Posted by Nepo > 2020-03-19 11:02 | Report Abuse

Calvin report can only use as reference only, but becareful he may buy before his report is out
One more thing if u buy base on his report in the bear market, u will be trapped..

Posted by jeydan89 > 2020-03-19 16:18 | Report Abuse

icap's NAV is holding pretty well despite the crash.

Posted by cheahsk > 2020-03-19 18:44 | Report Abuse

Hi jeydan89, where can I find icap's NAV. I have half the mind to buy icap. I am sure they are going on a shopping and I am sure they can do better than me.

Posted by jeydan89 > 2020-03-19 19:14 | Report Abuse

www.icapital.my

Posted by jeydan89 > 2020-03-19 19:15 | Report Abuse

www.icapital.my

Posted by idunwork > 2020-03-19 21:10 | Report Abuse

@ cheahsk
Icap's yesterday nav was 2.66. It announce s nav every week.

Posted by ahhuat56 > 2020-03-19 21:45 | Report Abuse

This is the best time to invest in ICAP. Its high cash level is giving it a lot of ammunition to buy undervalued stocks at a cheap price.

Posted by glittercat > 2020-03-20 12:04 | Report Abuse

last time gt alot of ppl say ttb keep holding cash instead of buying... I guess he careful so now got payoff hahah can start buying soon? KLSE dropped about one RM sia rly shooketh

Posted by fortunecat > 2020-03-20 12:11 | Report Abuse

@firehawk I'm just a small-time investor hoping to make some money. Like you said he made some great picks like Padini. From the people here, seems like it is good time for me to enter into ICAP.

Posted by soaring > 2020-03-20 15:13 | Report Abuse

Not many people can understand cash is actually an option. Same as other options, the higher the volatility, the more valuable the cash is. So with so much cash on hand, ICAP is becoming more valuable now in current market environment.

Posted by JohnDough > 2020-03-22 12:33 | Report Abuse

“In large part, companies obtain the shareholder constituency that they seek and deserve. If they focus their thinking and communications on short-term results or short-term stock market consequences they will, in large part, attract shareholders who focus on the same factors. And if they are cynical in their treatment of investors, eventually that cynicism is highly likely to be returned by the investment community.

Phil Fisher, a respected investor and author, once likened the policies of the corporation in attracting shareholders to those of a restaurant attracting potential customers. A restaurant could seek a given clientele - patrons of fast foods, elegant dining, Oriental food, etc. - and eventually obtain an appropriate group of devotees. If the job were expertly done, that clientele, pleased with the service, menu, and price level offered, would return consistently.

But the restaurant could not change its character constantly and end up with a happy and stable clientele. If the business vacillated between French cuisine and take-out chicken, the result would be a revolving door of confused and dissatisfied customers.

So it is with corporations and the shareholder constituency they seek. You can’t be all things to all men, simultaneously seeking different owners whose primary interests run from high current yield to long-term capital growth to stock market pyrotechnics, etc.

The reasoning of managements that seek large trading activity in their shares puzzles us. In effect, such managements are saying that they want a good many of the existing clientele continually to desert them in favor of new ones - because you can’t add lots of new owners (with new expectations) without losing lots of former owners. We much prefer owners who like our service and menu and who return year after year.

It would be hard to find a better group to sit in the Berkshire Hathaway shareholder “seats” than those already occupying them. So we hope to continue to have a very low turnover among our owners, reflecting a constituency that understands our operation, approves of our policies, and shares our expectations. And we hope to deliver on those expectations.”

Source: Berkshire Hathaway Annual Letter (1979) by Warren Buffett

Posted by Nighelanghelo > 2020-03-23 23:04 | Report Abuse

ttb's black swan finally sighted...

Posted by FlyHigh123 > 2020-03-27 16:26 | Report Abuse

aiya now what stock you buy also drop la in the near future. You ask for icap to gulung tikar this year is not strategic since icap stocks might fall until close to its current price. Close liao you might also lose money. Might as well hold or buy more since it will drop.

Posted by soaring > 2020-03-27 17:54 | Report Abuse

This Covid-19 should wake up many investors on what is risk management, for your portfolio and also for your personnel. Cash is a sign of strength, not weakness. Look at the 3.3 million unemployment claims in US! It’s just the beginning. And remember only around 200,000 claims three weeks ago.

Posted by stkstudent > 2020-03-27 18:31 | Report Abuse

i think this black swan is far more devastating to the world than anyone could have imagined, all caught unprepared, else ttb would not b sitting tight, he would have unloaded all stks..
Hope, he is not holding tight n has put the cash to use.

