Posted by Nepo > 2020-12-21 09:59 | Report Abuse

I dont like this co mgt..too conservative.
I bought and hold this co because it is extremely undervalued.

If u look US ARK investment methodology..u will know what i am talking about..

Posted by JohnDough > 2020-12-27 14:02 | Report Abuse

“Some companies will conduct their affairs so as to gain the greatest possible profit right now. Others will deliberately curtail maximum immediate profits to build up goodwill and thereby gain greater overall profits over a period of years.

Treatment of customers and vendors give frequent examples of this. The company that will go to special trouble and expense to take care of the needs of a regular customer caught in an unexpected jam may show lower profits on the particular transaction, but far greater profits over the years.

The investor wanting maximum results should favor companies with a truly long-range outlook concerning profits.”


Common Stocks and Uncommon Profits by Philip A. Fisher

Posted by stockraider > 2020-12-27 14:03 |

Post removed.Why?

Posted by stockraider > 2021-01-01 16:08 |

Post removed.Why?

Posted by JohnDough > 2021-01-03 10:14 | Report Abuse

“To his family’s amusement and surprise, by the spring of 1942, his hoard totaled $120. Enlisting his sister Doris as a partner, he bought three shares of a stock for each of them, costing him $114.75 for his three shares of Cities Service Preferred.

“I didn’t understand that stock very well when I bought it” he says; he knew only that it was a favourite stock that Howard had sold to his customers for years.

The market hit a low that June, and Cities Service Preferred plunged from $38.25 to $27 a share. Doris, he says, “reminded” him every day on the way to school that her stock was going down.

Warren says he felt terribly responsible. So when the stock finally recovered, he sold at $40, netting a $5 profit for the two of them. “That’s when I knew that he knew what he was doing” Doris recalls.

But Cities Service quickly soared to $202 a share. Warren learned three lessons and would call this episode one of the most important of his life.

One lesson was not to overly fixate on what he had paid for a stock. The second was not to rush unthinkingly to grab a small profit. He learned these two lessons by brooding over the $492 he would have made had he been more patient.

It had taken five years of work, since he was six years old, to save the $129 to buy this stock. Based on how much he currently made from selling golf balls or peddling popcorn and peanuts at the ballpark, he realized that it could take years to earn back the profit he had “lost”. He would never, never, never forget this mistake.

And there was a third lesson, which was about investing other people’s money. If he made a mistake, it might get somebody upset at him. So he didn’t want to have responsibility for anyone else’s money unless he was sure he could succeed.”


The Snowball: Warren Buffett and the Business of Life by Alice Schroeder

Posted by Nepo > 2021-01-04 11:40 | Report Abuse

If Icap shares worth to keep as recommended by ttb, why co don't consider purchase of own shares..?

Posted by stockraider > 2021-01-04 11:42 | Report Abuse

Insas a very safe recovery play stock with big margin of safety and bright growth prospect mah....!!

Remember to join the party & get your ticket early loh...!!

Posted by dumbMoney > 2021-01-04 19:21 | Report Abuse

@Nepo Here's the maths. If company buys back 10% shares at market price of 2.22 versus NAV of 3.10, shareholders make 40% on the repurchase if shares are cancelled. But TTB loses 10% of his fee income!

Posted by JohnDough > 2021-01-10 13:26 | Report Abuse

“To win, the first thing you have to do is not lose. That is my own distillation of one of Graham’s first principles. It sounds absolutely simplistic. Of course you shouldn’t lose if you want to win. There is more to it than that.

This is a rational statement in a rational world, even though Keynes once said there was nothing more disastrous than a rational investment policy in an irrational world. Graham does not do much to feed the fantasies of those who would, say, turn five thousand into a quarter of a million.

He starts with the supposition that your money is at risk; the first thing you must do is not lose your money, even before you think about making more with it.

