'd be happy to sell it since the performance has been too disappointing.

Posted by calvintaneng > 2020-02-09 12:44 | Report Abuse

Discount to book value could be the degree of distrust in management

Posted by stockraider > 2020-02-09 14:39 | Report Abuse

Thats why it is very important we vote to bungkus icap loh...!!

Posted by stockraider > Feb 2, 2020 9:56 PM | Report Abuse X

If u superimpose TTB v Warren Buffet....and use Icap as a benchmark....u can say TTB performance is stupid & a disaster as regards for icaps investing results for the past 5 years mah...!!



Better take this opportunity to vote for liquidation loh...!!

Posted by calvintaneng > Feb 9, 2020 12:44 PM | Report Abuse

Discount to book value could be the degree of distrust in management

Posted by JohnDough > 2020-02-09 21:44 | Report Abuse

“There is nothing esoteric about value investing. It is simply the process of determining the value underlying a security and then buying it at a considerable discount from that value. It is really that simple. The greatest challenge is maintaining the requisite patience and discipline to buy only when prices are attractive and to sell when they are not, avoiding the short-term performance frenzy that engulfs most market participants.

The focus of most investors differs that from value investors. Most investors are primarily oriented towards return, how much they can make, and pay little attention to risk, how much they can lose.

Value investors have as a primary goal the preservation of their capital. It follows that value investors seek a margin of safety, allowing room for imprecision, bad luck, or analytical error in order to avoid sizable losses over time. A margin of safety is necessary because valuation is an imprecise art, the future is unpredictable, and investors are human and do make mistakes. It is adherence to the concept of margin of safety that best distinguishes value investors from all others, who are not as concerned about loss.

The most beneficial time to be a value investor is when the market is falling. This is when downside risk matters and when investors who worried only about what could go right suffer the consequences of undue optimism. Value investors invest with a margin of safety that protects them form large losses in declining markets.

The value discipline seems simple enough but is apparently a difficult one for most investors to grasp or adhere to. As Buffett has often observed, value investing is not a concept that can be learned and applied gradually over time. It is either absorbed and adopted at once, or it is never truly learned”

Source: Page 11-12 of “Margin of Safety: Risk-averse Value Investing Strategies for the Thoughtful Investor” by Seth Klarman

Posted by JohnDough > 2020-02-16 19:54 | Report Abuse

“Yellowstone represents just one of the many ugly outlying events that have an extremely low probability of occurring, but that does not mean that the odds are zero or that they can be ignored. Even the most seemingly resilient businesses, by their very nature, are very fragile temporary creations.

Minimising downside risk is the first step toward becoming a successful investor. As Warren Buffett succinctly puts it: “Rule Number 1, Never Lose Money. Rule Number 2, Never Forget Rule Number 1”.

Whenever I look at any investment opportunity, I first fixate on what factors can cause the investment to result in a significant permanent lost of capital”

Source: Mosaic: Perspectives on Investing (2004) by Mohnish Pabrai

Posted by cheoky > 2020-02-19 22:43 | Report Abuse

Day day talk value investing, yet deliver lanjiao results to unit holder. To me, worst than a conman.

Ini lah dipanggil pejual minyak ubat ular cuba tipu uncle dan aunt.

Para para uncle dan aunt sekalian, ini kalilah bungkus kan icap. Nak dengar value investing. Pergi google Cari. Foc. Tak payah bayar fee tahunan 6-8juta dengar lanjiao lan cakap value investing.

Tahu kan FD interest jatuh le. Nanti capital Wang anda dirompak pejual minyak tu.

Ini Kali la.

Posted by ahkiang > 2020-02-21 01:23 | Report Abuse

ape is closed end fund @@?

Posted by JohnDough > 2020-02-24 18:57 | Report Abuse

“My final lesson was perhaps the most important one, because it has applied again and again throughout my life. At first, it seemed to me that I faced an all or nothing choice: I could either take on a lot of risk in pursuit of high returns (and occasionally find myself ruined) or I could lower my risk and settle for lower returns.

But I needed to have both low risk and high returns, and by setting out on a mission to discover how I could, I learned to go slowly when faced with the choice between two things that you need that are seemingly at odds.

