“We choose not to lose money on purpose.”
Rex Tillerson (CEO) when asked by a shareholder why Exxon is not investing in renewables.
Notes From London Value Investor Conference 2015: Woodford, Ruffer, Brandes & More (LINK)
I was unfortunately unable to attends this years conference. Market Folly has done a write-up of the event. I was looking forward to hearing the presentation by Dato Cheah (Value Partners), and here’s an interesting comment by him:
An equity culture has not developed properly in China yet with the total number of stockbroker accounts only on par with Brazil. Chinese people are under-invested with only 6% of their wealth in the market. There is a general feeling of mistrust of stock markets because people have had their ‘fingers burnt.’
The recent dramatic rally in China stocks has further to go. The Hang Seng China trades on a forward PE ......