The joys of compounding are there if you keep your stake growing, but all you need to have is one year in which you give back half, and your program, at the same growth rate, must stretch out years and years longer.”


Supermoney by Adam Smith

Posted by JohnDough > 2021-01-17 12:50 | Report Abuse

“After all the panic in 2020, the NAV of icapital.biz Bhd ended the year more or less at the same value as when it ended 2019. On 31 Dec 2020, its NAV was RM3.10, compared with RM3.12 at the end of 2019.

If one had not been told that there is a fierce pandemic ravaging the world community, one would, based on the NAV of icapital.biz Bhd, be forgiven for thinking that it has been business as usual as its NAV bounced back to the pre-pandemic crash level. Of course, the underlying reality has been very different.

Unfortunately, the market price of icapital.biz Bhd in 2020 performed differently, as it reflected a different reality, one that is based on misguided perceptions, instead of facts. Its price fell more than 8% from its 31 Dec 2019 closing price when it should have risen.

2020 was also a year when some stocks on the stock exchange went berserk and traded in a right-angle fashion. It was not just the glove companies, which one could argue is based on fundamental reasoning, whether one agrees with it or not. Prices of some other companies surged without any fundamental rhyme or reason.

Bursa Malaysia was like a market where investors know the price of everything but value of none.”


icapital.biz Berhad 2Q21 report – Commentary by Fund Manager

Posted by stockraider > 2021-01-17 13:34 | Report Abuse

Instead of singing praises for mediocre Icap and bad corporate governance for icap, u should start singing strong praises for insas hathaway loh!

Why leh ??

Both the Nta & NAV have grown tremendously to Rm 2.73 & Rm 4.75 per share mah!
It also beat the KLCI & pays a dividend of 2 den beating fixed deposits return in addition it trade at PE lower than 10x loh!!

Insas share price also beat klci in terms of price appreciations.

If u compare insas hathaway v Icap....it would put icaps to shame in all counts loh!!.

How did insas outperformed against icaps leh ??

Market is right for looking down on icaps loh!!


Posted by JohnDough > Jan 17, 2021 12:50 PM | Report Abuse

“After all the panic in 2020, the NAV of icapital.biz Bhd ended the year more or less at the same value as when it ended 2019. On 31 Dec 2020, its NAV was RM3.10, compared with RM3.12 at the end of 2019.

If one had not been told that there is a fierce pandemic ravaging the world community, one would, based on the NAV of icapital.biz Bhd, be forgiven for thinking that it has been business as usual as its NAV bounced back to the pre-pandemic crash level. Of course, the underlying reality has been very different.

Unfortunately, the market price of icapital.biz Bhd in 2020 performed differently, as it reflected a different reality, one that is based on misguided perceptions, instead of facts. Its price fell more than 8% from its 31 Dec 2019 closing price when it should have risen.

2020 was also a year when some stocks on the stock exchange went berserk and traded in a right-angle fashion. It was not just the glove companies, which one could argue is based on fundamental reasoning, whether one agrees with it or not. Prices of some other companies surged without any fundamental rhyme or reason.

Bursa Malaysia was like a market where investors know the price of everything but value of none.”


icapital.biz Berhad 2Q21 report – Commentary by Fund Manager

Posted by stockraider > 2021-01-17 13:36 | Report Abuse

Instead of singing praises for mediocre Icap and bad corporate governance for icap, u should start singing strong praises for insas hathaway loh!

Why leh ??

Both the Nta & NAV have grown tremendously to Rm 2.73 & Rm 4.75 per share mah!
It also beat the KLCI & pays a dividend of 2 sen beating fixed deposits return in addition it trade at PE lower than 10x loh!!

Insas share price also beat klci in terms of price appreciations.

If u compare insas hathaway v Icap....it would put icaps to shame in all counts loh!!.

How did insas outperformed against icaps leh ??

Market is right for looking down on icaps loh!!