Posted by JohnDough > 2020-03-29 11:41 | Report Abuse

“Warren Buffett’s business partner and vice chairman of Berkshire Hathaway, Charlie Munger, uses horse racing’s pari mutuel betting system as one of his mental models when approaching investing in the stock market. Unlike a casino, in horse racing you are betting against other bettors. The house takes a flat 17% of the total amount wagered. Frictional costs, relative to the stock market, are very high. According to Munger:

To us, investing is equivalent of going out and betting against the pari-mutuel system. We look for the horse with one chance in two of winning which pays you three to one. You’re looking for a mispriced gamble. That’s what investing is. And you have to know enough to know whether the gamble is mispriced. That’s value investing (Charlie Munger)

To be a consistent winner at the race track, a person has to overcome the staggering 17% frictional cost of placing a bet. According to Munger, there are actually a few people who are able to make a living by betting at the race track after paying the full 17%. These folks watch all the horses and races, yet place no bets. Then, when they encounter widely misplaced odds (in their favor) on a horse about which they know a great deal, they bet heavily on that one horse in that one race. After that, they go back to watching the horses and races indefinitely with no bets placed until another good opportunity shows up”

Source: The Dhando Investor – The Low Risk Value Method to High Returns (2007) by Mohnish Pabrai

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-04-02 17:35 | Report Abuse

If only the laggards would rise from the dead... ...

NAV on 1 April 2020 : RM2.67.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3041255

Posted by calvintaneng > 2020-04-02 17:50 | Report Abuse

Very deplorable

Already signaled to all

Icapbiz means

I as in Ego (drive ferari)

CAP (As in cap your performance because of taking VERY HIGH PAY for minimal work done)

People like Walter Schloss will not take salary if Fund does not perform

Biz (YOU ARE CAUGHT IN GRUESOME BUSINESS TERM)

That's it

BETTER GET OUT AND BUY BETTER STUFF

Posted by CharlesT > 2020-04-02 17:51 | Report Abuse

Really want to wait klci drops to 800 or 600?

Posted by soaring > 2020-04-03 20:49 | Report Abuse

Just to update everyone: in two weeks, there are 10 million people applied unemployment claims in US. Cash is the king!!!

Posted by stkstudent > 2020-04-03 20:51 | Report Abuse

thk goodness, got China to take over as the new taiko of the world..

Posted by JohnDough > 2020-04-05 12:41 | Report Abuse

“Value investing, today as in the era of Graham and Dodd, is the practice of purchasing securities or assets for less than they are worth – the proverbial dollar for 50 cents. Investing in bargain-priced securities provides a “margin of safety” – room for error, imprecision, bad luck, or the vicissitudes of the economy and stock market.

While some might mistakenly consider value investing a mechanical tool for identifying bargains, it is actually a comprehensive investment philosophy that emphasizes the need to perform in-depth fundamental analysis, pursue long-term results, limit risk, and resist crowd psychology.

Far too many people approach the stock market with a focus on making money quickly.

Such an orientation involves speculation rather than investment and is based on the hope that share prices will rise irrespective of valuation. Speculators generally regard stocks as pieces of paper to be quickly traded back and forth, foolishly decoupling them from business reality and valuation criteria.

Speculative approaches – which pay little or no attention to downside risk – are especially popular in rising markets. In heady times, few are sufficiently disciplined to maintain strict standards of valuation and risk aversion, especially when most of those abandoning such standards are quickly getting rich.

After all, it is easy to confuse genius with a bull market”

Security Analysis (Sixth Edition) by Benjamin Graham and David Dodd: Preface to Sixth Edition “The Timeless Wisdom of Graham and Dodd” by Seth Klarman.

Posted by king36 > 2020-04-05 12:53 | Report Abuse

Posted by soaring > Apr 3, 2020 8:49 PM | Report Abuse

Just to update everyone: in two weeks, there are 10 million people applied unemployment claims in US. Cash is the king!!!

Trump will tell his supporters "We r doing well". And all the zombie supporters will vote for him in November!
Remember he still has some 46% support even after he has continuously lied & corrupted his doing blatantly.

Posted by CharlesT > 2020-04-07 07:48 | Report Abuse

Still waiting for klci 600 to 800?

Meanwhile put money in fd n earn rm8m fee a year?

No risk at all..

Posted by CharlesT > 2020-04-07 07:49 | Report Abuse

No shame also

Posted by Bobii > 2020-04-07 08:28 | Report Abuse

wasting time !

Posted by ahhuat56 > 2020-04-11 12:07 | Report Abuse

ICAP's disciplined investing style has paid off during the current market plunge

Posted by ahhuat56 > 2020-04-11 12:11 | Report Abuse

Only a real professional fund manager is discipline and has the gut to follows his investment philosophy during good and bad times.

