Market views form Money Morning:
- shale gas to enable US to become energy self sufficient, perhaps also for UK
- Andy Xie doesn't believe in the China rebound
- Italy is a better buy than britain
- Iskandar Johor is like Shenzhen in 1979
- Japan is reaching a tipping point
December 30, 2012
November 10, 2012
ICAP dual-listed global fund
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!!!
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!!!
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.
August 25, 2012
investment idea
investment ideas from Moneymorninig:
-short AUD (China slowdown)
-Mexico (China slowdown)
-short AUD (China slowdown)
-Mexico (China slowdown)
August 20, 2012
rubber outlook
Rubber is poised to drop as sustained supplies from Southeast Asia and falling demand from China’s tiremakers push stockpiles to match their record at Qingdao port, the main shipment hub, an industry executive said.
Global natural-rubber supply will exceed demand for a third year in 2013, according to RCMA Commodities Asia Group in Singapore. Production will top usage by 299,000 tons, from a surplus of 321,000 tons this year and 4,000 tons in 2011, according to Chief Executive Officer Chris Pardey, a former commodities trader at Cargill Inc. and Noble Group Ltd.
[Source:Bloomberg news]
Global natural-rubber supply will exceed demand for a third year in 2013, according to RCMA Commodities Asia Group in Singapore. Production will top usage by 299,000 tons, from a surplus of 321,000 tons this year and 4,000 tons in 2011, according to Chief Executive Officer Chris Pardey, a former commodities trader at Cargill Inc. and Noble Group Ltd.
[Source:Bloomberg news]
August 11, 2012
July 21, 2012
KLCI to grind its way up
Fund manager Mr. Chen Fan Fai (of Kenanga Investment) sees KLCI grinding its way up for the rest of the year. Speaking at the Fundsupermart investment seminar in KL today, he prices the market as more or less fairly valued at 15x PE, 2.2 PBV, with dividend yield around 4 %. He is cautious of the debt crisis in Europe and slowing down of US and emerging economies. If and when the endgame comes in Europe (e.g. some countries leaving the union), perhaps in the next year or two, this would result in a financial contagion causing the market to fall off the cliff. His funds are positioned with risk management by seeking shelter in defensive stocks and presently holds 20% in cash. The sector he favors include consumer, healthcare and reits. He also foresees some weakness when the general elections are announced due to the uncertainty, which will be compounded if the opposition were to win. Award-winning Chief Investment Officer at AmInvestment Ms. Goh Wee Peng also sees a challenging time ahead. OSK's Mr. Ho Seng Yee recommends investor include global emerging markets bond fund in their portfolio to achieve a long term equity-like returns with bond-like volatility.
*most benchmarks used by unit trust funds are price indices which do not include dividend returns. Thus the returns are actually less. For example, a KLCI index should be added around 3% per annum to reflect the true returns. This means if a fund underperforms the KLCI index, the underperformance is actually worse as the dividend yield has not been included in the index.
*most benchmarks used by unit trust funds are price indices which do not include dividend returns. Thus the returns are actually less. For example, a KLCI index should be added around 3% per annum to reflect the true returns. This means if a fund underperforms the KLCI index, the underperformance is actually worse as the dividend yield has not been included in the index.
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