Posted by JohnDough > Jan 17, 2021 12:50 PM | Report Abuse

“After all the panic in 2020, the NAV of icapital.biz Bhd ended the year more or less at the same value as when it ended 2019. On 31 Dec 2020, its NAV was RM3.10, compared with RM3.12 at the end of 2019.

If one had not been told that there is a fierce pandemic ravaging the world community, one would, based on the NAV of icapital.biz Bhd, be forgiven for thinking that it has been business as usual as its NAV bounced back to the pre-pandemic crash level. Of course, the underlying reality has been very different.

Unfortunately, the market price of icapital.biz Bhd in 2020 performed differently, as it reflected a different reality, one that is based on misguided perceptions, instead of facts. Its price fell more than 8% from its 31 Dec 2019 closing price when it should have risen.

2020 was also a year when some stocks on the stock exchange went berserk and traded in a right-angle fashion. It was not just the glove companies, which one could argue is based on fundamental reasoning, whether one agrees with it or not. Prices of some other companies surged without any fundamental rhyme or reason.

Bursa Malaysia was like a market where investors know the price of everything but value of none.”


icapital.biz Berhad 2Q21 report – Commentary by Fund Manager

Posted by Thinkcarefully > 2021-01-17 15:26 | Report Abuse

Icap exists solely for the benefits of TTB.To those invested in icap I would strongly advise to shift your money to Insas. I would even advise TTB to shift icap money in FD to Insas.Short to medium term your returns easily 15-20%.Buy before ex-date of RPS and free warrants probably end of the month.

Posted by fairplay > 2021-01-20 13:46 | Report Abuse

The recent appointment of a person who is with CDAM as Director of iCapital is negative, in my view. There may be situation(s) of Conflict of interest. How are Shareholders to be assured that Priority is placed on Safeguarding interests of shareholders of iCapital. Remember there is a fiduciary duty due to shareholders, besides her getting director's fees from iCapital

Posted by dumbMoney > 2021-01-22 01:38 | Report Abuse

Why should iCapital share price go up when it can't even beat the KLCI's 2.4% gain last year before counting dividend yield of the index stocks?

Posted by JohnDough > 2021-01-24 10:31 | Report Abuse

“In his work Buffett has not let the complexities of his thinking prevent him from forming a very simple view of life. The key point about the two Buffetts, the investor and the businessman, is that they look at the ownership of businesses in exactly the same way.

The investor sees the chance to buy portions of a business in the stock market at a price below intrinsic value – that is, below what a rational buyer would pay to own the entire establishment. The manager sees the chance to buy the whole business at no more than that intrinsic value.

The kind of merchandise that Buffett wants is simply described also: “good businesses.” To him that essentially means operations with strong franchises, above-average returns on equity, a relatively small need for capital investment, and the capacity therefore to throw off cash.

That list may sound like motherhood and apple pie. But finding and buying such businesses isn’t easy; Buffett likens the hunt to be bagging “rare and fast-moving elephants.” He has avoided straying from his strict criteria. The Sainted Seven all possess the characteristics of a good business.

Naturally, good businesses do not come cheap, particularly not today when the world has caught on to their attributes. But Buffett has been consistently shrewd as a buyer – he simply will not overpay – and patient in waiting for opportunities.”



Tap Dancing to Work – Warren Buffett on Practically Everything, 1966 – 2012 – Collected and Expanded by Carol Loomis

Posted by JohnDough > 2021-01-31 20:30 | Report Abuse

“It’s important to understand the paramount importance of compounding, and how rare and special long-term compounders are. This is antithetical to the “it’s up, so sell” mentality but, in my opinion, critical to long-term investment success.

As Charlie Munger says, “the first rule of compounding is to never interrupt it unnecessarily.” In other words, if you have a compounding machine with the potential to do so for decades, you basically shouldn’t think about selling it (unless, of course, your thesis becomes less probable).

