Investment Notes

BreadTalk/Toast Box (and Food Republic) open at Disneytown.

http://shanghai.xinmin.cn/latest/2016/06/03/30123814.html

Investment Notes

Berkshire Hathaway – 2016 Annual Shareholders Meeting.

https://finance.yahoo.com/brklivestream/

Investment Notes

An interview with Mr John Lim, CEO of ARA Asset Management.

http://video.toggle.sg/en/series/money-week-fy1617/ep1/390116

http://video.toggle.sg/en/series/money-week-fy1617/ep2/392131

http://www.bloomberg.com/news/articles/2016-05-19/ara-on-acquisition-trail-sees-most-deal-activity-since-crisis

Investment Notes

Sheng Siong is setting up its first outlet in China.

http://yn.house.sina.com.cn/scan/2016-03-23/15096118302329629627117.shtml?wt_source=nscan_xwzw_bt

http://shenggaodacheng0871.fang.com/bbs/3410228824~-1/220827278_220827278.htm

Investment Notes

An investment thesis for SpRe.

http://greatinvestors.tv/video/case-study-singapore-reinsurance-james-choa.html

Investment Notes

A nice interview with Mr Lim Hock Chee, CEO of SSG.

http://video.toggle.sg/en/series/hear-me-out-s2/ep1/375045

My Investment Portfolio Returns (2015)

My Singapore stock portfolio returns (including dividends, excluding transaction cost) in 2015 was about -1.82%.  Major portfolio changes this year:

  1. Divested Zagro  – The Chairman/CEO of Zagro is seeking a voluntary delisting of the company at $0.30.
  2. Divested CapitaLand Mall Trust.
  3. Distribution in specie of shares of Boustead Projects by Boustead Singapore and its listing on SGX.
  4. Added 6 new companies to my portfolio this year (some are relatively small stakes): ARA, Boustead Projects, Fraser and Neave, Jardine Cycle & Carriage, SBS Transit and Select Group.
  5. Adjusted my stake in some of my existing holdings.

In 2015, some companies specific issues, like BreadTalk’s Soya Bean Milk Saga, resignation of Singpost’s CEO etc. were disappointing.

Although challenges persist, I hope my portfolio of companies will perform satisfactorily in the long run.

Investment Notes

Following the Amazon model, it is building a network of 24 warehouses in 12 countries to stockpile goods for companies. The e-commerce team is staffed with former Silicon Valley executives.

http://www.nytimes.com/2015/05/19/business/international/singpost-reinvents-for-digital-age-of-ecommerce.html

Investment Notes

The product is strong for a few reasons. It’s a 100 year-old formula that works, we sell 50 million units a year – and 50 million people in more than 100 countries worldwide can’t be wrong. Sixty per cent of the product is made from active ingredients – it’s not all wax and petroleum. That’s why a jar last between six and 10 months, as only a little is needed each time.

http://www.mumbrella.asia/2015/04/the-thinking-behind-the-asian-global-brand-that-works-where-it-hurts/

Investment Notes

…he likes companies that he has a reasonable idea of how they might look in five years. …”Do we really want to be in partnership with this person and count on them to behave well in the future? “That stops a fair number of deals…

If we talked our book, he says, “we would say pessimistic things about all four of the biggest holdings we have” because all four are repurchasing their shares at the moment…“If people weren’t often so wrong, we wouldn’t be so rich.”

When it comes to expensive stock prices, he says the level of interest rates going forward is what will shape his view on how attractive stocks are…

Cumulative results have the money invested in the S&P up more than 63%. The hedge funds are up 19.6%…“the hedge funds haven’t done badly.” They’ve been collecting their 2-and-20 in fees…“The investors in the hedge fund have paid a pretty big price,”…

When you get old, you’ll get the reputation you deserve.

…will not be buying oil and gas stocks very often going forward… probably has not bought its last one…

The battery business will be a declining one…but it will be around for a long time here and around the world.

…they favored investments in companies where they were pretty certain of a “decent result” instead of a chance of a great result.

…there’s more to life than ”merely be[ing] shrewd at picking stocks and passively holding them.”

http://blogs.wsj.com/moneybeat/2015/05/02/live-analysis-the-2015-berkshire-hathaway-annual-meeting/



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