Posted by CharlesT > 2020-04-11 14:21 | Report Abuse

His investment philosophy:

Keeping money in fd waiting for klci 800p year by year n collect his rm8m fee every year..

Got guts...

Posted by CharlesT > 2020-04-11 14:22 | Report Abuse

Got very thick skin too

Posted by ahbah > 2020-04-11 14:24 | Report Abuse

fd manager getting rm8m gaji, who is he ?

Posted by JohnDough > 2020-04-12 15:23 | Report Abuse

“Graham and Dodd have been ignored by those who suffer from the misconception that trying to make serious money requires that one take serious risks. In fact, the converse is true.

Avoiding serious loss is a precondition for sustaining high compounded rate of growth.

In 25 years as a financial journalist, virtually all of the investors of this writer’s acquaintance who have consistently earned superior profits have been Graham-and-Dodders. The most famous, of course, is Warren Buffett.

Security Analysis is the bible for avoiding icy patches and an instruction manual for identifying investments that are superior as well as safe.

It took Graham 20 years – which is to say, a complete cycle from the bull market of the Roaring Twenties through the dark, nearly ruinous days of the early 1930s – to refine his investment philosophy into a discipline that was as rigorous as the Euclidean theorems he had studied in college.”

Security Analysis (6th edition) by Benjamin Graham and David Dodd: Introduction to Pat 1 “The Essential Lessons” by Roger Lowenstein.

Posted by stkstudent > 2020-04-12 15:39 | Report Abuse

some long-time old school stks with 7% dividend yield like MMC,MALAKOF,YTLPOWR more than 30% frm their lows in mar.19-23 , not worthy of investing for long-term ?

MMC current- 0.61, low-0.465, +31%
MALAKOF current- 0.86, low-0.66 +30%
YTLPOWR current-0.645, low-0.50 +29%

ICAP money still safe in the bank ?

Posted by ahteck85 > 2020-04-13 18:49 | Report Abuse

Quoting TTB: "China will bounce back from the Covid-19 even stronger than before. Mark his words."

Anyone agree/disagree?

Posted by stkstudent > 2020-04-13 18:53 | Report Abuse

what i most keen to know is, will ICAP bound back stronger than before soon, or is it more of the same for the nxt x yrs ?

Posted by Quincy > 2020-04-15 15:36 | Report Abuse

The numbers alone tell you how robust ICAP is. KLCI30 fell 14.9% during 21 Feb 2020 - 20 Mar 2020. During the same period, ICAP NAV & share price only fell 15% and 16%. These are the returns for the same time period of a few KLCI30 counters that were long perceived to be resilient:

GENM: -37%
GENTING: -47%

AMBANK: -24%
PBBANK: -30%
CIMB: -37%

SIMEPLT: -17%
IOICORP: -20%
KLK: -21%
HAPSENG: -22%

PMETAL: -43%

Aunt uncle favorite Gentings are indeed like casinos. Excluding the government-supported Maybank, banks shed more market cap than ICAP. A telling sign the market was more confident about ICAP as a sound and stable financial institution than these banks? Plantation & edible oil, touted as all-time necessity by Calvin Tan Eng suddenly fell for more than ICAP also? Our newcomer PMETAL is not spared as well. i3 gamblers and PNB's favorite SAPURA ENERGY BERHAD down 71% during that time frame. This is despite the fact that all these counters were heavily supported by the likes of PNB, EPF and other government-linked entities while ICAP is supported only by prudent risk management, robust due diligence and strong support from shareholders that share the same value investing philosophy.

Based on the latest quarterly result filing, ICAP holds RM266.5 million in short-term deposits and RM21.08 million in bank balance, which translates to RM2.05 net cash per share. In other words, you can buy stakes in great companies like Padini, SAMEE or even Carlsberg + Tan Teng Boo's fund management expertise for free.

Posted by enigmatic ¯\_(ツ)_/¯ > 2020-04-15 17:22 | Report Abuse

To answer stkstudent,

It depends on your investment timeline & aim of buying stocks. How long do you plan to keep your stocks? Do you buy it for capital appreciation or dividends?

If you look at ICAP's past record, the fastest its share price & NAV doubles is around 3 years. Or if you are like some who bought in 2005 and never sold, 15 years to double the share price & NAV is 15 years.

Even with a 15 year time frame, the return is 6%+ average per year, WITHOUT LOSING any money. How many stocks have escaped unscathed since 2005?

Of course, ICAP's price has not gone up much in the previous 5 years, so the question again is, why did you buy the stock in the first place? One thing for sure, ICAP is not for goreng & quick returns. "icapital.biz Berhad exists for one simple reason: to allow long-term shareholders or more aptly called share owners, to benefit from value investing." Key words: Long-term, value investing.