Posted by JohnDough > 2021-01-31 20:30 | Report Abuse

Compounding at high rates over an investment career is very hard, but doing it by finding something that doubles, then moving on to another thing that doubles, and so on and so on is, in my opinion, nearly impossible.

It requires that you develop correct insights about a large number of investment situations over a long period of time. It also requires that you execute well on both the buy and sell each time.

Posted by JohnDough > 2021-02-07 13:37 | Report Abuse

"What counts for most people in investing is not how much they know, but rather how much they don't know. An investor needs to do very few things right as long as he or she avoids big mistakes.

Equally important, we insist on a margin of safety in our purchase price. If we calculate the value of a common stock to be only slightly higher than its price, we're not interested in buying.

We believe this margin-of-safety principle, so strongly emphasized by Ben Graham, to be the cornerstone of investment success."

Berkshire Hathaway 1992 Annual Letter by Warren Buffett

Posted by JohnDough > 2021-02-14 13:14 | Report Abuse

"If you're going to be an investor, you're going to make some investments when you don't have all the experience you need. But if you keep trying to get a little better over time, you'll start to make investments that are virtually certain to have a good outcome.

The keys are discipline, hard work and practice. It's like playing golf - you have to work on it.

You need a different checklist and mental models for different companies. I can never make it easy by saying, 'Here are three things.' You have to derive it yourself to ingrain it in your head for the rest of your life.

The ethos of not fooling yourself is one of the best you could possibly have. It's powerful because it's so rare."


2002 Wesco Financial Corporation Annual Meeting by Charlie Munger

Posted by JohnDough > 2021-02-21 12:58 | Report Abuse

"Investors avoid stocks outside their circle of competence; those who buy stocks outside their circle of competence are gamblers, speculators or fools.

If you lack the grounds for understanding a business - grounds ultimately for estimating a gap between value and price - but make a purchase anyway, you may as well be at a Las Vegas or Atlantic City blackjack table or at a local poker party.

All you are really doing is guessing, hoping, maybe even praying that things work out your way. Yet there is little reason, other than dumb luck, to think they will."


How To Think Like Benjamin Graham and Invest Like Warren Buffett by Lawrence A. Cunningham

Posted by stockraider > 2021-02-21 13:01 | Report Abuse

Just avoid FD investors ICAP loh!

Posted by stockraider > 2021-02-21 13:05 | Report Abuse

This silly TTB did not even make use of the cash hoard of Icap to invest during March 2020 & April 2020, when there are plenty of bargains loh!!


Posted by CharlesT > Feb 21, 2021 1:01 PM | Report Abuse

TTB is a big disgrace to the Tan Family

Posted by stockraider > 2021-02-21 13:10 | Report Abuse

REMEMBER U NEED TO START PROTECTING YOUR ASS 1 DAY LOH!

DO IT NOW B4 TOO LATE MAH!!

START BUYING INSAS NOW LOH!

Posted by JohnDough > 2021-02-28 13:44 | Report Abuse

"At times in my life, I have put myself to a standard that I think has helped me: I think I'm not really equipped to comment on a subject until I can state the arguments against my conclusion better than the people on the other side.

If you do that all the time; if you're looking for disconfirming evidence and putting yourself on a grill, that's a good way to help remove ignorance. What happens is that every human being tends to believe way more than he should in what he's worked hard to find out."


2021 Daily Journal Annual Meeting - Charlie Munger

Posted by Junqi > 2021-03-01 09:37 | Report Abuse

Ttb spamming icap forum?

Posted by JohnDough > 2021-03-07 10:15 | Report Abuse

"In 1958, Phil Fisher wrote a superb book on investing. In it, he analogized running a public company to managing a restaurant.

If you are seeking diners, he said, you can attract a clientele and prosper featuring either hamburgers served with Coke or a French cuisine accompanied by exotic wines.

But you must not, Fisher warned, capriciously switch from one to the other. Your message to potential customers must be consistent with what they will find upon entering your premises."