That way you can figure out how to have as much of both as possible. There is almost always a good path that you just haven’t discovered yet, so look for it until you find it rather than settle for the choice that is then apparent to you”

Source: Principles (2017) by Ray Dalio

Posted by JohnDough > 2020-03-01 13:32 | Report Abuse

“Our equity-investing strategy remains little changed from what it was fifteen years ago, when we said in the 1977 annual report: "We select our marketable equity securities in much the way we would evaluate a business for acquisition in its entirety. We want the business to be one (a) that we can understand; (b) with favorable long-term prospects; (c) operated by honest and competent people; and (d) available at a very attractive price." We have seen cause to make only one change in this creed: Because of both market conditions and our size, we now substitute "an attractive price" for "a very attractive price."

But how, you will ask, does one decide what's "attractive"? In answering this question, most analysts feel they must choose between two approaches customarily thought to be in opposition: "value" and "growth." Indeed, many investment professionals see any mixing of the two terms as a form of intellectual cross-dressing.

We view that as fuzzy thinking (in which, it must be confessed, I myself engaged some years ago). In our opinion, the two approaches are joined at the hip: Growth is always a component in the calculation of value, constituting a variable whose importance can range from negligible to enormous and whose impact can be negative as well as positive.

In addition, we think the very term "value investing" is redundant. What is "investing" if it is not the act of seeking value at least sufficient to justify the amount paid? Consciously paying more for a stock than its calculated value - in the hope that it can soon be sold for a still-higher price - should be labeled speculation (which is neither illegal, immoral nor - in our view - financially fattening).”

Source: Berkshire Hathaway Annual Letter (1992) by Warren Buffett

Posted by ahbah > 2020-03-01 13:39 | Report Abuse

We all got a value of more than Rm3 if we gulong tikar ICAP ?

Posted by SKLIM288 > 2020-03-01 14:13 | Report Abuse

ICAP got do value investing this period or still looking ? anyone ?

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-03-02 22:47 | Report Abuse

SKLIM288, you won't know unless you wait until the next Annual Report.
Maybe you can guess from the upcoming QR, if there are significant outflows of cash.

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-03-08 12:03 | Report Abuse

"Buy whatever that is undervalued," - Tan Teng Boo, 2007

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-03-08 12:06 | Report Abuse

“The correction faced by markets is temporary. On a long-term basis, the bullish sentiment should resume after markets have stabilised,” - Tan Teng Boo, 2007

Posted by JohnDough > 2020-03-08 16:51 | Report Abuse

“Dangerous lessons are being learned by many investors. Warren Buffett has pointed out that legitimate theories frequently lie at the root of financial excesses; good ideas are simply carried too far. Today, virtually everyone knows that over the long-run, stocks will outperform other investment alternatives. Of course, almost no one thought of this as the market made cyclical lows in 1974 and 1982.

So after a record-setting thirteen year bull market, proponents of this viewpoint are ignoring the high price they must now pay to purchase equities. Another dangerous notions is that dips in the market always represent buying opportunities. The true investment challenge is to perform well in difficult times. It is unfortunately not possible to reliably predict when those times might be.

The cost of performing well in bad times can be relative underperformance in good times. We have always judged that a worthwhile price to pay.”

Source: The Baupost Group Inc. December 1995 Letter – Seth Klarman

Posted by ahbah > 2020-03-08 16:58 | Report Abuse

“Anything can happen to stock prices tomorrow. Occasionally, there

will be major drops in the market, perhaps of 50% magnitude or even

greater.”

Posted by firehawk > 2020-03-09 18:44 | Report Abuse

Does he uploading in this opportunity?

Posted by ahhuat56 > 2020-03-12 15:18 | Report Abuse

As a value investor, the stock market plunge presents a good buying opportunity for Tan Teng Boo

Posted by ahhuat56 > 2020-03-12 15:23 | Report Abuse

Tan Teng Boo must be very happy because the "high" cash level of ICAP can be put to good use now.

Posted by Junichiro > 2020-03-12 15:48 | Report Abuse

Give him a break! He is buying everything cheap.

Posted by ahhuat56 > 2020-03-12 17:00 | Report Abuse

That is exactly what a discipline value investor should do.