Recently, I realised that TTB keeping cash & growing the NAV is like: A kungfu master who conserves 40% of his energy but still beats his competitors.

Posted by stkstudent > 2020-04-15 19:21 | Report Abuse

Some who ascribe to ICAP concept of value investing , also believe tht the ICAP investment team, had seen this black swan or double black swan event in case of Msia, long time coming. The puzzling thing is why then was ICAP funds hit by -16-17%, similar to KLSE ‘s -15% ?
Is It due to ICAP stk selection in small cap growth stks, that made it not viable to sell n run ,as the event unfold n need to take it chin up n hope for the best ?

Posted by stkstudent > 2020-04-15 19:26 | Report Abuse

The fact tht ICAP seem still underinvested now, while many stks in Bursa, has since rebounded 30-80% frm their lows, indicate tht the mgmt is still waiting for the Big One to come . Hopefully, not waiting yo take it chin up again nxt round.

Posted by Thinkcarefully > 2020-04-17 19:15 | Report Abuse

You will neither maķe or lose money in icap
Only TTB makes money

Posted by JohnDough > 2020-04-19 13:02 | Report Abuse

“The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizeable declines nor become excited by sizeable advances.

He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell because it has gone down.

He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise of sell one immediately after a substantial drop””

The Intelligent Investor by Benjamin Graham

Posted by fong7 > 2020-04-20 13:04 | Report Abuse

What is this? "NYSE ORDER IMBALANCE RF.N 510831.0 SHARES ON SELL SIDE"
Lately, only seeing this line in its news. Does it mean one of the major shareholder keep selling it?
Where is is London boys? How come no more appearing in ICAP news announcement?

Posted by ahbah > 2020-04-20 13:13 | Report Abuse

ttb work as a fd manager most of the time but got paid by the millions !

I think it is best for him to work as a philosopher where his caliber shines the brightest ! No one can beat him in this field !

Posted by CharlesT > 2020-04-20 13:14 | Report Abuse

Unfair to say so..he also writes a lot of long essays..but nobody read only

Posted by ahbah > 2020-04-20 13:17 | Report Abuse

His long essays on philophy are without peers ! He is head n shoulder above all !

Posted by CharlesT > 2020-04-20 13:19 | Report Abuse

Its time now for ttb to look for a successor since he is 60+ now (or 70+??)...i m not sure if he can wait for another 10 years to see KLCI to hit 800 points..


Personaly i think jon is the best candidate...

Posted by fong7 > 2020-04-22 09:12 | Report Abuse

NYSE ORDER IMBALANCE RF.N 510831.0 SHARES ON SELL SIDE

who knows who is this seller?
and where is the London boys?

Posted by David > 2020-04-22 14:07 | Report Abuse

If TTB hasn't been buying during the past one month, I don't know what else he wants to do with the cash

Posted by ahbah > 2020-04-22 14:11 | Report Abuse

He want to put the cash as FD in the bank n want his gaji to be paid by the millions for doing so ?

Posted by stkstudent > 2020-04-23 08:54 | Report Abuse

enigmatic ¯\_(ツ)_/¯ To answer stkstudent,

It depends on your investment timeline & aim of buying stocks. How long do you plan to keep your stocks? Do you buy it for capital appreciation or dividends?

If you look at ICAP's past record, the fastest its share price & NAV doubles is around 3 years. Or if you are like some who bought in 2005 and never sold, 15 years to double the share price & NAV is 15 years.

Even with a 15 year time frame, the return is 6%+ average per year, WITHOUT LOSING any money. How many stocks have escaped unscathed since 2005?

Of course, ICAP's price has not gone up much in the previous 5 years, so the question again is, why did you buy the stock in the first place? One thing for sure, ICAP is not for goreng & quick returns. "icapital.biz Berhad exists for one simple reason: to allow long-term shareholders or more aptly called share owners, to benefit from value investing." Key words: Long-term, value investing.

Recently, I realised that TTB keeping cash & growing the NAV is like: A kungfu master who conserves 40% of his energy but still beats his competitors.
15/04/2020 5:22 PM


@enigmatic past records r really for retired champions to glow over their past achievements. What counts to stakeholders is current results.
Has ICAP NAV increase substantially of late, i did not check

Will be worried if u were in ICAP team, as most fund mgrs will reckon the market is their enemy and focus.

Mr market is to be feared, bcause he is famous for proving players wrong, and so far he is the undisputed Champion, who has always got it right.

The rest of us, can only try to follow his trail n be humble, n hope to get some decent returns.