Berkshire Hathaway 2020 Shareholder Letter by Warren Buffett

Posted by JohnDough > 2021-03-14 13:44 | Report Abuse

"We can't compensate what we can't predict with a higher discount rate. Warren Buffett says:

'When we look at the future of businesses, we look at riskiness as being sort of a go/no-go valve. In other words, if we think that we simply don't know what's going to happen in the future, that doesn't mean it's risky for everyone.

It means we don't know - that it's risky for us. It may not be risky for someone else who understands the business. However, in that case, we just give up. We don't try to predict those things.

We don't say "well, we don't know what's going to happen. Therefore, we'll discount some cash flows that we don't even know at 9% instead of 7%." That is not our way to approach it.

Once it passes a threshold test of being something about which we feel quite certain, we tend to apply the same discount factor for everything. And we try to only buy businesses about which we're quite certain.'"


Seeking Wisdom: From Darwin to Munger by Peter Bevelin

Posted by stockraider > 2021-03-14 13:47 | Report Abuse

Insas is not only tech, it is a very deep margin of safety stock loh!

Remember INSAS IS BOTH TECH GROWTH STOCK & VERY STRONG MARGIN OF SAFETY STOCK MAH....!!

INSAS HAS THE BENEFIT OF BOTH WORLD LOH!

THUS INSAS VERY SAFE MAH...!!

JUST PAKAI OTAK THINK LAH...!!

Yes inari is a growth company in technology sector something like gloves company in health sector loh...!!

Insas is a wealth creation company holding rm 2 billion worth of inari share compare to insas mkt cap of only rm 603m mah...!!

Do u notice of INSAS huge margin of safety or not leh ??

So if u invest in insas, u have both huge margin of safety of insas & huge earnings growth thru inari mah...!!

Remember if u hold 1000 shares of insas is equivalent u hold 840 shares of inari mah!

When we look at the future of businesses, we look at riskiness as being sort of a go/no-go valve. In other words, if we think that we simply don't know what's going to happen in the future, that doesn't mean it's risky for everyone.

It means we don't know - that it's risky for us. It may not be risky for someone else who understands the business. However, in that case, we just give up. We don't try to predict those things.

We don't say "well, we don't know what's going to happen. Therefore, we'll discount some cash flows that we don't even know at 9% instead of 7%." That is not our way to approach it.

Once it passes a threshold test of being something about which we feel quite certain, we tend to apply the same discount factor for everything. And we try to only buy businesses about which we're quite certain.'"

Lu tau boh ??

When come to recovery play insas will be the best mah...!!

Its Nta is rm 2.83 per share loh!

Its intrinsic value when inclusive of inari mark to market gain exceed rm 5.00 per share mah...!!

Insas has a net cash exceeding Rm 0.90 per share woh!

When comes to earnings based on half year result insas profits is already rm 148m or eps 22.2 sen loh!

It is anticipated insas can hit eps of 40 sen per share giving pe of 2.1x mah!!

Thus insas is a stock which have both strong earnings of eps of 40 sen & back up with strong intrinsic share value of exceeding Rm 5.00 per share compare with the huge discounted share price of rm 0.875 per share loh!

Thus INSAS IS A SCREAMING BUY loh which u should not missed mah!

if u invest in insas u will be very confident & sleep soundly bcos u have both margin of safety, growth, dividend yield and positive cashflow mah...!!

JUST jump in b4 too late loh!

Posted by JohnDough > 2021-03-21 23:21 | Report Abuse

"As Benjamin Graham and David Dodd taught us, financial markets are manic and best thought of as an erratic counterpart with whom to transact, rather than as an arbiter of the accuracy of one's investment judgements.

There are days when the market will overpay for what you own, and other days when it will offer you securities at a great discount from underlying value.

If you look to "Mr. Market" for advice, or if you imbue him with wisdom, you are destined to fail.