Posted by ahbah > 2020-03-12 17:04 | Report Abuse

During the last 2 yrs, ttb sapu tons of Biohldg.

And now what happen to Biohldg price ?

Please check it out yourself. Thanks.

Posted by ahbah > 2020-03-12 17:11 | Report Abuse

ttb sapu everything cheap, n his cheap things he sapu become even cheaper today ?

Posted by firehawk > 2020-03-12 17:15 | Report Abuse

his stock-pick method is very freak one!

very long time ago, he insisted to pick Mieco ---> holland already!
(don't know whether now still in his portfolio?)

Posted by FlyHigh123 > 2020-03-13 11:09 | Report Abuse

@firehawk at least he still got stock-pick method, don't know if you got one or not. About Mieco where's the proof? You don't simply bullshit.

Posted by fortunecat > 2020-03-13 16:58 | Report Abuse

@firehawk Can explain what you mean by freak stock-pick method? He is a value investor isn't it...

Posted by ahbah > 2020-03-13 17:11 | Report Abuse

He is a fd runner to the bank onli ?

Posted by firehawk > 2020-03-13 17:18 | Report Abuse

Posted by FlyHigh123 > Mar 13, 2020 11:09 AM | Report Abuse

@firehawk at least he still got stock-pick method, don't know if you got one or not. About Mieco where's the proof? You don't simply bullshit.

-------------------------------------------------------

if u don't know or u are new, don't bullshit!
u check back 15-20 yrs back ....

i follow this since inception ... how it performs all the time, i'm very clear ....

Posted by firehawk > 2020-03-13 17:28 | Report Abuse

Posted by fortunecat > Mar 13, 2020 4:58 PM | Report Abuse

@firehawk Can explain what you mean by freak stock-pick method? He is a value investor isn't it...

------------------------------------------------
I don;t know why he picked that, that's why i said freak!

His another pick was Parkson, i think this one u know!

He has some good picked also, like Padini ... but overall his performance is so so ....

this is yr 1st. post, u bought a lot? look like u r quite care :-)

Posted by CharlesT > 2020-03-13 17:30 | Report Abuse

TTB wanna wait for klci 800p ah?

Posted by CharlesT > 2020-03-13 17:30 | Report Abuse

His TP since 10 years ago....

Posted by jeydan89 > 2020-03-13 18:16 | Report Abuse

If not due to high cash holdings, ICAP's NAV would be as bad as many of the Bursa stocks by now.

Posted by jeydan89 > 2020-03-13 18:23 | Report Abuse

TTB sapu cheap stocks, if it becomes even cheaper, can sapu more...

Posted by stockraider > 2020-03-13 18:28 | Report Abuse

Don worry charles ??

No need to wait 10 years lah...!!

This year Icap will be liquidated by the shareholders with the support of city of london loh....!!

Posted by CharlesT > Mar 13, 2020 5:30 PM | Report Abuse

His TP since 10 years ago....



Posted by jeydan89 > Mar 13, 2020 6:16 PM | Report Abuse

If not due to high cash holdings, ICAP's NAV would be as bad as many of the Bursa stocks by now.



Posted by jeydan89 > Mar 13, 2020 6:23 PM | Report Abuse

TTB sapu cheap stocks, if it becomes even cheaper, can sapu more..

Posted by currypop98 > 2020-03-13 18:54 | Report Abuse

hello all the taikos here, i m a newbie in investing. excited n yet frightened by the volatile markets in the last few days.

sounds like either way i also win if i buy icap now.

Posted by JohnDough > 2020-03-15 17:34 | Report Abuse

“Our goal is to attract long-term owners who, at the time of purchase, have no timetable or price target for sale but plan instead to stay with us indefinitely. We don’t understand the CEO who wants lots of stock activity, for that can be achieved only if many of his owners are constantly exiting. At what other organization - school, club, church, etc. - do leaders cheer when members leave? (However, if there were a broker whose livelihood depended upon the membership turnover in such organizations, you could be sure that there would be at least one proponent of activity, as in: “There hasn’t been much going on in Christianity for a while; maybe we should switch to Buddhism next week.“)”

Source: Berkshire Hathaway Annual Letter (1988) by Warren Buffett

Posted by calvintaneng > 2020-03-15 18:28 |

Post removed.Why?

