So ICAP is planning one, a world's first for closed-end fund.
The other country to be listed is yet to be known.
My wild guess: ermmm... ok, how about Singapore?
This is truly a wild guess. My only rationale is it's much more difficult to do it anywhere else than our good old nearby neighbour.
BTW, TTB sees light at the end of the European tunnel in maybe half-year's time. Ferrari, anyone?
I hope TTB flies in more of his lovely overseas staff in next AGM. At least to make up for just giving us a mug!!!
November 10, 2012
ICAP AGM 2012
Latest news is that the controversial trio did not get voted in by a large majority (87%). I did not stay back for the results because we had to wait like 2 hours for it. The registrars could have done better.
While my support is with Tan Teng Boo, here is one thing I would like to point out: He is always saying he keeps cash to wait for that moment he can get a bargain. But, in 2009, during the depths of the global financial crisis, what did he do with the pile of cash? Based on the annual reports, not much. Wasn't there cheap enough bargains then?
I have bought into ICAP around $2.60 back when it was trading at a premium, and another batch around $1.95 a couple of years ago. So I sold one batch at $2.50 to hedge myself. If price drop I can buy back cheap, if price increase to NAV I will realise the profit for the other batch.
I had remind myself
1. Do not fall in love with your stocks (I believe this is from Warren Buffett too? Or Ben Graham?)
2. Bulls and Bears make money, Pigs get slayed.
While my support is with Tan Teng Boo, here is one thing I would like to point out: He is always saying he keeps cash to wait for that moment he can get a bargain. But, in 2009, during the depths of the global financial crisis, what did he do with the pile of cash? Based on the annual reports, not much. Wasn't there cheap enough bargains then?
I have bought into ICAP around $2.60 back when it was trading at a premium, and another batch around $1.95 a couple of years ago. So I sold one batch at $2.50 to hedge myself. If price drop I can buy back cheap, if price increase to NAV I will realise the profit for the other batch.
I had remind myself
1. Do not fall in love with your stocks (I believe this is from Warren Buffett too? Or Ben Graham?)
2. Bulls and Bears make money, Pigs get slayed.
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