But if you look to Mr. Market for opportunity, if you attempt to take advantage of the emotional extremes, then you are very likely to succeed over time.

If you see stocks as blips on a ticker tape, you will be led astray.

But if you regard stocks as fractional interests in businesses, you will maintain proper perspective.

This necessary clarity of thought is particularly important in times of extreme market fluctuations."


Baupost Group 2008 Letter by Seth Klarman

Posted by cheoky > 2021-03-25 23:21 | Report Abuse

london bridge should unwind this fund and boot out the icap fund manager. guess my grandmum can do better than him.

Posted by JohnDough > 2021-03-28 13:53 | Report Abuse

"We came to this notion of finding a mispriced bet and loading up when we were very confident that we were right. So we're way less diversified. And I think our system is miles better.

If you're investing for forty years in some pension fund what difference does it make if the path from start to finish is a little more bumpy or a little different than everybody else's as long as it's all going to work out well in the end? So what if there's a little extra volatility.

It makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times. You're much more likely to do well if you start out to do something feasible instead of something that isn't feasible."


Poor Charlie's Almanack by Charlie Munger

Posted by king36 > 2021-03-28 13:56 | Report Abuse

Icap should reward long term share-holders with 1:1 bonus shares!

Posted by freedomfund > 2021-04-03 14:36 | Report Abuse

@cnman53 Regarding shareholders' right to call for an EGM to wind up iCapital, since you have done so much homework, can you kindly share with us if this can be done as per M&A or Article of Association?

Posted by dumbMoney > 2021-04-03 23:53 | Report Abuse

If shareholders cannot even reverse a simple transaction as the reimbursement of dual listing expenses, how to wind up the company, which requires a special resolution and 75% majority votes? In case you are not aware, COL is not an activist fund, so can forget about them taking the lead.

Posted by JohnDough > 2021-04-04 12:32 | Report Abuse

"Many unsuccessful investors regard the stock market as a way to make money without working rather than as a way to invest capital in order to earn a decent return. Anyone would enjoy a quick and easy profit, and the prospect of an effortless gain incites greed in investors.

Greed leads many investors to seek shortcuts to investment success. Rather than allowing returns to compound over time, they attempt to turn quick profits by acting on hot tips.

They do not stop to consider how the tipster could possibly be in possession of valuable information that is not illegally obtained or why, if it is so valuable, it is being made available to them.

Greed also manifests itself as undue optimism or, more subtly, as complacency in the face of bad news. Finally greed can cause investors to shift their focus away from the achievement of long-term investment goals in favor of short-term speculation."


Margin of Safety: Risk-averse Value Investing Strategies for the Thoughtful Investor – by Seth Klarman

Posted by JohnDough > 2021-04-11 08:20 | Report Abuse

"Where the cash holdings are exceptionally large in relation to the market price of the securities, this factor usually deserves favorable attention.

In such a case the common stock may be worth more than the earnings record indicates, because a good part of its value is represented by cash holdings which contribute little to the income account.

Eventually, the stockholders are likely to get the benefit of these cash assets, either through their distribution or their productive use in the business."


The Interpretation of Financial Statements by Benjamin Graham and Spencer Meredith

Posted by speakup > 2021-04-13 10:27 | Report Abuse

Ekson also got very high cash

Posted by enigmatic [hodl your shares] > 2021-04-13 13:44 | Report Abuse

The close end fund added Airasia, Bioalpha, KGB, Krono, MKH, Suria & Tongher in the last quarter. Where are the critics that say TTB sits on cash forever?

Posted by dumbMoney > 2021-04-14 00:31 | Report Abuse

As per the quarterly report, NAV went up by 12 sen, share price dropped by 12 sen, go figure!.

Posted by dumbMoney > 2021-04-14 00:35 | Report Abuse

The company, or rather, the fund manager, wants to prevent the biggest shareholder from buying more shares. If the latter were to turn seller, who is going to support the share price?