Posted by $$$ ^v^ GOODLUCK ^v^ $$$ > 2020-03-15 18:35 | Report Abuse

every counters going down slowly, it is already bear run. Even ppbank, maybank are falling.as you can see no counters going uptrend and stable.

Posted by NotComingForYou > 2020-03-16 09:54 | Report Abuse

For all,

Especially calvintaneng, this is for you.
https://www.theedgemarkets.com/article/how-weather-storm

Excerpt from the article:

“You should be selling when the market was at its peak, not when it is at a low,” said Danny Wong Teck Meng (Areca Capital Sdn Bhd CEO)

TA Securities head of research Kaladher Govindan agreed that it is too late for investors to sell now to cut loss. “We suggest investors to average down on their lost stock position, or consider accumulating other undervalued stocks”.

PMB’s Najmi concurred. “For the loss-making ones, we believe you should take a rational approach and question yourself if the selling is overdone and consider to average down the position if the stock is undervalued.”

Hope its informational and enlightening for you calvintaneng.

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-03-16 13:22 | Report Abuse

Posted by Philip ( 2.3% fatality rate, 80% recovery rate age 10-40) > Feb 28, 2020 7:42 PM | Report Abuse

Calvintaneng is a fraud plain and simple. His strategy is similar to many penny stock pushers, promote as many stocks as possible, choose those that went up and promote further, discards those that didn't do well and hide it as far in as possible.

https://klse.i3investor.com/servlets/pfs/123029.jsp

He has promoted 40 stocks last year with glowing buy calls. Out of those 40 stocks, 14 stocks are green. He then uses those that went up to say he is brilliant and incredible. He collects WhatsApp members and tries to buy more penny stocks to push up and deletes opposing opinions in his NETX thread.

Posted by ahteck85 > 2020-03-16 13:33 | Report Abuse

Frankly, TTB defended ICAP's NAV pretty well vs the broader market and many of the "experts" here. In this selloff, ICAP's portfolio fell less than 20% from its all-time high. Even if you invest in KLCI, your performance will be far poorer (the index is struggling to defend 1,300 points now vs its high of about 1865)

As of Nov 2019, ICAP has RM266 mln in cash or about RM1.90 per share. And if you'll follow ICAP's newsletter, TTB seems ready to enter the market at its low.

I have no idea what investors can ask for from TTB. He has delivered his promise to investors.

Posted by cheahsk > 2020-03-16 14:46 | Report Abuse

This is for calvintaneng, what happened to your Maybulk? all your panamamax and supermax all got sunk?

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-03-16 14:48 | Report Abuse

ahteck85,
There are those who believe in TTB and those who don't.

We believe because we know what is to be expected & we know TTB walks the talk. We know ICAP operates differently from other stocks.

I'm only curious as to what ICAP would buy but we would only know in the next annual report.

In the meantime, we can only hold on.

Posted by jasonor > 2020-03-16 14:53 | Report Abuse

when ttb hold cash for years because he thought mkt will crash but mkt actually goes into bull run. finally when ttb starts to sailang and declare bull mkt, mkt starts to crash. hahhaha. i used to subscribe to his newsletter to test. i did not renew after tht. lol it's just a waste of money and paper for those bs

Posted by Quincy > 2020-03-18 08:56 | Report Abuse

@jasonor and when the market starts to crash as icap gets bullish with plenty of cash to deploy, it can average down to the bottom or better still, buy at the bottom. Remember buy low, sell high? Unfortunately, most people now are incapable of averaging down / buying at the bottom just because they deployed all their cash at much higher prices. Time to read the newsletter again to learn what's truly on bargain?

Posted by cheahsk > 2020-03-19 09:55 | Report Abuse

This is for Calvintaneng, Hey, pls come out from under your bed. I know you are there. Please explain your comment on Maybulk you did some months ago. If you feel the need to write something pls do, but don't post it lah. Gullible ppl like me picked up your comment and bought a lemom. I suggest you just type out all your nonsense on paper, read it for shiok sendiri and just burn the piece of paper and flush it down the toilet. Use this forum to write something credible and useful for the readers. Be more responsible please.