Posted by JohnDough > 2021-04-18 12:59 | Report Abuse

"It is reported that Berkshire Hathaway was a net seller in 2020 even though the Warren Buffett controlled company has more than US$130 bln in cash. It not only sold all its airline stocks but also a substantial part of its US banking stocks.

At the end of Nov 2019, icapital.biz Berhad held around RM288 mln in cash. By end Feb 2021, this has dropped to RM210 mln. Although icapital.biz Berhad sold some stocks in the last 12 months, it has on the whole been a net buyer.

Unfortunately, although the NAV of icapital.biz Berhad has recovered to its pre-pandemic level, the market price of icapital.biz Berhad in 2020 has performed disappointingly.

This has led to some investors sharing with us their observation that the share price performance of icapital.biz Berhad indeed looks strange."


icapital.biz Berhad 3Q2021 report - commentary by fund manager

Posted by stockraider > 2021-04-18 14:45 |

Post removed.Why?

Posted by dumbMoney > 2021-04-23 23:46 | Report Abuse

Buying only after the market has recovered is not value investing. It is FOMO, Fear of Missing Out.

Posted by Nepo > 2021-04-25 06:26 | Report Abuse

Quite encouraging
RM 288 millions - RM 210 millions= RM 78 millions net investment.
RM 210 millions/ 140 millions shares=RM 1.50 per share vs current market price RM 1.99

I believe Icap is strongly unvalued
Will top up some..

Posted by stockraider > 2021-04-25 10:20 | Report Abuse

Nothing special mah!

Is just like raider says insas is strongly undervalue & will top up loh!

At least insas pays 2 sen dividend pa for the past 2 years but icap pays nothing loh!

Posted by Nepo > Apr 25, 2021 6:26 AM | Report Abuse

Quite encouraging
RM 288 millions - RM 210 millions= RM 78 millions net investment.
RM 210 millions/ 140 millions shares=RM 1.50 per share vs current market price RM 1.99

I believe Icap is strongly unvalued
Will top up some..

Posted by JohnDough > 2021-04-25 13:29 | Report Abuse

"I want to see whether I can predict with a very high degree of confidence, 90% of confidence, that at a minimum what the business will look like in 10 years under all different contingencies. And most of the time by the way, we don't have an answer and we just keep study and keep at it.

Sometimes we study for years and years before we see, okay, we really get it. And then we wait for the price to come to our striking zone, and a lot of the time they don't. And so that makes our selection very, very difficult.

And so when we do select them, we tend to own them for a very, very long time because the businesses that are really good and we really fully understand are very rare."


13th Annual Columbia China Business Conference: Value Investing in China - Li Lu

Posted by JohnDough > 2021-05-02 12:24 | Report Abuse

"Valuing is not the same as predicting. In the short run, the market is a voting machine. In the long run, it's a weighing machine. Weight counts eventually.

But votes count in the short term. And it's a very undemocratic way of voting. Unfortunately, they have no literacy tests in terms of voting qualifications.

What you're doing when you invest is deferring consumption and laying money out now to get more money back at a later time. And there are really only two questions.

One is how much you're going to get back, and the other is when.

Aesop was not much of a finance major, because he said something like 'A bird in the hand is worth two in the bush' but he doesn't say when. Interest rates are the price of 'when'.

And that is why sometimes a bird in the hand is better than two birds in the bush and sometimes two in the bush are better than one in the hand."


The Snowball: Warren Buffett and the Business of Life by Alice Schroeder

Posted by JohnDough > 2021-05-09 13:23 | Report Abuse

"If you're not a little confused by what is going on, you don't understand it. We are in uncharted territory."


Berkshire Hathaway 2021 Annual Shareholders Meeting - Charlie Munger

Posted by CynicalCyan > 2021-05-13 16:29 | Report Abuse

Even i3investor website host don't even bother to put a share price on icapital.biz Berhad. Undervalued so long until it becomes a value trap.